Type | Subsidiary |
---|---|
Industry | Financial |
Founded | 1903 |
Founder | T. Coleman du Pont |
Headquarters | Wilmington, Delaware, U.S. |
Products | Global Corporate and Institutional Services, Private Banking, Investment Management, Fiduciary Services, Family Office |
AUM | US$176 billion (March 31, 2023) |
Number of employees | 2,672 |
Parent | M&T Bank |
Website | wilmingtontrust |
Wilmington Trust is one of the top 10 largest American institutions by fiduciary assets. [1] Wilmington Trust is currently a provider of international corporate and institutional services, investment management, and private banking. The firm was founded on July 8, 1903, as a banking, trust, and safe deposit company by DuPont president T. Coleman du Pont. In 2010, it became a subsidiary of M&T Bank.
Wilmington Trust was founded on July 8, 1903, by T. Coleman du Pont, then the president of DuPont, to manage the growing fortune of the duPont family. [2] DuPont opened the business in the dining room and parlor of a former private residence at 915 Market Street in Wilmington, Delaware, with a handful of investors and $500,000 in market capitalization. [3]
In 1907, the company moved to the DuPont Building at Tenth & Market Streets. It paid its first dividend (2.5%, $1.25 per share) on August 1, 1908. The company’s first merger occurred on July 15, 1912: the acquisitions of the First National Bank and the National Bank of Wilmington and Brandywine made it the largest bank on the East Coast. In 1971, it became one of the founding members of NASDAQ. [3] In 1999, it moved its listing to the New York Stock Exchange (NYSE). [3]
On November 1, 2010, Wilmington Trust announced a merger with M&T Bank, of Buffalo, New York. The deal valued the 107-year-old company at $3.84 a share, or 46 percent less than its closing price on Oct. 29. Investors received 0.051 shares of Buffalo-based M&T for each Wilmington share. [4]
In 2011, it announced its intention to "voluntarily de-list" from the NYSE upon completion of its merger with M&T Bank. [3]
Wilmington Trust is one of the largest holders of fiduciary assets in the United States. [5]
On May 3, 2018, top executives of Wilmington Trust were found guilty by the United States Department of Justice for falsifying bank records. [6] [7] The four executives received "three- to six-year prison terms". [8] However, the executives’ convictions were later vacated by the Third Circuit Court of Appeals. [9] The three-judge panel acquitted the defendants of the majority of the charges against them, and it ordered a new trial for the remaining charges. The Department of Justice declined to retry the case. [10]
The corporate headquarters for Wilmington Trust is in the converted post office on Rodney Square in downtown Wilmington. [11] It has domestic offices in New York City, Los Angeles, Boston, Philadelphia, Las Vegas, Phoenix, Atlanta, Baltimore, Beverly Hills, Stamford, Connecticut; Palm Beach, Florida; West Chester, Pennsylvania; Bethlehem, Pennsylvania; Villanova, Pennsylvania; Jacksonville, Florida; Birmingham, Alabama, and Charleston, South Carolina.
Internationally, Wilmington Trust has offices in Dublin, Frankfurt, Paris, and London.
Its main branch in Newark, Delaware was added to the National Register of Historic Places in 1982. [12]
Delaware is a state in the Mid-Atlantic region of the United States. It borders Maryland to its south and west, Pennsylvania to its north, New Jersey to its northeast, and the Atlantic Ocean to its east. The state's name derives from the adjacent Delaware Bay, which in turn was named after Thomas West, 3rd Baron De La Warr, an English nobleman and the Colony of Virginia's first colonial-era governor.
Wilmington is the largest city in the U.S. state of Delaware. The city was built on the site of Fort Christina, the first Swedish settlement in North America. It lies at the confluence of the Christina River and Brandywine Creek, near where the Christina flows into the Delaware River. It is the county seat of New Castle County and one of the major cities in the Delaware Valley metropolitan area. Wilmington was named by Proprietor Thomas Penn after his friend Spencer Compton, Earl of Wilmington, who was prime minister during the reign of George II of Great Britain.
The du Pont family or Du Pont family is a prominent American family descended from Pierre Samuel du Pont de Nemours (1739–1817). It has been one of the richest families in the United States since the mid-19th century, when it founded its fortune in the gunpowder business. In the late 19th and early 20th centuries, it expanded its wealth through the chemical industry and the automotive industry, with substantial interests in the DuPont company, General Motors, and various other corporations.
M&T Bank Corporation is an American bank holding company headquartered in Buffalo, New York. It operates 1,000+ branches in 12 states across the Eastern United States, from Maine to Northern Virginia. Until May 1998, the bank's holding company was named First Empire State Corporation.
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Louise Evelina du Pont Crowninshield was an American heiress, historic preservationist, and philanthropist. She was the great-granddaughter of Éleuthère Irénée du Pont, founder of E. I. du Pont de Nemours and Company. Her estate at Eleutherian Mills near Wilmington, Delaware, became the Hagley Museum and Library in 1957.
WSFS Financial Corporation is a financial services company. Its primary subsidiary, WSFS Bank, a federal savings bank, is the largest and longest-standing locally managed bank and trust company headquartered in Delaware and the Greater Delaware Valley. WSFS operates from 116 offices, 88 of which are banking offices, located in Pennsylvania (59), Delaware (40), New Jersey (14), Florida (1), Virginia (1) and Nevada (1) and provides comprehensive financial services including commercial banking, retail banking, cash management and trust and wealth management.
Saul Ewing LLP is a U.S.-based law firm with 18 offices and approximately 425 attorneys providing a broad range of legal services. Its offices are located along the East Coast from Boston to Miami and extend into the Midwest by way of Chicago. On September 1, 2017 Saul Ewing LLP and Arnstein & Lehr LLP merged to form Saul Ewing Arnstein & Lehr LLP. In November 2022, the firm changed its name back to Saul Ewing LLP as part of a rebrand effort. On August 1, 2023, the firm merged with Los Angeles based Freeman Freeman & Smiley.
Delaware Route 52 (DE 52) is a state highway in New Castle County, Delaware. The route runs from U.S. Route 13 Business in downtown Wilmington north to Pennsylvania Route 52 (PA 52) at the Pennsylvania border near Centerville. DE 52 runs through the city of Wilmington and passes through areas of the Brandywine Valley north of Wilmington. DE 52 intersects Interstate 95 (I-95)/US 202 and DE 2 in Wilmington and DE 100/DE 141 and DE 82 in Greenville. The entire route is designated as part of the Brandywine Valley National Scenic Byway, a National Scenic Byway and Delaware Byway, while most of the route is also designated as part of the Harriet Tubman Underground Railroad Byway of the Delaware Byways system. The road was built as the Kennett Pike, a turnpike, between 1811 and 1813. The Kennett Pike was bought by Pierre S. du Pont in 1919 and was widened and paved before being sold to the State of Delaware for $1. The road received the DE 52 designation by 1936.
The DuPont Building, occupying the entire block bound by 10th, 11th, Orange and Market streets, was one of the first high-rises in Wilmington, Delaware, United States. It looks out over Rodney Square. The building was built in phases, with the original building constructed in 1908 fronting Rodney Square. At the time, the building housed the offices of DuPont. In 1913, the building was expanded into a "U" by adding wings along 10th and 11th streets, the DuPont Playhouse was added, and a portion of the original 1908 section was converted into the Hotel du Pont. The final addition to the building occurred in 1923 when the Orange Street addition was added along with an additional two floors, bringing the floor count to 13 and the height to 124 feet (38 m).
The Alfred I. duPont Testamentary Trust is a non-profit organization created by philanthropist Alfred Irénée du Pont in 1935, devoted to supporting the trust's sole charitable beneficiary, the Nemours Foundation. As of 2015, the organization stated it oversaw approximately $5 billion in assets.
This article is intended to give an overview of the economy of Delaware.
William du Pont Jr. was an English-born American businessman and banker, and a prominent figure in the sport of Thoroughbred horse racing. He developed and designed more than 20 racing venues, including Fair Hill at his 5,000-acre estate in Maryland. A member of the Delaware Du Pont family, he was the son of William du Pont and Annie Rogers Zinn, and brother to Marion duPont Scott, a noted horsewoman and breeder.
Fiduciary Trust Company International is a United States-based wealth management firm that provides investment management and wealth management services. It has served high-net-worth families, foundations, and endowments since 1931. As of 2019, the firm had $71 billion in assets under administration and management, serving clients in 48 countries. The firm and its subsidiaries maintain offices in New York City, and several other locations.
Delaware Trust Building, now known as The Residences at Rodney Square, is a historic office building and bank headquarters located at Wilmington, New Castle County, Delaware. It was built in 1921, as a 13-story, 15-bay-by-15 bay, U-shaped steel-frame building in the Classical Revival style. The building has a watertable of gray granite, a limestone-clad two-story plus mezzanine base, and a shaft of buff-colored brick. Atop the building is a limestone cornice. The Market Street elevation features three monumental-scaled arched entrance openings reminiscent of ancient Roman buildings. It once had a 22-story modern office building at its center that has since been removed. The building has been converted to residential use.
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DuPont de Nemours, Inc., commonly shortened to DuPont, is an American multinational chemical company first formed in 1802 by French-American chemist and industrialist Éleuthère Irénée du Pont de Nemours. The company played a major role in the development of Delaware and first arose as a major supplier of gunpowder. DuPont developed many polymers such as Vespel, neoprene, nylon, Corian, Teflon, Mylar, Kapton, Kevlar, Zemdrain, M5 fiber, Nomex, Tyvek, Sorona, Corfam and Lycra in the 20th century, and its scientists developed many chemicals, most notably Freon (chlorofluorocarbons), for the refrigerant industry. It also developed synthetic pigments and paints including ChromaFlair.
Reid Collins & Tsai LLP is a national trial law firm with offices in New York, Austin, Dallas, Wilmington, and Washington, D.C. The firm represents plaintiffs in complex commercial litigation on a mixed-fee or contingency-fee basis.
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