Category: Banking and Financial Services

(AP) — Delaware authorities say they have reached a settlement with a Michigan-based company accused of engaging in deceptive business practices. The settlement announced Monday is the second in two years involving The Mandatory Poster Agency Inc., doing business as the Delaware Council for Corporations. The three brothers who run the business entered into a…

Perhaps like the “War of the Roses” movie-style split that spawned their unique Delaware court case, the litigants in the TransPerfect Global matter before Delaware Chancery Court — former betrothed lovers Phil Shawe and Liz Elting — can’t even agree this summer on whether the mediation attempt to resolve their legal dispute has broken down.…

(AP) — A former bank loan officer has pleaded guilty in a case involving a Maryland doctor charged with conspiring to commit bank fraud and making false statements on loan applications. Forty-seven-year-old Tae H. Kim of Wayne, Pennsylvania, was accused of conspiring to engage in fraudulent activity with Zahid Aslam of Elkton, Maryland, an OB-GYN…

Corporation Service Company gets a brand reboot

By Pam George Special to Delaware Business Times In 1899, Josiah P. Marvel and Christopher Ward were forward-thinking attorneys who were quick to spot an opportunity. Soon after Delaware passed the General Corporation Law — which Marvel helped write — they each founded a business to provide entity formation and statutory representation services. In 1920,…

Credit unions give banks a run for their money

By Ken Mammarella Special to Delaware Business Times North American credit unions have progressed mightily since 1900, when the first one was created in Quebec to provide affordable credit to working-class families largely ignored by banks. “The reason credit unions started was to fill a need for individual consumers that banks did not serve a…

Friess Associates, the Greenville company that launched the popular Brandywine Fund in 1985, is launching the Friess Small Cap Growth Fund. It is the first time Friess has made its small-cap services widely available. Previously, only institutions and high-net-worth individuals could access the firm’s small-cap services due to high investment minimums. The new Friess Small…

HSBC Bank USA yesterday announced the closure of its New Castle County center by 2018. The branch employed about 450 employees. Some staff will work remotely from the financial services company’s Wilmington office, but about 400 jobs will move out of Delaware. The news leaked following an internal meeting around 10:00 a.m. yesterday. The company…

Gov. John Carney joined legislators this week in announcing a bill designed to spur investment in startups and small businesses. The Angel Investor Job Creation and Innovation Act would create a refundable tax credit for angel investors. “This legislation would encourage investments in innovative, Delaware-based small businesses and connect our most talented entrepreneurs with the…