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”

Wednesday, June 29, 2005

2005 Proposed Amendments are now Corporate Laws

We've talked about the proposed amendments to Delaware's Business Entity Laws in some of our posts last month.

Governor Minner has now signed that proposed legislation into Law.

They are to become effective as of August 1st, 2005.

Highlights include:

• Amendment relating to sales of all or substantially all corporate assets

• Amendment eliminating mandatory delivery fo stock certificates

• Amendments enhancing flexibility of entity conversion

• Amendments clarifying ability to rely on records of and information relationg to alternative business entities

You can view the basic summaries of these amendments at the Division of Corporations website.

Monday, June 27, 2005

Email vs. Phone use

Think about your typical day. What do you use more, email or phone?

According to a recent study performed by more people are choosing email. As reported by, "32 percent of email users studied use email as a primary source to conduct business, communicate with freinds, make purchases and have conversations with family members." Not only are more people using email, 26% state they are often late to work because they check their email first thing in the morning.

With the increasing popularity of email, it is no surprise that businesses are tightening their policies regarding email. According to another study, "Outbound Email Security and Content Compliance in Today's Enterprise, 2005," 50.6% of corporations polled have disciplined an employee and 27.1% have fired an employee for violating their policies.

Despite the possible disciplinary problems corporations may face, email is both a fast and effective tool to communicate with clients. For instance, email is a primary communication tool for all employees here at Delaware Intercorp. We can be reached at

link to Atom Feed




Delaware Intercorp, Inc.
113 Barksdale Professional center
Newark, DE 19711-3258

"For all the best reasons to incorporate,the best place
is Delaware and the best incorporator is
Delaware Intercorp!"

Call Monday - Friday 09:00 (am) - 17:00 (pm) Eastern Time (GMT-05:00)

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