A John Hancock is more than just a person
October 25, 2016Fraud detection
November 8, 2016 Think of the great financial centers of the world: New York, London, Frankfurt, Tokyo, Hong Kong, etc. Some of the largest cities in the world. None of them can really call themselves the credit card capitol of the world though. That honor belongs to a much smaller city.
Wilmington, Delaware is not a small town at all, with a population of around 70,000 people. It is the largest city in the state of Delaware and is only a few miles away from the large metropolitan area of Philadelphia. Originally founded in 1638 as the Swedish colony of Christiana, it was later captured by the Dutch and then the English who named it Wilmington. The city lies at the confluence of the Christiana and Brandywine Rivers making it an ideal site for commerce and industry. The town gained a name for itself when a French émigré, Eleuthère Irénée du Pont began manufacturing gunpowder in the area. The DuPont company grew quickly and became a major supplier to the military of the United States. Because of this, the city experienced rapid growth during the Civil War, as the military required a nearly endless supply of gunpowder. Ships, railroad cars, shoes, and many other goods were produced there during the war as well.
The city continued to expand and the wars of the 20th century continued to stimulate Wilmington’s economy. A shipyard was established, steel foundries were built, chemical processing was done, automobiles were built, and clothing made. The interstate system linked Wilmington to the rest of the east coast with Interstate 95. Things were looking good for a time but manufacturing declined. To stimulate growth state leaders moved onto a different path.
The state of Delaware became one of the most business-friendly places in the county. No corporate taxes, business-friendly laws, and a fair and efficient judicial system have made Delaware a haven for many multi-national corporations to call home. Governor Pierre DuPont enacted The Financial Center Development Act of 1981 which removed usury laws and rate cap restrictions. As a result Bank of America, Chase Card Services, and Barclay’s Bank of Delaware all moved their headquarters to Wilmington. International banks also set up their U.S. divisions in Wilmington with HSBC and ING calling Wilmington their American home. Several banks also are also located here; Wilmington Trust, Wachovia, PNC, JP Morgan Chase, Citizens, and others. All you need to do is glance at the skyline to see who calls this city home.
With so many financial institutions calling Wilmington home it is also no wonder that the US Bankruptcy Court for Delaware is the busiest in the nation. The court system in Delaware is known for its speed, efficiency, and competence when coming down to business matters.