The Committee of 100 | Meeting Notes

Wilmington Trust Chairman & CEO Ted T. Cecala, Jr. with President Brian D. Bailey

Delaware’s Banking history is unique. On the one hand, we have banks with long histories in Delaware, such as Wilmington Savings Fund Society founded in 1832, Artisans’ Bank in 1861, and Wilmington Trust in 1903. On the other hand, the 1981 Financial Center Development Act (FCDA) brought in a multitude of new banks and made Delaware the credit card capital.

Following the FCDA, the next biggest change impacting Delaware banking has been the merger mania. Some purchases, like MBNA by Bank of America, have meant the end of an era. Other changes, such as Ninth Ward to Delaware First Bank to Crown Group to Roxborough Manayunk, have had limited impact. Several were among giants who were not Delaware-born, such as the merger of JP Morgan and Chase Manhattan, creating JP Morgan Chase, which, in turn, took over Bank One, which had already taken over First USA. But others, such as Farmers Bank (founded in Delaware in 1907) purchased by Mellon, which was then purchased by Citizens, or Delaware Trust (founded in Delaware in 1899) transferring to Meridian to CoreStates to First Union to Wachovia, were dizzying–and included historic Delaware banks.

Through it all, Wilmington Trust has remained one of Delaware’s most important banking institutions. Wilmington Trust, with its focus on Corporate Client Services, Wealth Advisory Services, and Regional Banking Services, reaches clients in all 50 states and 85 countries. While it remains one of the largest personal trust providers in the United States, it is as a leading retail and commercial bank in Delaware that Wilmington Trust has such a significant impact on economic development in our community.

Ted Cecala has over twenty years of experience at Wilmington Trust. He became Chairman and Chief Executive Officer in July 1996. Ted will speak about Wilmington Trust’s direction and its role in economic development in Delaware.