DBA Digest for June 24, 2022

DBA Hosts 2022 Legistlative Reception

(l to r) Delaware Lt. Governor, Bethany Hall-Long is greeted by DBA President Sarah Long at the 2022 DBA Legislative Reception.

The Delaware Bankers Association hosted its annual Legislative Reception for members of the Delaware General Assembly, Tuesday night, June 21th, at The Biggs Museum in Dover. Dozens of elected representatives joined bankers from across the State. “The DBA Legislative Reception is a great opportunity for our members to meet with our elected state representatives,” said DBA President Sarah A. Long. “The event helps demonstrate the importance of the financial services industry to Delaware, and our commitment to the First State.” The reception was made possible by the generous sponsorship of the following members: Discover Bank; M&T Bank; Sallie Mae; and, Wilmington Trust.

2022 Delaware Trust Conference - October 18 & 19!



Discounted Early-Bird Registration is scheduled to begin July 1st for the 2022 Delaware Trust Conference. 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! 

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:

Brown Brothers Harriman Trust Co. of Delaware, N.A.

Connolly Gallagher

Gordon, Fournaris & Mammarella

McCollom D'Emilio Smith Uebler LLC

Richards, Layton & Finger, P.A.

Gold Sponsors:

Charles Schwab Trust Company

Morris, Nichols, Arsht and Tunnell

Silver Sponsors:

Chilton Trust


Santora CPA Group



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)


M&T Bank Recognized by

Small Business Administration

M&T Bank was recognized by the SBA for its support of small business lending in Delaware and its commitment to the state's economic growth. The bank accepted the award for Top Delaware SBA 7(a) Program Lender by Number of Loans for 2021. As part of National Small Business Week, the SBA highlights the impact of outstanding entrepreneurs, small business owners, and community members with Small Business Awards. Last year, M&T approved 47 SBA loans for $5.8 million--more than twice as many loans as any other bank in the state. [Pictured above left to right]: Governor Carney; Barney Hughes, Business Banking Regional Manager, M&T Bank; George Stevens, SBA Business Banking Relationship Manager, M&T Bank 

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Fulton Financial Corporation Declares Quarterly Common and Preferred Dividends

The Board of Directors of Fulton Financial Corporation has declared a quarterly cash dividend of fifteen cents per share on its common stock, payable on July 15, 2022, to shareholders of record as of July 1, 2022.

The Board of Directors also declared a quarterly dividend of $12.81 per share (equivalent to $0.32025 per depositary share) on its Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A, payable on July 15, 2022, to holders of record of the preferred stock as of June 30, 2022, for the period from and including April 15, 2022, to but excluding, July 15, 2022.

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Heating and Cooling: The Northern Trust Economics Team Shares Its Outlook for Growth, Inflation and Interest Rates

We enter the summer seeking relief from a challenging spring. The past several months have witnessed a bear market, rapid central bank tightening, continued supply chain pressures and an ongoing war in Ukraine.

The key issue in the outlook remains inflation and the Federal Reserve’s reaction to it. Increases in the price level continue to exceed expectations, and the outlook for monetary policy continues to be more hawkish. Prospects for a soft landing are diminishing.

Fear of recession is on the rise in both formal surveys and anecdotal observations. Spending power has diminished somewhat, as wage gains have not kept pace with prices. A review of the data shows that the economy continues to function well, but we have reduced our estimates of growth through the end of 2023. Our outlook does not feature a recession, but the risks of that outcome are rising.

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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.

Heritage Auctions Announces Sale of Russian Journalist Dmitri Muratov’s 2021 Nobel Peace Prize Medal for $103.5 Million

Heritage Auctions announced today that its sale of the 2021 Nobel Peace Prize medal awarded to independent Russian journalist and Novaya Gazeta editor-in-chief, Dmitry Muratov, fetched $103.5 million from an anonymous buyer at a live global auction event at the Times Center in Manhattan on Monday night.

Proceeds raised from the auction will support UNICEF’s humanitarian response to the war in Ukraine and affected regions. Heritage Auctions donated its efforts to bring worldwide attention to Muratov’s desire to aid those impacted by the war.

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Troutman Pepper Insights: CFPB Deputy Director Takes Aim at “Rent-a-Bank Schemes”

In a keynote address at the Consumer Federation of America’s 2022 Consumer Assembly, CFPB Deputy Director Zixta Martinez squarely took aim at “rent-a-bank schemes” in some of the first (if not the first) such comments by a senior CFPB official. Historically, the CFPB has confined itself to “true lender” litigation against participants in high-rate programs involving Native American tribal parties (and not banks) already challenged by state enforcement authorities. We view Deputy Director Martinez’s comments as potentially signaling more widespread pursuit of this theory by the CFPB.

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Greg Koseluk at greg.koseluk@debankers.com