Category: Banking and Financial Services

Meyer rejects DBOT stock-swap in reversal

WILMINGTON – New Castle County Executive Matt Meyer will not sign off on a plan to swap the county’s collateral in the Delaware Board of Trade (DBOT) investment for stock in the company’s new owner after initially backing the plan. Meyer’s administration sought to sign the deal in November, and the New Castle County Council…

Bank of America donates $500K to ChristianaCare cancer fund

CHRISTIANA – Bank of America announced Wednesday, Nov. 20, that it was donating $500,000 to the Endowed Fund for Translational Cancer Research at ChristianaCare’s Helen F. Graham Cancer Center & Research Institute. The $10 million fund benefits communities throughout Delaware and around the country by supporting biomedical research for new breast, ovarian, lung and colorectal…

MidCoast Community Bancorp finds a buyer in Citizens Financial

WILMINGTON – MidCoast Community Bancorp has agreed to be acquired by Mansfield, Pennsylvania-based Citizens Financial Services for an estimated $31 million less than five years after CEO Eric Hoerner took over the reins following what one of its board members called “a harsh turn of events.” As of June 30, 2019, MidCoast had $268 million…

Delaware State Treasurer Colleen C. Davis on Nov. 4 attended the iconic Closing Bell ceremony at the NASDAQ Stock Exchange. The event celebrated Delaware’s contributions to the global economy. “Delaware’s unique economic environment was on display to an international audience at the stock exchange on Monday,” said Davis. “The collaboration between various industries, nonprofits, and governments…

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…