Bank of America closed its Penn Square branch last Friday, ending eight years of operation there.
Bank of America had acquired the Griest Building branch through its 2004 purchase of FleetBoston Financial.
Griest Building owner Rob Ecklin said two other banks have expressed interest in opening in the 4,100-square-foot location.
“I’m hopeful of getting another bank in there, but I just don’t know. It’s too early to tell,” Ecklin said.
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This venerable Delaware bank started by the du Pont family has fallen on hard times. After sustaining some large losses over the last several quarters, the bank started looking for a buyer. M&T Bank has acquired Wilmington Trust and will inherit a strong presence in Delaware.
Wilmington Trust is a casualty of the recession – low investment earnings and the housing market grinding to a halt have affected the bank’s ability to make enough revenue.
At present, no member of the du Pont family sits on the bank’s board, although some family members are depositors. One of Wilmington Trust’s specialties is wealth management. They have a number of clients with a $10,000,000+ in liquid assets for a total of $58.4 billion.
Sadly, this is another more or less “local” bank that’s being gobbled up by a super-regional player. M&T Bank has bought up smaller banks and expanded their presence. Delaware will expand M&T’s market to ten states, primarily along the East Cost. M&T Bank, based in Buffalo,NY, has reported profits for 34 years in a row.
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Pittsburgh-based PNC Bank is gobbling up all of Royal Bank of Canada’s U.S.branches – 424 locations in all. The acquisition will make PNC the fifth largest U.S. bank with 2,870 branches.
RBC USA locations are in Alabama, Florida, Georgia, North Carolina, South Carolina and Virginia.
The acquisition is expected to close in March of 2012.
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