DBA Digest for November 1, 2024

19th Annual Delaware Trust Conference!

A record number of Wealth Professionals attended the 2024 Delaware Trust Conference this week at the Chase Center on the Riverfront. The two-day event featured both in-person and live-streaming capabilities. All the sessions, including four on-demand sessions, are now available via the conference site. Attendees can earn up to 18.5 CLE Credits, Including 2.0 Ethics Credits! Visit the conference webpage (link below) for credit forms. All the sessions feature the stellar line-up of the nation’s top trust, legal, and wealth management experts for which the Delaware Trust Conference is known. 

Thank you to all the Sponsors, Exhibitors, Speakers, In-Person Attendees, and Live-Streamers for making the 2024 Delaware Trust Conference a memorable event!

Tom Forrest Receives Delaware Trust Lifetime Achievement Award

Conference Chair, Matthew D'Emilio, presents the 2024 Delaware Trust Lifetime Achievement Award to Tom Forrest

Tom Forrest received the 3rd Annual Delaware Trust and Wealth Management Lifetime Achievement Award presented by the Delaware Bankers Association at the 2024 Delaware Trust Conference this week.

Tom Forrest has had an unparalleled 45-year career in the trust industry. He began his career at Wilmington Trust in 1977 and ended just a few years ago at US Trust Company of Delaware, with numerous stops along the way. Tom started two Delaware trust companies, Charles Schwab Trust Company of Delaware and US Trust Company of Delaware. His leadership brought heightened visibility to the First State’s trust industry. He has traveled the county promoting Delaware as the premier trust jurisdiction. Tom’s presentations, complete with magic and jokes, were both memorable and effective. 

The award recognizes an individual who has made a significant impact on the Delaware Trust & Estate field. Nominations for the award were made by members of the DBA Trust Committee and reviewed by the Delaware Trust Conference planning committee.

Women Connect! Rehoboth Beach!

Next Week! Register Today!

Be there for the next Women Connect Networking Event next Thursday, November 7 at Agave Rehoboth and Friday, November 8 at the Cambria Hotel Rehoboth.

A panel discussion on 'Women as Allies,' featuring James Ambagis, President & COO, BNY Mellon Trust of Delaware, Isabel Araujo, Senior Manager, Charles Schwab Trust Company of Delaware and Jennifer Fisher, Managing Director, Brown Brothers Harriman Trust Company of Delaware, and Jennifer McClain, Assistant Vice President, Brown Brothers Harriman Trust Company of Delaware; a fireside chat with Nancy Dibert, CEO, Epic Marketing and Amy Walls, Senior Principal, Community Reinvestment, Discover Bank; and a keynote by Delia Sullivan, author of “The Story I Told Myself”, featured in Deserts to Mountaintops: Choosing our healing through radical self-acceptance by Jessica Buchanan. The program will include ample networking opportunities, a vendor showcase of local women owned businesses and non-profits, and headshots offered by a professional photographer!

Register today for this exciting day of Engagement, Empowerment, and Networking!

Upcoming OnCourse Learning Webinars!

2024 Call Report Common Exam Issues - November 6th

Lately, examiner scrutiny is focused on accurate regulatory reporting as it is impacted by loan classification, allowances, and other re-classifications that trickle down to the Call Report. We will look at examples of exam findings and discuss how to address these findings at the bank. 

Audience: Whether you're looking to enhance your understanding of the exam process or seeking guidance on compliance, this webinar will equip you with the knowledge needed to navigate these critical aspects of bank operations. 

Wire Transfer Compliance - November 7th

Funds transfer fraud causes millions of dollars in losses for businesses and financial institutions every year. In 2023 alone, financial institutions filed over 400,000 Suspicious Activity Reports on incidents of wire fraud and/or suspicious funds transfers. Learn the steps you can take to protect your institution and your account holders! 

Audience: This informational session is designed for operations personnel, BSA officers, compliance officers, internal auditors, and any employee who handles wire transfers. 

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

Mid-Atlantic Bank Executives Conference –

November 3 & 4

The Mid-Atlantic Bank Executives Conference brings together bankers and industry partners for sessions with nationally recognized speakers providing relevant and timely content geared specifically to bank c-suite and other senior leaders. Sessions include: Economic Update; Keeping Pace with Rapidly Emerging Technologies; Credit Risk; and, More! Follow the link below for the full agenda and registration information.

TD Bank Ranks No. 1 in SBA Lending for 8^th Straight Year

TD, America’s Most Convenient Bank^®, announced that it ranked No. 1 for the eighth consecutive year in total number of approved U.S. Small Business Administration (SBA) loans in its Maine-to-Florida footprint for the SBA's 2024 fiscal year. TD was also awarded No. 1 rankings in eight states for 7(a) loan units – Eastern Pennsylvania, Florida, Maine, New Hampshire, New Jersey, New York, South Carolina and Washington, D.C. – and is ranked the #2 SBA lender nationwide.

“Entrepreneur needs are changing, and TD’s sustained SBA ranking demonstrates our continued commitment and ability to position ourselves as a local and trusted advisor to small business owners,” said Tom Pretty, Head of SBA Lending at TD Bank. “We are very proud of the personalized approach we bring to our small business programs, working side-by-side with customers and empowering them to expand on growth opportunities and create a runway for their future.”

Bank of America Private Bank Market Minute

The S&P 500 broke its six-week gain streak last week, down nearly 1% while the Dow Jones Industrial Average shed 2.7%. The technology-heavy Nasdaq Composite, meanwhile, managed its seventh straight week in the green after briefly hitting an intraday all-time high last Friday. Small-caps struggled, down 3% over the week per the Russell 2000 benchmark. Yields remained in focus, as the yield on the 10-year U.S. Treasury rose to 4.24% from 4.08% the prior week, and well above a recent low of 3.62% hit on September 16. U.S. economic data featured existing home sales, which fell further to a seasonally adjusted annual rate of 3.84 million in September, the lowest since late 2010. The University of Michigan’s Consumer Sentiment Index rose for the third straight month to 70.5 in October, its highest reading since April with easing interest rates as a noted contributor. Meanwhile, the Federal Reserve’s (Fed) updated Beige Book revealed little economic growth across most of the reporting regions since the September report, highlighting elevated uncertainty ahead of the election, mixed consumer spending, and still-challenged manufacturing activity. Initial jobless claims fell back to 227,000 for the week ending October 19 even accounting for hurricane-related distortions. A busy week ahead will feature 169 companies in the S&P 500 reporting earnings, including some Big Technology reports. Economic data will include the first reading of Q3 2024 gross domestic product growth, the release of the Fed’s preferred inflation gauge (Personal Consumption Expenditures (PCE) price index) for September, and October’s jobs report.

Gordon, Fournaris & Mammarella, P.A. Turns 30!

On November 1, 1994, Peter Gordon, Thomas Mammarella and Emmanuel Fournaris (l. to r. above) founded Gordon, Fournaris & Mammarella, P.A. While working together at another firm, Peter, Tom and Manny decided to take a leap of faith and set out on their own to create a law firm specializing in estate planning, real estate, and business transactions. As their dream turned into reality, the firm grew and evolved to provide an even wider variety of legal services, executed by highly skilled attorneys and staff. Our boutique firm stands out in the legal world in so many ways that even other law firms routinely recommend us to clients. GF&M is also consistently recognized in national rankings, such as U.S. News-Best Lawyers® “Best Law Firms,” The Best Lawyers in America®, and the Chambers High Net Worth Guide. Whether you’re local to Delaware or located halfway around the world, each and every client is given the same attention, respect, and top-notch comprehensive legal advice. GF&M takes pride in who we are, and where we came from. Congratulations, Peter, Tom and Manny on three decades of success, and thank you for choosing to make your own mark in the legal world!

Connolly Gallagher Adds Two Experienced Attorneys to Trusts, Estates, and Tax Department

Connolly Gallagher LLP has added two experienced attorneys, Andrew P. Lawson and Anne Grae Martin, to its trusts, estates, and tax department. 

Lawson, a graduate of Villanova Law School, where he was editor-in-chief of the Villanova Environmental Law Journal, received his undergraduate degree from Drexel University a Master’s in Tax Law from Villanova and a Master’s in Bioethics from University of Pennsylvania. He comes to Connolly Gallagher from Ernst & Young, where he was manager in state and local tax consulting. Captain of Drexel’s golf team as an undergraduate, he has a USGA handicap of 0.5.  

Martin, a graduate of George Washington University Law School, where she was managing editor of Federal Communications Law Journal, is a Phi Beta Kappa alumna of University of Delaware. She joins Connolly Gallagher after two years at Morris Nichols Arsht & Tunnell. A certified yoga instructor, she has had crossword puzzles published in The New York Times and The Wall Street Journal. 

They join a department that includes Charles J. Durante, Gregory J. Weinig, Scott E. Swenson, Trisha W. Hall, and Gina Schoenberg. Learn more via the link belowe:

Learner College of Business & Economics: Preparing You to Meet the Market's Financial Needs

According to the U.S. Bureau of Labor Statistics, the job outlook for financial managers is projected to grow 17 percent from now until 2033. The increasing importance of big data and FinTech in the finance sector necessitates a strong foundation in programming and analytics. The University of Delaware’s Master of Science in Finance program helps you evolve and grow as a financial professional to stay current in a changing industry. Offered by UD’s Lerner College of Business and Economics, the program is designed to augment your financial industry knowledge with specialized coursework in risk management and fixed income securities. In addition to developing your skills in critical thinking, the program sharpens analytical decision making and emphasizes teamwork. We equip you with the tools to identify, assess, and mitigate financial risks as well as the fundamental programming knowledge required to collect, process, and analyze extensive financial datasets. Collectively, these skills are critical in the increasingly data-driven financial industry and enable decision makers to navigate complex financial environments and devise effective strategies for managing risks and opportunities facing their enterprises. Recent graduates have successfully secured careers in areas such as investment banking, private wealth management, and financial services. We are now accepting applications for Spring 2025 enrollment. Join us!