Fintech

Fintech

Bancorp gets OK for national charter, discloses headquarters move to Sioux Falls

Company will retain Wilmington workforce The Bancorp, Inc. has completed the charter conversion process for its bank unit with the Office of the Comptroller of the Currency. The bank changed over from its Delaware charter and now operates as a national bank. A regulatory filing states that the bank will maintain a branch office in the Wilmington area, while moving its headquarters...

WSFS adds to lead in bank market share

An analysis of an annual report from Federal Deposit Insurance Corp. shows Wilmington-based WSFS Bank extending its Delaware market share lead over M&T Bank. WSFS now has a 23% market share, based on deposits from "full service" banks. According to FDIC reports, WSFS moved ahead of M&T in 2019, about a decade after the Buffalo-based financial institution acquired...

Capital One to open innovation center in Philadelphia

Capital One plans to open an innovation center City Philadelphia as it works to deal with technology challenges, the Philadelphia  Business Journal reported. The center will employ 100 people. The financial services company leased more than 22,000 square feet on a building on Market Street in Philadelphia. Like other companies, CapitalOne has tapped into the Philadelphia labor market and a pipeline...

WSFS’ Regional-national poll points to confidence in reaching personal financial goals

INFLATION, POOR CREDIT AREAS OF CONCERN Nearly three-quarters of Americans (72%) feel confident they will achieve their financial goals, according to a new WSFS Bank survey. WSFS is based in Wilmington However, 39% said they’re not confident they can keep pace with inflation’s impact on goods and services, and nearly a quarter say having poor credit prevents them from using financial...

Ally adding staff in Delaware after Fair Square acquisition

Ally Financial, one of the nation’s largest digital financial services companies, is growing its employee base in Wilmington. In December 2021, the company completed its acquisition of Wilmington-based Fair Square Financial, an online-focused credit card provider. By the end of 2021, its credit card balances had grown to $953 million, up 66% year-over-year, with 756,000 customers, up 67% year-over-year. Fair...

Delaware January jobless rate holds steady at 4.8%

Delaware’s seasonally adjusted unemployment rate in January 2022 stood at 4.8%, unchanged from December 2021.  Employment growth and the unemployment rate continue to remain well below national figures. The Delaware Department of Labor reported 23,900 unemployed Delawareans in January 2022 compared to 27,800 in January 2021. The nation's jobless rate was 4% in January 2022, up from 3.9% in December 2021....

TD Bank to acquire Memphis-based First Horizon

TD Bank Group and First Horizon Corporation signed a definitive agreement for TD to acquire First Horizon in an all-cash transaction valued at $13.4 billion. Canada-based TD wants to move into the ranks of the largest U.S.  banks. Its U.S. headquarters is in Cherry Hill, NJ. First Horizon is based in Memphis. TD has a dozen offices in Delaware as well...

PNC closing branch in Bear in May

PNC Bank will close its Eden Square branch at 100 Eden Circle in Bear on May 20. The Eden Square branch will be consolidated with the Fox Run, a short distance away on Route 40. The Eden Square branch is also a short drive from the bank's University Plaza location. "There are more ways to bank with PNC than ever before,...

WSFS’ 4th quarter earnings beat estimates

WSFS Financial Corporation, the parent company of WSFS Bank, reported an increase in net income from the third quarter, although earnings were down slightly from the fourth quarter of 2020. The financial services company has been focusing on the recently completed merger with Bryn Mawr Trust on the Main Line. Zacks Investment Research reported that earnings exceeded its estimates. Selected quarterly financial...

State development finance panel approves millions of dollars in requests

The Delaware Council on Development Finance Monday approved millions of dollars of Strategic Grant requests that include funds for expanding a financial technology company, a processor of cheesesteak meat, and a manufacturer of cottages for campgrounds. The state awarded strategic Fund grants to companies that meet benchmarks in adding or retaining jobs. The cost of grants is often offset...

CSC reaches preliminary deal to buy Netherlands-based business services company for $2 billion

Delaware-based Corporation Service Company and Netherlands-based Intertrust N.V. announced that a preliminary agreement calling for CSC to acquire the company in a cash deal valued at nearly $2 billion. According to a release, the combination of CSC and Intertrust creates a leader in corporate, fund, private, and capital markets clients on an international scale. Intertrust has an...

Ally completes buyout of Fair Square credit card company for $750 million

Ally Financial Inc.  closed on  its acquisition of Fair Square Financial, a digital-first credit card company based in downtown Wilmington. Ally had earlier disclosed the pending deal valued valued at $750 million "The addition of Fair Square and its credit card offerings will enhance our suite of consumer products and aligns with our long-term strategy to be the leading full-service digital...

Forward view from Jim Lee – The world really is moving faster

By Jim Lee   (Lee, CFA, CMT, CFP, is the founder of   StratFI, Wilmington)   One of my favorite investment reads from the past year is 100 Baggers: Stocks that Return 100-to-1 and How to Find Them, by Christopher Mayer.   The best investment books are loaded with data. Mayer and his publisher spent $50,000 on research to find all of the stocks that grew...

Wilmington-based Navient plans to exit fed student loan servicing business

Wilmington-based Navient and Maximus announced the companies have signed an agreement to transfer the loan servicing for U.S. Department of Education-owned student loan accounts from Navient to Maximus, subject to government approval. The portfolio would join the FSA (federal student aid)  portfolio at Maximus. “Navient is pleased to work with the Department of Education and Maximus to provide a smooth transition...

M&T adds Spanish-language website

M&T Bank recently launched a new Spanish-language version of the website. As part of the change, M&T has designated some branches as "multicultural," meaning those branches have bilingual staff and resources that reflect the other dominant languages in the area.  The bank is also offering financial education courses in Spanish and is developing the capability to schedule online/digital bank appointments in...