Category: Banking and Financial Services

CSC today announced the addition of Partnership Representative services to its corporate compliance service offering. The addition took place in conjunction with the requirements set forth by Internal Revenue Code section 6223. This new regulation requires large partnerships to assign a representative to work on their behalf regarding IRS audits. CSC experts worked directly with…

Kestra Financial, Inc., a financial services firm based out of Austin, Texas, has announced its acquisition of Reliance Trust Company of Delaware in Wilmington. The deal is expected to close by the end of 2018, subject to regulatory approval. The acquisition serves to expand Kestra Financial, Inc.’s depth of services and geographic reach. Reliance Trust…

(AP) — Four former executives for the only financial institution to be criminally charged in connection with the federal bank bailout program are facing potential prison sentences ranging from 7 to 11 years. Former Wilmington Trust president Robert Harra Jr., chief credit officer William North, chief financial officer David Gibson and controller Kevyn Rakowski will…

First State Community Loan Fund has announced the expansion of its Corridor Revitalization Fund in Wilmington. The business lending program, launched in 2016, is funded by JP Morgan Chase Bank and provides forgivable loans to entrepreneurs, landlords and developers for opening or revitalizing new restaurants and retail shops in downtown Wilmington. A new $440,000 grant…

JPMorgan Chase today announced an expansion of its branch network to Philadelphia and the Delaware Valley and several new commitments that support economic growth and workforce development in the region. This expansion is part of the firm’s recent $20 billion, five-year investment in its business and local economic growth. Over the next five years, JPMorgan…

One of the great things about being a Delawarean is we can be provincial. We can thrive on the exploits of fellow natives who achieve success beyond our borders. We’ve got Elena DelleDonne in the WNBA. Rich Gannon and Joe Flacco quarterbacking in the NFL. Joe Biden becoming VP. Elizabeth Shue, Judge Reinhold and Ryan…

(AP) — A federal judge on Thursday refused to overturn the fraud and conspiracy convictions of four former executives for the only financial institution to be criminally charged in connection with the federal bank bailout program. In a 56-page ruling, Judge Richard Andrews refused to enter judgments of acquittal for the former Wilmington Trust executives.…

(AP) – Chesapeake Utilities Corp. (CPK) on Thursday reported second-quarter net income of $6.4 million. On a per-share basis, the Dover, Delaware-based company said it had profit of 39 cents. Earnings, adjusted for non-recurring costs, were 48 cents per share. The energy and utility company posted revenue of $136.7 million in the period. Chesapeake Utilities…

(AP) _ Artesian Resources Corp. (ARTNA) on Tuesday reported second-quarter net income of $3.9 million. The Newark, Delaware-based company said it had profit of 42 cents per share. The water resource management company posted revenue of $20.2 million in the period. Artesian Resources shares have decreased 4.5 percent since the beginning of the year. In…