DBA Digest for June 17, 2022

2022 Delaware Trust Conference - October 18 & 19!

The list of Sponsors and Exhibitors for the 2022 Delaware Trust Conference continues to grow.  Make sure your firm is represented alongside these prestigious companies.

Platinum Sponsor:

The Bryn Mawr Trust Company of Delaware (a WSFS Company)

Diamond Sponsors:

Connolly Gallager

Gordon, Fournaris & Mammarella

Gold Sponsors:

Charles Schwab Trust Company

Morris, Nichols, Arsht and Tunnell

Silver Sponsors:

Chilton Trust


Santora CPA Group.

The 2022 Delaware Trust Conference will be live at The Chase Center on the Riverfront, AND live-streaming, on October 18 & 19, AND on-demand through November! Full agenda and early-bird registration coming soon!

See all the sponsorship benefits and download the Exhibitor's Book on the conference webpage.

Trust Conference Webpage

Business Writing Workshop!

On-Line - August 3rd

Corporate communicators value this highly interactive workshop designed to resolve two of the biggest written communication challenges: writing more effective documents while following a more efficient process. Practical, lively exercises help increase skills in Paragraph Performance from introductions to conclusions, Sentence Sense, Word Wisdom, and Format Force. A review of practical grammar and punctuation rules is included. Documents and messages will look, sound, and feel more professional!

Workshop Objectives: 

• Identify varied audiences and purposes for writing;

• Polish rough edges of writing style in paragraphs, sentences, words, and format;

• Write more effective documents while following a more efficient writing process; and

• Apply course concepts to actual writing samples.

Cost: $199/per person ($249/non-members)


Prudential Bancorp, Inc. Receives Shareholder Approval for Merger with Fulton Financial Corporation

Fulton Financial Corporation and Prudential Bancorp, Inc. today announced that Prudential Bancorp shareholders have voted to approve Fulton’s acquisition of Prudential Bancorp and its subsidiary, Prudential Bank, located in Philadelphia, with more than 98% of the votes cast being voted in favor of approving the Agreement and Plan of Merger (the “Merger Agreement”) that was previously announced on March 2, 2022.

“The approval by Prudential Bancorp shareholders, coupled with the receipt of all required regulatory approvals, enables us to move forward with completing this acquisition,” said E. Philip Wenger, Fulton’s Chairman and CEO. “We anticipate the transaction will be consummated in early July, allowing Fulton to welcome Prudential Bank team members and customers to Fulton while, at the same time, significantly enhancing Fulton Bank’s presence in the Philadelphia community.”

Full Story

Bank of America Private Bank Market Minute

U.S. stocks closed out their worst week since January last week, with the S&P 500 falling 5% to cap its ninth weekly decline in the last 10. All 11 major sectors were lower as Consumer Discretionary, Real Estate, Technology and Financials each slipped more than 6%. Losses from large-cap tech names dragged the Nasdaq Composite down 5.6% while the Dow Jones Industrial Average lost 4.6%. Volatility turned sharply higher at the end of last week with a hotter-than-expected inflation read for May, with the headline Consumer Price Index (CPI) rising 8.6% year-over-year and 1.0% month-over-month. Headline CPI was higher than the April and March readings of 8.3% and 8.5%, respectively. Core CPI, which excludes food and energy, climbed 6.0% from a year ago, also faster than consensus estimates. The labor market showed signs of loosening as initial jobless claims increased, hitting their highest level since January. West Texas Intermediate (WTI) crude oil briefly breached $122 per barrel midweek as natural gas prices hit a record high last Monday. At this week’s Federal Open Market Committee (FOMC) meeting, the Federal Reserve (Fed) is widely expected to follow up May’s 50 basis point interest rate increase with another half-point increase as bets pile in for more aggressive hikes in the coming months. May’s inflation picture will further develop this week as the Producer Price Index (PPI) and the Import Price Index prints are due, while the Census Bureau’s retail sales data is due Wednesday.

Full Story

Northern Trust: Wealth Planning Symposium - Trusts and Mental Health

Awareness of mental health and substance abuse issues has never been more relevant. Legal and fiduciary professionals share guidance based on their experience with the documents – and relationships – that preserve grantors’ wishes in the face of unpredictable life circumstances.

Considerations for involving professional advisors to support family members and protect family relationships. Stacy Singer, Northern Trust’s central region fiduciary practice leader, joins trust & estates attorney Lauren Wolven of the firm LP and Arden O’Connor, whose company helps families and individuals navigate behavioral health.

Watch Now

Ballard Spahr Insights:

CFPB Tells Firms "Black Box" Credit Models Used by Banks, Other Lenders Must Not Discriminate

The U.S. Consumer Financial Protection Bureau has told firms it regulates that federal anti-discrimination law extends liability for banks and other lenders in their use of algorithmic models used in credit decisions. The consumer finance agency’s decision to enforce against bias in what it calls “black box” credit decisions was disclosed in a “Consumer Financial Protection Circular” that asserted authority to regulate lenders’ widely used fintech operations.

Full Story
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Greg Koseluk at greg.koseluk@debankers.com