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Main image for Del. Bank Paid Loan Interest to Prop up Past-Due Clients
News

Del. Bank Paid Loan Interest to Prop up Past-Due Clients

Law360

3.29.2018

Wilmington Trust Co. routinely extended new debt to some commercial borrowers so they could keep up monthly interest payments on matured loans as the Delaware-based bank struggled with a mounting and eventually ruinous past-due account burden, a former manager testified Thursday.

Barbara Marley, a former construction loan administrative manager, described the practice at the close of a third week of testimony in the criminal trial of four executives accused of conspiring to hide loans kept alive by interest payments despite passing their original full repayment deadline.

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