M&T Bank notified of federal probe of Wilm. Trust – The Buffalo News

Reading Time: < 1 minute

willietrust (2)The Securities and Exchange Commission has notified Wilmington Trust, an M&T Bank Corp. subsidiary, of possible enforcement action. The investigation centers on financial reporting and securities filings by the Delaware-based firm before M&T bought it in 2011.

Buffalo-based M&T said the SEC on Aug. 5 sent Wilmington Trust a “Wells notice,” which provides notification of potential enforcement action and is named for a former SEC committee chairman. Recipients are given a chance to explain why the action should not be brought; Wilmington Trust sent its response Sept. 20.

“The issues in question relate exclusively to Wilmington Trust Corp. and occurred prior to the merger with M&T Bank Corp.,” Chet Bridger, an M&T spokesman, said in a follow-up statement about the regulatory filing. “We do not currently believe that any liability arising from these matters would have a material impact upon the company’s consolidated financial position.”

Pre-merger activities of Wilmington Trust have been the subject of legal action. The bank was acquired by M&T, due in part to a number of bad real estate loans, often in Central and southern Delaware.

Click on the link below for the full story from the Buffalo News.

via M&T Bank subsidiary in Delaware notified of federal probe – Business – The Buffalo News.

Facebook Comments
Previous articleMore rooms on the way as hotel industry bounces back
Next articleRenovated food court opening in Hercules Building
Delaware Business Now is a four-year-old, five-day-a-week newsletter and website operated by Bird Street Media LLC. Publisher and Chief Content Officer is Doug Rainey, a 30-year veteran of business journalism in the state of Delaware.  Business Now focuses on breaking business news in Delaware and immediate adjacent areas with apropriate background and perspective. Also offered exclusively in our FREE newsletter is commentary on state and regional issues. Have a complaint, question or even a compliment? Send an email to drainey@delawarebusinessnow.com. For advertising information, click on the About tab at the top of the home page Our business hours are 8 a.m. to 5 p.m., Monday through Friday. Call us at 302.753.0691.