Delaware has become a hub for major financial organizations, thanks to its robust corporate law and pro-business legislation. Many leading financial institutions, including special-purpose banks, have established themselves in Delaware to leverage the state’s unique advantages.
Delaware’s Financial Center Development Act: A Turning Point
The 1981 Delaware Financial Center Development Act marked a pivotal moment for the state’s banking industry, particularly with the elimination of the usury law. This legislative move helped position Delaware as a top destination for financial institutions, reinforcing its status as a competitive and attractive environment for the financial sector.
A Premier Location for Financial Services
Delaware stands out as a leader in the financial services, insurance, and banking industries. The state’s partnership with global financial firms has made it a prime destination for businesses seeking to enter the U.S. market. Delaware’s financial services sector has played a significant role in driving the state’s economic growth, becoming an integral part of its development.
Employment and Economic Impact
Delaware’s financial sector is a major employer, offering thousands of jobs across various fields, including credit card banks, commercial banks, investment firms, insurance companies, and trust services. In 2010, the industry employed over 40,000 people, further solidifying its importance to the state’s economy.
Major Financial Institutions in Delaware
The state is home to 70 banks and trusts, encompassing full-service commercial banks, credit card banks, non-deposit and limited-purpose trusts, and savings banks. Notable financial institutions operating in Delaware include Bank of America, JP Morgan Chase, Discover Bank, and Barclays Bank Delaware. Other key players in Delaware’s banking sector are Wilmington Trust, M&T, PNC, ING Direct, Citigroup, WSFS, Wells Fargo, and HSBC.
If you’re looking to establish your business in Delaware, our services can help guide you through the process. Contact us today for more information or to ask any questions.
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