Wilmington Trust (WL) Commences $250M Common Offering

Wilmington Trust Corporation (NYSE: WL) announced today that it has commenced an underwritten public offering of $250 million of its common stock. The net proceeds from the offering will qualify as both tangible common equity and regulatory Tier 1 capital and will be used for general corporate purposes, which may include the redemption of preferred stock issued to the U.S. Treasury under the TARP Capital Purchase Program, subject to regulatory approval.

J.P. Morgan Securities Inc. and Keefe, Bruyette & Woods, Inc. are serving as joint book-running managers for the offering.