Category: Banking and Financial Services

A team of former executives from leading credit card companies is launching a series of new consumer credit cards under the brand “Ollo”. The newly formed company, Fair Square Financial Holdings, has received an equity commitment to finance card issuance from Wilmington-based Pine Brook, an investment firm focused on building financial services businesses. “Almost a…

By Michael Bradley Chase Cotton has an exercise he used to perform with his University of Delaware students when he taught them about cyber security. He would ask for a show of hands of people who don’t have a lock of sorts on their cellphones. Usually, about “15 to 20 percent” of the students would…

Jeffrey M. Verdon, a California-based attorney who specializes in estate planning, has a message for his clients: Stay clear of Delaware when it comes to starting an asset-protection trust. “Asset protection in Delaware can be a risky venture, and it may be beneficial for individuals and families to look elsewhere to establish asset protection trusts,”…

WILMINGTON – Wilmington Trust, one of the largest trust banks in the U.S., has been appointed trustee for the $2.7 billion Volkswagen Environmental Mitigation Trust. The bank has handled other large-scale cases, including serving as the initial trustee for the Greece debt-restructuring program and chairing the unsecured creditors committees for the Lehman Brothers and General Motors…

By Sam Waltz Founding Publisher Bank of America is listing two of its three downtown headquarters buildings for sale, the Delaware Business Times learned today, having donated a fourth to support the expansion of charter schools in Delaware. However, no headcount reduction is anticipated as a result of the consolidation, and Bank of America’s employment…

WILMINGTON – The three major rating agencies have awarded Delaware a Triple-A credit rating for the 17th time, the highest mark that a state can achieve. “Delawareans expect us to responsibly manage the state’s finances, protect taxpayer dollars, and make smart investments on behalf of the people of our state. These ratings re-affirm our commitment…

WILMINGTON – WSFS Financial Corporation, the parent company of WSFS Bank, today announced a strategic alliance with Social Finance Inc. (SoFi) in conjunction with their recently announced acquisition of Zenbanx Holding, Ltd. (Zenbanx). As part of SoFi’s acquisition of Zenbanx, WSFS has extended its strategic alliance with SoFi and will continue to issue and support…

Attorney General Matt Denn joined the U.S. Department of Justice and 20 other attorneys general in announcing a settlement resolving an investigation into Moody’s Corporation, Moody’s Investors Service, Inc., and Moody’s Analytics, Inc. (collectively “Moody’s”) over the companies’ misrepresentations regarding the independence and objectivity of its ratings of structured finance securities, securities which contributed to…

by Sam Waltz Founding publisher Leveraging their affinity card marketing expertise from credit cards to reloadable prepaid debit cards is a strategy two senior-level Delaware entrepreneurs are using to create a new national, perhaps global, banking company in the State’s suddenly hot FinTech sector. “Charlie Cawley and MBNA did not invent credit cards,” said Jim…