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Stock Market & Financial Investment News

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February 12, 2014
08:59 EDTMTBM&T Bank issues revised FY13 results based on litigation settlement
M&T Bank reported that on February 10, it reached a settlement in the previously disclosed matter of Mennen, et al v. Mennen, Wilmington Trust Company, et al that was scheduled for a trial to commence yesterday in the Delaware Chancery Court. Following that settlement, M&T recognized an increase to its reserve for litigation as of December 31, 2013 of $40M that reduced net income from that which M&T reported on January 17 by $24M. The impact on diluted earnings per common share was 18c for each of the quarter and the year ended December 31, 2013.
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September 12, 2014
16:09 EDTMTBHudson City Bancorp names Denis Salamone as CEO
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06:30 EDTMTBWilmington Trust to pay $18.5M in SEC case for accounting, disclosure fraud
The Securities and Exchange Commission yesterday announced accounting and disclosure fraud charges against a Delaware-based bank holding company for failing to report the true volume of its loans at least 90 days past due as they substantially increased in number during the financial crisis. An SEC investigation found that as the real estate market declined in 2009 and 2010 and its construction loans began to mature without repayment or completion of the underlying project, Wilmington Trust Company did not renew, extend, or take other appropriate action for 90 days or more on a material amount of its matured loans. Instead of fully and accurately disclosing the amount of these accruing loans as required by accounting guidance, Wilmington Trust improperly excluded the matured loans from its public financial reporting. Wilmington Trust, which was acquired by M&T Bank in May 2011, has agreed to pay $18.5M in disgorgement and prejudgment interest to settle the SECís charges.

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