Deals
Wilmington Trust Reclaimed $2 Million From CEO Because of TARP
This article is for subscribers only.
Wilmington Trust Corp., the recipient of a $330 million taxpayer bailout, took back about $2 million in pay from Chief Executive Officer Donald Foley because the compensation broke U.S. Treasury Department rules.
Delaware’s largest bank withdrew the payments Dec. 22 “in order to be in full compliance” with rules for the Troubled Asset Relief Program, bank spokesman William Benintende said in an e-mailed statement. The revoked pay includes a $1.75 million signing bonus in cash and restricted stock, and additional restricted shares valued at about $248,000 when they were granted, regulatory filings show. The stock has since fallen.