Created to meet financial needs in a new age of prosperity.

The BeginningNot many American companies can trace their heritage to the French Revolution. Wilmington Trust, through its association with the du Pont family and DuPont Company, however, is one that can.

In 1799, Pierre Samuel du Pont de Nemours, father of the DuPont Company’s founder, was imprisoned during the violent political uprisings sweeping France. Ultimately released, he and his family, including son Eleuthere Irenee (E.I.) du Pont, departed their native land and sailed for America. In 1801, leaders of the young nation, including Thomas Jefferson, who had known the du Ponts during his time as American envoy to France, encouraged E.I. to apply his training and experience at French powder works to establish a gunpowder mill in his adopted country.

After an extensive search, E.I. negotiated the purchase of 65 acres on the Brandywine River, approximately four miles upstream from Wilmington, Delaware. The river’s average flow of 4,500 gallons per second proved ideal for driving the machinery necessary for year-round production of gunpowder. The DuPont Company was born.

During the course of the next hundred years, DuPont explosives were used not only for U.S. military purposes, but they also played a vital role in the development of the country’s canals, railroads, ports, harbors, dams, and mines.

Then came the dawn of the twentieth century. The country hummed with economic excitement and entrepreneurship. America was changing from an agrarian society to an industrial one. New companies and new ventures were the hallmark of the day.

Many of the businesses created at that time are still thriving today. In 1902, Minnesota Mining & Manufacturing was founded to mine material used to

make sandpaper. Today, 3M is known for everything from Scotch® Tape to overhead projectors to Post-it® notes. In that same year, James Cash Penney opened his first retail outlet. Today, there are more than 1,000 JCPenney department stores nationwide. And Willis H. Carrier developed a system to control temperature and humidity, inventing modern air conditioning.

In 1902, three du Pont cousins — T. Coleman, Alfred I., and Pierre S. — met to discuss the opportu-nities presented by the dawning of the industrial era. They concluded there was significant potential for the company that bore their family’s name to combine its already century-old business foundation with modern technologies to emerge as a leader in the new economy. Armed with this vision and keen entrepreneurial skills, they completed negotiations to become owners of the DuPont Company. Driven by the vision of T. Coleman and the business and management skills of Pierre, they began building the foundation of one of the largest chemical companies in the world whose innovations, such as nylon and Teflon®, would change the way we live.

During these years, T. Coleman would also turn his visionary thinking to other projects of grand scale: a roadway to connect rural southern Delaware to the population centers in the north (today’s DuPont Highway/U.S. Route 13) and, as a testament to his beloved, adopted city of New York, the construction of the Waldorf Astoria® Hotel.

While T. Coleman continued to spark the creation of new ideas, Pierre would change the management structure of the company, introduce modern account-ing techniques, and instill the practice of making a return on investment. Alfred, on the other hand, excelled in the manufacturing side of the business and guided its future in research.

As they reorganized the company, they debated the best location for its headquarters. Coleman wanted to move to New York City, but Pierre and Alfred

Fulfilling possibilities and dreams today.

Cover portrait of T. Coleman du Pont courtesy of Hagley Museum and Library.

preferred to remain in Delaware. It was decided that the headquarters building would be constructed in downtown Wilmington.

The next year, 1903, heralded the inception of many American innovations. Aeronautical pioneers Orville and Wilbur Wright took the first successful, powered, piloted flight in history. Edwin Binney and C. Harold Smith produced the first box of Crayola® crayons. William S. Harley and Arthur Davidson made available to the public the first Harley-Davidson® motorcycle. And Henry Ford began production at his newly incorporated Ford Motor Company.

Back in Wilmington, the president of E.I. duPont de Nemours and Company, T. Coleman du Pont, met with several prominent businessmen in the parlor and dining room of a former private residence and founded Wilmington Trust Company to provide quality banking and trust services to individuals, families, and businesses enjoying economic vitality and new-found wealth. The DuPont Company, then more than 100 years old, was thriving, and Mr. du Pont recognized that his growing venture and the expanding Delaware business community needed financial resources and fiduciary management to accelerate their successes. The Delaware Legislature issued a charter authorizing $1 million for the venture, made up of 10,000 shares with a par value of $100. On opening day, July 8, 1903, $500,000 was subscribed, and T. Coleman du Pont was named Wilmington Trust’s first president and chairman.

Over the past century and in the years since, Wilming-

ton Trust has grown to be a national provider of wealth and investment management services, and a source of corporate trust services, on a global basis.

Here is a brief look at how Wilmington Trust has evolved and grown since 1903.

From first beginnings to the Second World War.

A few years after Wilmington Trust’s founding, the United States’ economy suffered its 20th recorded recession. Thanks to the management skills and solid business acumen of the company’s founders, Wilming- ton Trust not only survived, but thrived, expanding into a new corporate headquarters building. By 1912, it was the largest bank in Delaware.

The 1920s were an eventful period in American history. Women gained the right to vote, and with this new independence, shortened their hair and their hemlines. The Jazz Age, “the flapper,” the Charleston, and the constraints of Prohibition were all part of “The Roaring 20s.” Through it all, Wilmington Trust continued to grow and thrive, expanding from five original staff members to 50 by decade’s end.

The company’s assets grew at an accelerated pace as well. Between 1922 and 1929, the rights for an addi-tional 60,000 shares of stock were issued. The timing of this issuance could not have been better. Thanks to this increase in capital, Wilmington Trust was able to withstand the stock market crash of 1929. While other financial institutions floundered or failed, it remained strong throughout the Great Depression. By the end of 1932, more than 5,000 American banks had been forced to close. In contrast, the company’s trust assets exceeded $100 million.

Grace Gary

Steeped in the tradition of our founding family, the Wilmington Trust culture embodies a set of core values that are inspired by the du Pont family motto: “Rectitudine Sto”— Upright I Stand.

WW II. The Depression ends. The economy rebounds.

December 7, 1941. The Japanese bomb Pearl Harbor and the United States is drawn into war. Business as usual ceased to exist. Financial and human resources were largely diverted to defending democracy and preserving freedom. While 25% of our workforce joined the war effort, Wilmington Trust served the cause by offering defense bonds.

As the economy rebounded, Wilmington Trust continued to expand. The strength of its lending business continued, as did the growth of its trust business. By the end of the decade, Wilmington Trust had trust clients in 38 states, Washington, D.C., Hawaii, and ten foreign countries.

After WW II: From Levittown to Woodstock and beyond.

The American dream has always included home ownership. After the war, that dream was finally in reach for veterans, who were able to secure low-interest loans for buying homes. And buy they did. As vets moved beyond cities into newly created suburbs, the housing and construction industries exploded, taking the auto, steel, rubber, and other manufacturing industries along with them.

Wilmington Trust stayed ahead of the curve. Throughout the 1950s, the company acquired seven banking, trust, and lending institutions. It issued additional stock to bring the total number of outstanding shares to 900,000. And as Wilmington Trust marched into the 1960s, it purchased the largest mortgage- servicing company in the state and helped support the continuation of the home-building boom in Delaware.

The bank’s focus on consumer lending was coupled with substantial investment in leading-edge technologies of the time. Wilmington Trust was the first bank, outside of those in major financial centers, to fully automate lending, demand deposit, and personal trust processing, as well as billing, accounts receivable, and payroll services for business clients.

As the 1960s moved into the 1970s, the boom of the post-war economy started to falter. Inflation was persistently high early in the decade, rising to approximately seven percent by the year 1974. The oil embargo further exacerbated constraints on the American economy, with hour-long lines at gas stations and fuel rationing.

Wilmington Trust Today

Today, Wilmington Trust Corporation is a

subsidiary of M&T Bank Corporation. Together,

M&T and Wilmington Trust represent one of the

country’s leading depository and lending franchis-

es, a distinguished wealth advisory firm, and the

company of choice for corporate transactions

and structures.

Historically, M&T and Wilmington Trust

shared many common values that include:

exceptional client service, long-tenured employees,

a commitment to our communities, and a focus on

building long-term relationships with individuals,

families, and businesses. We strongly feel that by

leveraging the strengths of both organizations,

there is an enormous potential for growth in

the years ahead.

While the economy was stagnant, business was anything but. Wilmington Trust introduced its first Master Charge credit card in 1970, and in 1971 became one of the first companies to be listed on the newly established NASDAQ® stock market. By 1973, with assets topping $500 million, the bank was able to expand its corpo-rate financial services offerings to include owner-trustee services for large-equipment lease financings. Its continued growth in personal trust services helped the bank achieve a position as one of the largest personal trust providers in the country by the end of the 1970s.

Closing out the century: Deregulation and diversification.

As the disco era faded, the 1980s took America from the dance floor to the trading floor. Wall Street was king. And deregulation in financial services created opportunities and innovations for banking products and services previously unheard of.

In 1982, Wilmington Trust introduced discount brokerage services through its subsidiary, Wilmington Brokerage Services Company, launched its first money market savings deposit account, and established the Rodney Square Mutual Funds, its proprietary family of mutual funds. Just a year later, the first office outside of Delaware was opened in Stuart, Florida.

Moving into the 1990s, the company’s progress accelerated exponentially. In 1990 and 1992 the acquisitions of Peoples Bank of Harrington and Sussex Trust Company, respectively, added 26 more branch offices within Delaware. Also in 1992, it acquired the deposits and branch location of the Bank of the Brandywine Valley, beginning an expansion into Pennsylvania. Furthering its growth in Pennsylvania, the company acquired Freedom Valley Bank in 1993. The 1990s also saw the company open offices in Maryland, Nevada, New York, and California, establish its first international office, in London, and form strategic alliances with two leading investment firms in New York and California.

The company closed the twentieth century by moving Wilmington Trust Corporation’s stock listing from the NASDAQ to the New York Stock Exchange on January 12, 1999, trading under the symbol, “WL.”

The twenty-first century: Opportunities abound.

Wilmington Trust celebrated the new century by doing what it did best: growing and serving clients. In 2000, the Wilmington Trust corporate family opened an office in the Cayman Islands and a representative office in the Channel Islands. In subsequent years, further U.S. expansion led to new offices in Atlanta and Boston, while in-depth knowledge of legal and tax advantages in key jurisdictions around the globe led the company to expand to European financial centers such as Amsterdam, Dublin, Frankfurt, and Luxembourg.

Throughout its history, Wilmington Trust’s efforts to grow, innovate, adapt, and expand have always been—and will always be—guided by the vision and time-tested values of its founding family, which have decidedly been adopted as its own.

In keeping with these values, in May 2011, Wilmington Trust merged with M&T Bank Corporation, one of the strongest bank holding companies in the eastern United States. M&T is considered to be one of the most successful companies in the U.S. financial services industry. While Wilmington Trust branch offices in Delaware have become branch offices of M&T Bank, the national Wealth Advisory and Institutional Client Services businesses continue under the Wilmington Trust name, and office locations remain the same.

The combined commitment to shareholders, clients, staff, and communities only grows stronger as the company moves forward. Wilmington Trust is confident that the heritage and value systems of both companies will ensure our success in the future.

Wilmington Trust Center, WIlmington, Delaware

A Century of Accomplishments.From a one-room office in the parlor of a private residence to a global financial institution serving our clients around the world, we have relied on empowerment with accountability, honesty and integrity, teamwork, respect, courage, leadership, and excellence as catalysts for continued growth and success.

Establishment: 1903 – 1911

Wilmington Trust opens its doors on July 8, 1903 at 915 Market Street in Wilmington, Delaware. The new bank offers banking and trustee business services. T. Coleman du Pont is elected president and chairman.

He relies heavily on the business acumen of his cousin, Pierre S. du Pont, to establish structure and practice for the new company; influences that earn Pierre the title of “honorary chairman” during this period.

In 1907, the company moves into the newly constructed DuPont Building at 10th and Market Streets in Wilmington, where it was headquartered for 76 years.

Growth: 1912 – 1929

By 1912, mergers make Wilmington Trust the largest bank in the state of Delaware. George S. Capelle, former president of the Bank of Wilmington Brandywine, becomes chairman. James P. Winchester, former president of the First National Bank, becomes president.

In 1921, Mr. Winchester is named chairman and Henry B. Scott, an original board member and a leading Delaware securities broker, becomes president.

On July 8, 1929, a new stock issue doubles the number of total shares and the bank now has $4 million in capital, leaving the bank in excellent financial condition to weather the Great Depression.

Adaptation: 1930 – 1944

Sylvester D. Townsend, the original treasurer from 1903, becomes president in 1933.

The “New Deal” sparks lending opportun- ities for the company in the recovering U.S. economy: the bank lends $600,000 to the Wilson Line for ship construction; $1.35 million to the Coca-Cola Company; $1.4 million to GMAC.

The company’s office at 2nd and Market Streets closes in 1942, due to many staff members leav-ing for service in the armed forces. Elwyn Evans is named bank president and Sylvester Townsend

becomes chairman. In 1944, Wilmington Trust arranges for DuPont Company employees to buy defense bonds through payroll deduction.

Innovation: 1945 – 1960

As World War II ends, the Small Loan Department is created to make credit available for all business and personal needs.

In 1946, the first 26 G.I. mortgages are approved, guaranteed by the Veterans Administration.

George P. Edmonds succeeds Elwyn Evans as president of the bank.

Post-war economic expansion increases demand for banking services and convenience. From 1951 through 1959, Wilmington Trust acquires seven financial institutions throughout Delaware.

In 1958, Joseph W. Chinn Jr., is named bank president and George P. Edmonds is named chairman.

Automation: 1961 – 1989

An IBM computer system is installed in 1961 to automate installment and commercial loans, deposit accounts, and personal trusts. Wilmington Trust is the first financial institution outside the major financial centers to fully move into the realm of electronic banking.

During this era, sequentially, Lewis S. Munson Jr., William W. Geddes, Bernard J. Taylor II, and A. Samuel Gray serve as the bank’s president.

In 1970, Master Charge Card is introduced.

The first 24-hour automated teller machines appear in 1974.

Industrial growth creates need for owner-trustee services for large-equipment lease financings, making the corporate fiduciary business a mainstay of the company by the 1970s.

Technology and deregulation converge to create new opportunities: Ability to pay bills by telephone is introduced in 1977, and in 1982, subsidiary Wilmington Brokerage Services Company and the Rodney Square Mutual Funds are formed.

Self-Service Checking is launched.

In 1983, the first Wilmington Trust office outside of Delaware opens in Stuart, Florida.

Expansion: 1990 – Present

Bernard J. Taylor II remains chairman until 1992, when Leonard W. Quill is named chairman and president. In 1996, Ted T. Cecala is named chairman and Robert V. A. Harra Jr. assumes the duties of president.

Throughout the 1990s, growing wealth manage-ment and trust markets drive new office openings in Florida, Maryland, New York, and California through Wilmington Trust FSB.

In 1992, the company begins serving family- owned and closely held businesses in southeast-ern Pennsylvania, charting a strategic course to expand commercial banking beyond Delaware.

Capabilities broaden in 1998, when affiliations are created with money managers, Cramer Rosenthal McGlynn in New York and Roxbury Capital Management in California.

Wilmington Trust Corporation is listed on the New York Stock Exchange for first time on January 12, 1999 (stock symbol: “WL”).

Domestic and international expansion is undertaken in the Corporate Client Services business, with new offices established in Nevada, Europe, and the Caribbean.

The investment management services platform is strengthened with the acquisition of Balen-tine & Company, an Atlanta-based investment counseling firm, and an affiliation with Camden Partners, a Baltimore-based private equity firm.

On July 8, 2003, Wilmington Trust celebrates a century of accomplishment and service to clients, staff, communities, and shareholders.

Expansion efforts continue in all three business lines, with new offices in the United States and Europe and the introduction of new services to meet the banking and fiduciary needs of clients.

Merger: 2011

On May 16, 2011, Wilmington Trust merges with M&T Bank Corporation, one of the 20 largest U.S. headquartered commercial bank hold-ing companies. Together, M&T and Wilmington Trust represent one of the country’s leading de-pository and lending franchises, a highly regarded wealth advisory firm, and the company of choice for corporate transactions and structures.

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Wilmington Trust is a registered service mark. Wilmington Trust Corporation is a wholly owned subsidiary of M&T Bank Corporation. Wilmington Trust Company, operating in Delaware only, Wilmington Trust, N.A., M&T Bank, and

certain other affiliates, provide various fiduciary and non-fiduciary services, including trustee, custodial, agency, investment management, and other services. International corporate and institutional services are offered through

Wilmington Trust Corporation’s international affiliates. Loans, credit cards, retail and business deposits, and other business and personal banking services and products are offered by M&T Bank, member FDIC.

©2017 Wilmington Trust Corporation and its affiliates. All rights reserved.CS16068 Rev. 7/2017

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