The Financial Center Development Act of 1981, among other
things, eliminated the usury laws enacted by most states, thereby removing the
cap on interest rates that banks may legally charge customers. Many major
credit card issuers, including Bank of America (formerly MBNA Corporation),
Chase Card Services (part of JPMorgan Chase & Co., formerly Bank One/First
USA), and Barclays Bank of Delaware (formerly Juniper Bank), are headquartered
in Wilmington. The Dutch banking giant ING Groep N.V. headquartered its U.S.
internet banking unit, ING Direct (now Capital One 360), in Wilmington. The
United Kingdom's HSBC has their American operations headquartered in
Wilmington. Wilmington Trust is headquartered in Wilmington at Rodney Square.
Barclays and Capital One 360 have very large and prominent locations located
along the waterfront of the Christina River. In 1988, the Delaware legislature
enacted a law which required a would-be acquirer to capture 85 percent of a
Delaware chartered corporation's stock in a single transaction or wait three
years before proceeding. This law strengthened Delaware's position as a safe
haven for corporate charters during an especially turbulent time filled with
hostile takeovers.
Wilmington's other notable industries include insurance (American Life
Insurance Company [ALICO], Blue Cross and Blue Shield of Delaware), retail
banking (including the Delaware headquarters of: Wilmington Trust, PNC Bank,
Wachovia Bank, JPMorgan Chase, HSBC, Citizens Bank, Wilmington Savings Fund
Society, and Artisans' Bank), and legal services. A General Motors plant was
closed in 2009. Wilmington is home to one Fortune 500 company, E.I. du Pont de
Nemours and Company. In addition, the city is the corporate domicile of more
than 50% of the publicly traded companies in the United States, and over 60% of
the Fortune 500.
Delaware chartered corporations rely on the state's Court of Chancery to
decide legal disputes,
