Small Business Reading Room

Friday, July 01, 2005

MBNA is bought by Bank of America, a national story with local impact

We didn't want to be the only ones in Delaware not talking about the big news.
That would be of course, the announcement yesterday that Bank of America would acquire MBNA.

For those of you who have never received a credit card offer from them in the mail, MBNA is one of the nation's top card issuers. They are also Delaware's largest private employer with 10,500 employees. They were drawn to Delaware in the 1980's, like so many other banks, by the favorable laws enacted through the Financial Center Development Act.

The sale has some people here wondering about the future; after all, 6,000 job cuts have been mentioned. Also, there are local businesses that fear the will lose out on the business that MBNA brought to the state. Local leaders and politicians have remained positive and look forward to the possibilities that may come with a new era. Here's a brief look at what some of those leaders have to say. You can read the entire press release or article by following the links on their name-

Delaware Govenor Ruth Ann Minner
"I am reassured that the credit card business of the new Bank of America will stay in Delaware...we will focus on convincing Bank of America to grow their business here."

Wilmington Mayor James M. Baker
“Wilmington is a great place to do business and is home to some of the greatest companies in the world.”
“Times change, circumstances change, and yet, I view today’s announcement as a positive step forward, filled with wonderful opportunities for Wilmington, for the State, for MBNA, and for Bank of America.”

US Senator Joseph R. Biden, Jr.
"It is a good sign that Bank of America has already indicated that they will keep the credit card division in Wilmington. I look forward to Bank of America following MBNA’s example of outstanding corporate citizenship"

US Congress Mike Castle (as quoted in the News Journal)
You always worry when a big outside firm comes in … and there are going to be some [job cuts],’’ he said. “But this is a high-quality operation, I think they’re going to deal fairly with us. I’m delighted it was Bank of America.”

US Senator Tom Carper as quoted in the News Journal)
“It’s about as good a fit as we could have hoped for”


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