DBA Digest for February 16, 2024

2024 Teach Children to Save Day!

April 15th - 19th

Classrooms Going Fast! Register Today!

A limited number of classrooms are still available for 2024 Teach Children to Save Day! This year's event, the 26th annual, is April 15th through 19th. Over the years, Delaware’s bankers have taught an important lesson on saving to over 240,000 kids. Teaching is fun and easy, with complete materials and training provided. Banker volunteers can register via the link below.

BNY Mellon Named as One of the World’s Most Admired Companies for 2024

BNY Mellon has been named one of the most admired companies in the world by FORTUNE magazine for the 27^th time. In 2024, BNY Mellon is now part of the “Megabanks” category and performed best in "People Management” and “Innovation,” speaking to the firm’s 240-year reputation of innovating to best serve clients. 

“We are proud of our robust culture, deep client trust and leadership in the financial services industry, and are grateful of this recognition. For 240 years, our people have worked together to create new innovative solutions for businesses, governments and communities while remaining resilient through a rapidly evolving global economic landscape,” said Jayee Koffey, Global Head of Enterprise Execution and Chief Corporate Affairs Officer at BNY Mellon. 

Fulton Financial Corporation Names Betsy Chivinski as Interim Chief Financial Officer and Atul Malhotra as Chief Risk Officer

Fulton Financial Corporation announced that Betsy Chivinski has been named interim chief financial officer (CFO), replacing Mark McCollom who resigned from Fulton Financial on February 8, 2024. In a related announcement, Atul Malhotra has been promoted to chief risk officer to succeed Chivinski in that role. Both changes are effective immediately.

Previously chief risk officer, Chivinski will now serve as senior executive vice president and interim CFO and will continue to report to Chairman and CEO Curt Myers. She will be responsible for the overall financial governance of the corporation until a new CFO is named.

Bank of America Private Bank Market Minute

The S&P 500 closed at an all-time high last Friday, finishing above 5,000 for the first time in the index’s history. This came just two years and 10 months after the benchmark first surpassed 4,000. The index rose 1.37% over the week, while the Dow Jones Industrial Average and Nasdaq Composite gained 0.04% and 2.31% respectively. Despite volatility amid regional banking worries, the Russell 2000 Index finished last week up 2.41%. Positive U.S. Equity performance continues to be driven by a select group of technology stocks. Case in point: as of last Friday, the S&P 500 has yielded a total return of 5.52% year-to-date (YTD), compared to 0.78% for its equal-weighted counterpart. Growth continues to outperform value so far in 2024, with the YTD total return of the Russell 1000 Growth Index standing at 8.78% versus the Russell 1000 Value Index at 1.09%. In U.S. economic news, the Institute for Supply Management (ISM) reported that its services index landed comfortably in expansionary territory in January, up from a revised 50.5 to 53.4.

Jenifer Jurden is a Cartoonist from Wilmington who has graciously provided her Planet Jurdy cartoons for the DBA Digest. Jurdy® is her other-worldly "Hero of Happyness" whose cartoons bring levity to humans worldwide.

Morris Nichols’ Expanding Bankruptcy & Restructuring Group Adds Two Experienced Attorneys

Brenna A. Dolphin

Clint M. Carlisle

Morris Nichols is delighted to announce the recent additions of Brenna Dolphin and Clint Carlisle to the firm’s Bankruptcy & Restructuring practice. “The addition of Brenna and Clint reflects the firm’s continued commitment to excellence and growing the practice when opportunities present themselves,” said Rob Dehney, head of the group, which has welcomed six new attorneys since summer 2023.

Brenna A. Dolphin joins the firm as a special counsel. She has strong roots in Delaware, having worked in bankruptcy and corporate restructuring in the Delaware office of a prominent law firm before joining Morris Nichols. Prior to entering private practice, she gained experience during a three-year tenure as a Deputy Attorney General with the Delaware Department of Justice where she prosecuted jury trials and argued motions before the Court of Common Pleas and the Delaware Superior Court.

Clint M. Carlisle joins Morris Nichols as an associate attorney. His broad-based practice includes chapter 11 cases and out-of-court restructurings representing creditors and other parties in interest.

Morris James Headquarters Relocating in 2025

As Morris James steps into the decade marking its 100th anniversary, a new era begins with the strategic partnership formed with Delle Donne & Associates, leading to the relocation of our headquarters to Avenue North in 2025. Maintaining our commitment to innovation and adaptability, we will also uphold a satellite office in downtown Wilmington, in close proximity to the Delaware courthouses.

This move signifies our dedication to honoring our storied history while advancing toward a future of excellence and sustainability. Following a thorough evaluation of various options, including the possibility of remaining at our current headquarters, Avenue North emerged as the optimal choice. Its distinct blend of amenities, superior building quality, available space, and strategic geography make it the ideal setting for our continued growth.

FinCEN's Proposed New Rule to Increase Reporting Requirements in Residential Real Estate

On February 7, 2024, the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) proposed a new rule to increase reporting requirements for nonfinanced, entity-purchased residential real estate. FinCEN states that this additional reporting measure will combat and deter money laundering in the U.S. residential real estate sector by increasing transparency. FinCEN already has a Residential Real Estate Geographic Targeting Order (GTO) program, which requires title insurance companies to file reports identifying the beneficial owners of legal entities that make certain nonfinanced purchases of residential real estate. The proposed rule would build on FinCEN's previous Residential Real Estate GTO program and replace it with national reporting requirements.

Wilmington University Scholarship Golf Classic

Wilmington University’s annual Scholarship Golf Classic is an enjoyable golf tournament that helps raise funds for student scholarships. Join us at Deerfield  as a sponsor, golf team, dinner guest, or all three. Attendees will enjoy a day on the course, with refreshments, golf gifts and raffles. Mobile bidding will be available. Sponsorship amounts range from $150 to $15,000, and many include foursome and dinner tickets. Foursomes (alone) include all the above for $1,000 per team. Not a golfer? No problem. Golfers and non-golfers are invited to a dinner celebration. Enjoy a dinner buffet, wine, silent auction, live music, and more, all for $100 per guest (unless this is already included with sponsorship or foursome).