Wilmington Trust to Buy Precious-Metals Depository Business
Wilmington Trust Co. announced last week it that it had agreed to acquire Bank of Delaware's precious-metals depository business.
The acquisition is to be completed by January. Terms were not disclosed. The agreement would require transfer of Bank of Delaware's wholesale and retail precious-metals storage accounts, which include custody of gold, silver, platinum, and palladium.
The deal, which follows Wilmington Trust's 1990 acquisition of Citibank's nationwide retail precious-metals sales network, establishes the Delaware bank as one of the largest precious-metals depositories in the country, officials said.
Wilmington Trust has provided safekeeping of precious metals since 1975. In 1987, it became the first depository approved by the New York Mercantile Exchange for precious-metals storage outside New York City.