Category: Banking and Financial Services

(AP) — There’s no guarantee that four former executives of the only financial institution to be criminally charged in connection with the federal bank bailout program will be sentenced to prison for fraud. But even if a judge orders prison time for the former Wilmington Trust officials at their sentencings later this month, they won’t…

The Central Delaware Chamber of Commerce (CDCC) has again achieved 5-Star Accreditation status from the U.S. Chamber of Commerce. This is the second consecutive 5-Star rating for the CDCC. Accreditation recognizes excellence in Chamber planning and performance. There are four tiers: general Accreditation, then 3-Star, 4-Star, and 5-Star Accreditation. This means the Chamber has demonstrated…

(AP) — Federal prosecutors are asking a judge to unseal sentencing documents submitted by attorneys for four former executives of the only financial institution to be criminally charged in connection with the federal bank bailout program. Former Wilmington Trust president Robert Harra Jr., chief credit officer William North, chief financial officer David Gibson and controller…

Assets under management by Cypress Capital Management (Cypress Capital), a division of WSFS Financial Corporation, have reached a milestone of $1 billion. Founded in 1984 and acquired by WSFS in 2004, the division caters to individuals, family trusts, charitable organizations, foundations, endowments, and corporate pension and profit-sharing plans. “This is a significant milestone for our…

Global software provider Katabat, headquartered in Wilmington, has released Katabat Engage, which delivers data-driven debt collections powered by machine learning to consumer lenders. Powered by a proprietary machine learning platform, Karabat Engage enables lenders to deploy customized email and SMS text collection messages and continuously tune customer outreach and response strategies. “We are very excited…

CSC today announced the addition of Partnership Representative services to its corporate compliance service offering. The addition took place in conjunction with the requirements set forth by Internal Revenue Code section 6223. This new regulation requires large partnerships to assign a representative to work on their behalf regarding IRS audits. CSC experts worked directly with…

Kestra Financial, Inc., a financial services firm based out of Austin, Texas, has announced its acquisition of Reliance Trust Company of Delaware in Wilmington. The deal is expected to close by the end of 2018, subject to regulatory approval. The acquisition serves to expand Kestra Financial, Inc.’s depth of services and geographic reach. Reliance Trust…

(AP) — Four former executives for the only financial institution to be criminally charged in connection with the federal bank bailout program are facing potential prison sentences ranging from 7 to 11 years. Former Wilmington Trust president Robert Harra Jr., chief credit officer William North, chief financial officer David Gibson and controller Kevyn Rakowski will…

First State Community Loan Fund has announced the expansion of its Corridor Revitalization Fund in Wilmington. The business lending program, launched in 2016, is funded by JP Morgan Chase Bank and provides forgivable loans to entrepreneurs, landlords and developers for opening or revitalizing new restaurants and retail shops in downtown Wilmington. A new $440,000 grant…