Wilmington Trust
Encyclopedia
Wilmington Trust was founded on July 8, 1903 as a banking, trust, and safe deposit company by DuPont
president T. Coleman du Pont.
On November 1, 2010, Wilmington Trust announced a merger with M&T Bank
, of Buffalo, NY. The deal values 107-year-old Wilmington Trust at $3.84 a share, or 46 percent less than its closing price Oct. 29. Investors will get 0.051 share of Buffalo-based M&T for each Wilmington share.
to manage the growing fortune of the duPont family. 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.
In 1907 the company moved to the DuPont Building at Tenth & Market Streets and paid its first dividend (2.50% or $1.25 per share) on August 1, 1908. The company’s first merger occurred on July 15, 1912 with the acquisitions of the First National Bank and the National Bank of Wilmington & Brandywine, making it the largest bank on the East Coast
. In 1971, it became one of the founding members of NASDAQ
. In 1999, it moved its listing to the New York Stock Exchange
(NYSE). In 2011, it announced its intention to "voluntarily de-list" from the NYSE upon completion of its merger with M&T.
Evidence suggests that loyalty of customers to the bank which was among its hallmarks has waned considerably since its merger with M&T in 2010.
1) Regional Banking services to commercial clients throughout the mid-Atlantic region as well as providing consumer services to clients in the immediate Delaware region.
2) Corporate Client Services caters to the needs of institutional clients in over 86 countries.
3) Wealth Advisory Services caters to high-net-worth clients throughout the United States and in 35 other countries.
For 2007, net income was stated at $182 million. Additionally, combined assets under management totaled $49.8 billion by the end of 2007, an increase of 11% from 2006.
Currently, the corporate headquarters for Wilmington Trust is in the converted post office on Rodney Square
in downtown Wilmington, Delaware
.
In addition, it has domestic offices located in New York City
, Los Angeles
, Boston
, Philadelphia, Las Vegas
, Phoenix
, Atlanta, Baltimore
, Beverly Hills, Stamford (CT), Palm Beach
, West Chester (PA), Bethlehem, PA, Villanova (PA)
and Charleston (SC).
Internationally, Wilmington Trust has offices in the Cayman Islands
, Channel Islands
, Dublin, Frankfurt
, London
, Luxembourg
and the Netherlands
.
Wilmington Trust operates a virtual, direct savings division known as, WTDirect.
Its main branch in Newark, Delaware
was added to the National Register of Historic Places
in 1982.
http://www.bloomberg.com/news/2010-11-01/wilmington-trust-to-be-bought-by-m-t-for-351-million-below-market-value.html
DuPont
E. I. du Pont de Nemours and Company , commonly referred to as DuPont, is an American chemical company that was founded in July 1802 as a gunpowder mill by Eleuthère Irénée du Pont. DuPont was the world's third largest chemical company based on market capitalization and ninth based on revenue in 2009...
president T. Coleman du Pont.
On November 1, 2010, Wilmington Trust announced a merger with M&T Bank
M&T Bank
M&T Bank is an American commercial bank that was founded in 1856 in western New York, and today remains headquartered in Buffalo at One M & T Plaza...
, of Buffalo, NY. The deal values 107-year-old Wilmington Trust at $3.84 a share, or 46 percent less than its closing price Oct. 29. Investors will get 0.051 share of Buffalo-based M&T for each Wilmington share.
History
Wilmington Trust was founded on July 8, 1903 by Coleman duPont, then the president of DuPontDuPont
E. I. du Pont de Nemours and Company , commonly referred to as DuPont, is an American chemical company that was founded in July 1802 as a gunpowder mill by Eleuthère Irénée du Pont. DuPont was the world's third largest chemical company based on market capitalization and ninth based on revenue in 2009...
to manage the growing fortune of the duPont family. DuPont opened the business in the dining room and parlor of a former private residence at 915 Market Street in Wilmington, Delaware
Wilmington, Delaware
Wilmington is the largest city in the state of Delaware, United States, and is located 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...
with a handful of investors and $500,000 in market capitalization.
In 1907 the company moved to the DuPont Building at Tenth & Market Streets and paid its first dividend (2.50% or $1.25 per share) on August 1, 1908. The company’s first merger occurred on July 15, 1912 with the acquisitions of the First National Bank and the National Bank of Wilmington & Brandywine, making it the largest bank on the East Coast
East Coast of the United States
The East Coast of the United States, also known as the Eastern Seaboard, refers to the easternmost coastal states in the United States, which touch the Atlantic Ocean and stretch up to Canada. The term includes the U.S...
. In 1971, it became one of the founding members of NASDAQ
NASDAQ
The NASDAQ Stock Market, also known as the NASDAQ, is an American stock exchange. "NASDAQ" originally stood for "National Association of Securities Dealers Automated Quotations". It is the second-largest stock exchange by market capitalization in the world, after the New York Stock Exchange. As of...
. In 1999, it moved its listing to the New York Stock Exchange
New York Stock Exchange
The New York Stock Exchange is a stock exchange located at 11 Wall Street in Lower Manhattan, New York City, USA. It is by far the world's largest stock exchange by market capitalization of its listed companies at 13.39 trillion as of Dec 2010...
(NYSE). In 2011, it announced its intention to "voluntarily de-list" from the NYSE upon completion of its merger with M&T.
Evidence suggests that loyalty of customers to the bank which was among its hallmarks has waned considerably since its merger with M&T in 2010.
Company structure
The Bank is divided into 3 sections: Regional Banking, Corporate Client Services and Wealth Advisory Services.1) Regional Banking services to commercial clients throughout the mid-Atlantic region as well as providing consumer services to clients in the immediate Delaware region.
2) Corporate Client Services caters to the needs of institutional clients in over 86 countries.
3) Wealth Advisory Services caters to high-net-worth clients throughout the United States and in 35 other countries.
For 2007, net income was stated at $182 million. Additionally, combined assets under management totaled $49.8 billion by the end of 2007, an increase of 11% from 2006.
Offices
Rodney Square
Rodney Square is the public square in downtown Wilmington, Delaware named after American Revolutionary leader Caesar Rodney. A large statue of Rodney by James E. Kelly stands in the front of the square. The square was created in the early 20th century by John Jacob Raskob who worked for Pierre S....
in downtown Wilmington, Delaware
Wilmington, Delaware
Wilmington is the largest city in the state of Delaware, United States, and is located 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...
.
In addition, it has domestic offices located in New York City
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
, Los Angeles
Los Ángeles
Los Ángeles is the capital of the province of Biobío, in the commune of the same name, in Region VIII , in the center-south of Chile. It is located between the Laja and Biobío rivers. The population is 123,445 inhabitants...
, Boston
Boston
Boston is the capital of and largest city in Massachusetts, and is one of the oldest cities in the United States. The largest city in New England, Boston is regarded as the unofficial "Capital of New England" for its economic and cultural impact on the entire New England region. The city proper had...
, Philadelphia, Las Vegas
Las Vegas, Nevada
Las Vegas is the most populous city in the U.S. state of Nevada and is also the county seat of Clark County, Nevada. Las Vegas is an internationally renowned major resort city for gambling, shopping, and fine dining. The city bills itself as The Entertainment Capital of the World, and is famous...
, Phoenix
Phoenix, Arizona
Phoenix is the capital, and largest city, of the U.S. state of Arizona, as well as the sixth most populated city in the United States. Phoenix is home to 1,445,632 people according to the official 2010 U.S. Census Bureau data...
, Atlanta, Baltimore
Baltimore
Baltimore is the largest independent city in the United States and the largest city and cultural center of the US state of Maryland. The city is located in central Maryland along the tidal portion of the Patapsco River, an arm of the Chesapeake Bay. Baltimore is sometimes referred to as Baltimore...
, Beverly Hills, Stamford (CT), Palm Beach
Palm Beach, Florida
The Town of Palm Beach is an incorporated town in Palm Beach County, Florida, United States. The Intracoastal Waterway separates it from the neighboring cities of West Palm Beach and Lake Worth...
, West Chester (PA), Bethlehem, PA, Villanova (PA)
Villanova, Pennsylvania
Villanova is a community in the United States Commonwealth of Pennsylvania. It straddles Lower Merion Township of Montgomery County and Radnor Township of Delaware County. It is located at the center of the Pennsylvania Main Line, a series of highly affluent Philadelphia suburban towns located...
and Charleston (SC).
Internationally, Wilmington Trust has offices in the Cayman Islands
Cayman Islands
The Cayman Islands is a British Overseas Territory and overseas territory of the European Union located in the western Caribbean Sea. The territory comprises the three islands of Grand Cayman, Cayman Brac, and Little Cayman, located south of Cuba and northwest of Jamaica...
, Channel Islands
Channel Islands
The Channel Islands are an archipelago of British Crown Dependencies in the English Channel, off the French coast of Normandy. They include two separate bailiwicks: the Bailiwick of Guernsey and the Bailiwick of Jersey...
, Dublin, Frankfurt
Frankfurt
Frankfurt am Main , commonly known simply as Frankfurt, is the largest city in the German state of Hesse and the fifth-largest city in Germany, with a 2010 population of 688,249. The urban area had an estimated population of 2,300,000 in 2010...
, London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
, Luxembourg
Luxembourg
Luxembourg , officially the Grand Duchy of Luxembourg , is a landlocked country in western Europe, bordered by Belgium, France, and Germany. It has two principal regions: the Oesling in the North as part of the Ardennes massif, and the Gutland in the south...
and the Netherlands
Netherlands
The Netherlands is a constituent country of the Kingdom of the Netherlands, located mainly in North-West Europe and with several islands in the Caribbean. Mainland Netherlands borders the North Sea to the north and west, Belgium to the south, and Germany to the east, and shares maritime borders...
.
Wilmington Trust operates a virtual, direct savings division known as, WTDirect.
Its main branch in Newark, Delaware
Wilmington Trust Company Bank
Wilmington Trust Company Bank is a historic bank building located at Newark in New Castle County, Delaware. It was built about 1926 and is a one story, rectangular plan brick structure with a cast concrete / cement Neoclassical facade...
was added to the National Register of Historic Places
National Register of Historic Places
The National Register of Historic Places is the United States government's official list of districts, sites, buildings, structures, and objects deemed worthy of preservation...
in 1982.
Sources
http://www.bloomberg.com/news/2010-11-01/wilmington-trust-to-be-bought-by-m-t-for-351-million-below-market-value.html