Category: Banking and Financial Services

Chip Rossi draws strength from his New Castle roots and his parents’ influence

Bank of America Delaware Market President Chip Rossi describes himself as “the son of a bricklayer who really taught me about relationships,” a man who was a coach throughout Rossi’s youth, the two of them driving around Wilmington looking for teenagers who they thought should be playing football and getting involved with a team back…

Editor’s Notebook: Half of Barclays employees offered jobs in N.J. decide to stay in Delaware

Back on June 5, Barclays announced it would move 500 technologist roles from its offices in Wilmington to a new, state-of-the-art campus in Whippany, New Jersey, where they would join nearly 1,900 colleagues. At the same time, people inside the organization told us the company had warned another small group of people that they would…

College Ave Student Loans, a Wilmington-based fintech company and lender, has completed a $300 million securitization of private student loans. This is the firm’s third and largest securitization. “In our five years in the market, College Ave Student Loans has built and continues to have a strong reputation among the investment community,” said Joe DePaulo,…

Transferring ownership of your business? Consider an ESOP

As a generation of baby boomers currently owning more than 2.3 million businesses in the United States increasingly contemplate the next stages of their lives, ownership succession planning is at the forefront of many small and midsize business owners’ minds. The JPMorgan Chase Business Leaders Outlook survey shows that one in four middle market companies…

In September 2010, Social Finance Ltd. launched the world’ first Social Impact Bond (SIB) targeting recidivism in the United Kingdom. Aligning the interests of nonprofit service providers, private investors and governments, SIBs were formed to raise private investment capital to fund prevention and early intervention programs that reduce the need for expensive crisis responses and…

WSFS Bank has organized a new capital markets department under its finance division that will manage the company’s $1.9 billion investment portfolio. The department will help deal with the increase demand following the combination of WSFS and Beneficial Bank. Ron Samuels, a senior vice president and long-time WSFS Associate, has assumed the newly-created role of…

WSFS Financial Corporation has successfully rebranded and converted all Beneficial Bank accounts into WSFS Bank accounts. That gives former Beneficial customers access to 500 ATMs and 90 retail banking offices across Delaware, Philadelphia, southeastern Pennsylvania, and southern New Jersey. “This integration and rebranding effort caps a year-long process to thoughtfully combine the two longest-standing community…

WSFS Financial Corp. has agreed to pay $85,265 to the National Flood Insurance Program as part of its efforts to address a violation of the Flood Disaster Protection Act. The bank did not have a process in place to provide timely notification of loan servicers’ identities to insurance providers when loans are transferred or sold…

Chase CEO tours Zip Code Wilmington, meets employees, and has lunch at Stitch House

JPMorgan Chase CEO Jamie Dimon visited Wilmington today (Aug. 5) to tour Zip Code Wilmington ; have lunch at the Stitch House Brewery, whose $400,000 financing support from True Access Capital includes a $50,000 grant from a Chase-funded community revitalization fund; and meet with many of Chase’s 11,000 employees in Delaware – many of them…