Category: Banking and Financial Services

Community banks zero in on service, local lending

By Christine Facciolo Special to Delaware Business Times Community banks gained favor when megabanks got the blame for the Recession of 2008. That led to the creation of Bank Transfer Day, which encouraged patrons of the largest banks to take their business to community banks. But what exactly makes a community bank? The simplest way…

First State Fintech Lab expands with new advisory board

By Dan Metz Special to Delaware Business Times Business ventures in Delaware start with a sit-down and a cup of coffee. First State Fintech Lab (FSFL) hopes to use that model to establish Delaware as a fintech leader in the United States. FSFL is made up entirely of volunteers: fintech experts and enthusiasts focused on…

Marlette Funding, LLC, developer and operator of the consumer-lending online platform for Best Egg personal loans, this week announced preliminary year-end results and key accomplishments for 2018. For the second consecutive year, the company achieved GAAP profit in the double-digit millions with an estimated profit increase of 79 percent year over year. “I am very…

(AP) — A former Delaware bank official who cooperated with authorities in an investigation that led to the convictions of four top executives for Wilmington Trust, the only financial institution to be criminally charged in connection with the federal bank bailout program, was sentenced Tuesday to almost two years in prison. Joseph Terranova, 51, was…

(AP) — Two other former officials with the only financial institution to be criminally charged in connection with the federal bank bailout program are facing sentencing by a federal judge. Former Wilmington Trust Delaware Market Officer Brian Bailey and former loan officer Peter Hayes were to appear for sentencing Thursday. Bailey pleaded guilty in 2014…

Best Egg, the Wilmington-based consumer lending platform, has announced a partnership with financial planning provider SuperMoney. “Partnering with SuperMoney supports our mission of making money more accessible to allow people to enjoy life,” said Jeffrey Meiler, CEO of Marlette Funding LLC, which powers the Best Egg platform. “Our core values align and this partnership will…