Category: Banking and Financial Services

WSFS Financial ascends to next tier

By Sam Waltz It may come as a huge surprise to most that Delaware’s own WSFS Bank — once known as Wilmington Savings Fund Society — is now is the largest bank and trust company headquartered in the Delaware Valley region of Greater Philadelphia, Delaware and the abutting South Jersey counties. In addition, it likely…

  WILMINGTON, Del. (AP) — A Dover businessman has been sentenced to a year and a day in federal prison after pleading guilty to conspiracy in an ongoing criminal investigation into the lending practices and collapse of Wilmington Trust bank. Fifty-two-year-old Salvatore Leone was sentenced Tuesday, two years after pleading guilty and agreeing to cooperate…

Hudson City Bancorp, Inc. and M&T Bank Corporation announced that M&T has received regulatory approval from the Federal Reserve to complete the merger with Hudson City. The transaction is expected to be completed on or about Nov. 1, pending approval by the New York State Department of Financial Services and the satisfaction of customary closing…

WILMINGTON, Del. (AP) — Attorneys for Wilmington Trust are asking a federal judge to halt an investor lawsuit stemming from the bank’s collapse until criminal charges against several former executives are resolved. Wilmington Trust attorneys said in court papers this week that document production in the lawsuit should be put on hold following the recent…

Related Story: CEOs: State cuts or $600M deficit by 2025 On the heels of a call for budget reform from the Delaware Business Roundtable, Gov. Jack Markell has signed an executive order creating the Delaware Expenditure Review Committee. “Delaware’s revenue sources don’t grow with our economy, so even as our state’s economy has improved, we face…

By Vincent A. Schiavi Guest Columnist John Bogle, founder of the Vanguard funds, often recalls a conversation he once had with an advisor. The advisor had a series of meetings with a client to discuss the client’s portfolio. The client asked the advisor what should be done in light of recent news. The advisor responded…