WILMINGTON, Del. — As plans for strip malls and new residential communities stalled in the wake of the 2008 financial crisis, with weeds instead of houses sprouting in former farm fields, developers in Delaware were having a hard time paying off millions of dollars in construction loans owed to Wilmington Trust.
But their cozy relationships with the bank’s loan officials, called “relationship managers,” meant the money kept flowing.
“Send $1,000,000 ASAP I have to pay my bar tab,” Dover developer Michael Zimmerman wrote to loan officer Joseph Terranova in 2008.
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