DBA Digest for May 23, 2025

2025 David G. Bakerian Scholarships Awarded

Former Senator Thomas Carper congratulates 2025 David Bakerian Scholarship winners Lily Phillips and Aidan Mahoney surrounded by family, friends, and representatives of the DBA and Sallie Mae.

The DBA announced the winners of the 2025 David G. Bakerian Award at the 130th Annual Meeting, May 15, at the DuPont Country Club. The winners were Aidan Mahoney, of Archmere Academy, and Lily Phillips, of St. Mark’s High School.  Each winner received a $2,500 scholarship. Sallie Mae added an extra $2,500 scholarship for each student in honor of DBA President Sarah Long who is retiring at the end of this month. Both students participated in the Keys to Financial Success course, a full-semester elective taught in high schools throughout Delaware. The course was developed in partnership with the University of Delaware’s Center for Economic Education and Entrepreneurship (CEEE), Delaware Bankers Association, Federal Reserve Bank of Philadelphia, and the Consumer Credit Counseling Service of Maryland and Delaware. Keys to Financial Success introduces students to the fundamentals of sound money management skills and basic financial planning concepts.

Spring Issue of Delaware Banker Now Available

The latest issue of Delaware Banker is now available. Feature articles include:

• Delaware Strengthens Its Corporate Law Advantage
• To Contest or Not to Contest, That is the Question
• Practical Administrative Considerations for Estate Plans
• Teach Children to Save Day
• PLUS: Special Section - A Tribute to Sarah Long!

Read it on your computer, tablet, or smart phone via the link below!

Delaware Bankers Receive $66,332 in Distributions for American Bankers Mutual Insurance

American Bankers Mutual Insurance, Ltd. (ABMI), the reinsurer for the insurance program co-endorsed by the American Bankers Association (ABA) and Delaware Bankers Association (DBA), declared a $3.8 million annual distribution to be shared by qualified ABA member banks insured through ABA Insurance Services, a member of Great American Insurance Group. Delaware banks collectively received $66,332 as a part of the distribution. This is the 35th consecutive year that the industry’s leading professional liability and bond insurance provider has declared distributions to eligible ABA member banks, bringing the total to $104.6 million since the program’s inception. ABA member banks that purchase their directors and officers (D&O), bond, cyber, property & casualty (P&C), and related insurances from this program are eligible to receive a distribution. 

Don't Miss These Upcoming OnCourse Learning Webinars!

Loan Modifications: What are the Compliance Issues - May 29th

This webinar will deal with the ins and outs of making changes to loans of all types. We’ll discuss the compliance and legal requirements, operational challenges, and impacts to borrowers, guarantors, and other parties to the loan.

Audience: This webinar is ideal for anyone involved in the lending process, including loan officers, processors, closing agents, servicing professionals, compliance officers, auditors, customer service representatives, and senior management.

Data Privacy 101 - June 2nd

Are you new to data privacy? Have you been assigned some responsibilities at your institution but are concerned about your background and preparation? Attend this session to understand the principles of data privacy, review the common data privacy threats which concern your institution, and review practical data privacy controls which can safeguard your financial institution.

Audience: This session is ideal for Information privacy officers, C-suite personnel, IT risk officers, information security officers, incident handlers, lead auditors, vendor managers, emergency management professionals, compliance officers, and information privacy officers.

Learn more and browse all the webinars via the link below.

The Delaware Council on Banking Announces New Funding Opportunity

The Delaware Community Investment Venture Fund (DCIVF), which is administered by the Delaware Council on Banking, provides funding opportunities for banking organizations, credit unions, and Community Development Financial Institutions doing business in Delaware to better serve the needs of low- to moderate-income census tracts within the state. Applications must be completed and submitted to the Delaware Council on Banking on or before 5:00 p.m. on June 16, 2025.

Banks, credit unions, and CDFIs properly registered and authorized to conduct business in the State of Delaware may apply for one or more grants to support proposed programs that: 

1. invest in the development of financial product or financial product underwriting innovations that will enhance access to capital, funding, and other financial services for businesses in low- to moderate-income tracts in Delaware;
2. deploy, test, and evaluate these innovations for providing capital and funding to businesses in low- to moderate-income tracts in Delaware; and
3. promote and make these innovations available to a variety of banking organizations, Community Development Financial Institutions, and credit unions for use in enhancing access to capital, funding, and other financial services for businesses in low- to moderate-income tracts in Delaware.

If you have any questions, please email DCIVF@delaware.gov. 

Virtual Event! ABA Women Lead Symposium - July 17th!

Don't miss the Women Lead Symposium, July 17, a convenient virtual program

designed to help emerging leaders and seasoned professionals become successful leaders.

This joint effort between the American Bankers Association, the Delaware Bankers Association, and other state bankers associations will help you gain critical leadership skills that will support your bank’s growth goals and advance your career. You’ll learn leading practices and actionable insights to navigate key positions at your bank and foster workforce excellence. You’ll walk away with leadership resources and a strong professional network!

See the full agenda and registration information via the link below!

Bank of America Private Bank Market Minute

Major U.S. Equity Indexes rallied last week on the back of Monday’s news of lower import tariffs between the U.S. and China for the next 90 days. The S&P 500 Index rose 5.3% over the week, closing last Friday just below the 6,000 level and only 3% off its February 19 high. The Nasdaq Composite rose 7.2% last week and now remains within 5% of its mid-December 2024 high. Technology, Consumer Discretionary, and Communication Services led last week while more defensive sectors like Healthcare, Consumer Staples, and Utilities lagged. The yield on the 30-year U.S. Treasury rose 11 basis points (bps) last week and finished last Friday just below 5% after Moody’s downgraded the U.S.’ sovereign credit rating from Aaa to Aa1 late Friday afternoon. In U.S. economic news, inflation showed signs of cooling in April. The consumer price index (CPI) and its core counterpart each rose 0.2% over the month, below expectations. Year-over-year (YoY), headline inflation came in at 2.3% or the lowest since February 2021 while core inflation remained at 2.8%. The producer price index (PPI) fell unexpectedly by 0.5% in April, the largest monthly decline since April 2020, and rose 2.4% YoY. Retail sales rose 0.1% in April, a notable deceleration from March’s reading which was upwardly revised from 1.4% to 1.7%.

31 Richards, Layton & Finger Attorneys Named in Super Lawyers, Including 7 New Honorees

Thirty-one Richards, Layton & Finger attorneys have been selected by Super Lawyers for its annual rankings of Delaware’s leading lawyers. We are especially pleased to announce that of those, two firm attorneys—Doneene Damon and Gregory Williams—are on the list of the Top 10 lawyers in Delaware, and seven of our attorneys—directors Kevin Gallagher, Robert Greco, Travis Hunter, and Stephanie Norman, and associates Mari Boyle, Alexandra Ewing, and Sara Metzler—are new additions to the Super Lawyers and Rising Stars lists. Super Lawyers selects lawyers on the basis of their professional skill, achievements, and peer recognition, choosing only 5 percent of the lawyers in the state. See the full list of Richards Layton lawyers chosen for the Super Lawyers via the link below.

Santora CPA Group Announces an Addition to Its Team

Santora CPA Group, a Newark-based Certified Public Accounting and Consulting firm, announced that Susan M. Allison has rejoined SCG as a Bookkeeper in the Small Business Services Department.  Susan started her career with SCG in 2004 and left in 2015 to pursue another endeavor. Her previous experience includes small business accounting, human resources, and payroll services. She will provide much needed bookkeeping support to SCG’s clients.

Get Prepared for EDGAR Next

The SEC is preparing to implement EDGAR Next, a major transition that will fundamentally change how companies access and submit filings. The Nuvo Group is reaching out to ensure their clients are prepared for the upcoming changes.

This update is designed to enhance filer access and account management by integrating modern security measures and streamlining the submission process. The SEC has set a phased timeline for the transition, with mandatory compliance by December 2025. Failure to enroll and confirm annually could result in account deactivation, requiring a Form ID reapplication and a $750 reinstatement fee. Organizations that rely on third-party software or agents must ensure the right permissions and systems are in place in advance.

Free Webinar: Mental Health and Professional Advisers: A Spouse's Perspective - May 29, 4 p.m ET

Co-Presenter, Amanda Koplin, LPC

This webinar will present a powerful personal story of a wife sharing her reflections on her husband's experience of navigating his depression, anxiety, and ever-growing pressures of being an estate planning lawyer. This presentation will be something different from the usual programs on mental health considerations. May is Mental Health Awareness Month, and the importance of this topic cannot be emphasized enough. Using a real case study to make the statistics relatable, this program will discuss the emotional, social, and relational impact of an advisor struggling with his work-related, stress-induced mental health, and the ways the culture of law firms may have fueled and exacerbated those struggles.

Speakers: Amanda Koplin, LPC, Betsy K. Jameson, and Martin Shenkman, Esq.

Volunteers Needed: 2025 Making Strides Delaware!

Volunteer opportunities are now open for the 2025 Delaware Making Strides Against Breast Cancer, October 26th, 8:30 a.m. to Noon, Bellevue State Park. Walkers, Sponsors, and Volunteers are needed. The American Cancer Society's Making Strides Against Breast Cancer is the largest network of breast cancer events in the nation, raising money to help the American Cancer Society fund groundbreaking breast cancer research and

provide patient services like free rides to treatment, free places to stay when treatment is far from home, a live 24/7 helpline, and more.