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Previous: FRANKLIN STRATEGIC SERIES, NSAR-B, 1996-06-28 |
Next: SPORT SUPPLY GROUP INC ET AL, 11-K, 1996-06-28 |
<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________________
FORM 11-K/A
[X] ANNUAL REPORT OF EMPLOYEE STOCK PURCHASE,
SAVINGS AND SIMILAR PLANS PURSUANT TO
SECTION 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
__________________________________________
For the Fiscal Year Ended December 31, 1995
Commission file number: 0-25442
WILMINGTON TRUST CORPORATION
(Exact name of registrant as specified in its charter)
Delaware
__________________________________________________________________________
(State or jurisdiction of incorporation or organization)
51-0328154
__________________________________________________________________________
(I.R.S. Employer Identification No.)
Rodney Square North, 1100 North Market Street, Wilmington, DE 19890-0001
__________________________________________________________________________
(Address of Principal Executive Offices)
(302) 651-1000
__________________________________________________________________________
(Registrant's telephone number, including area code)
1991 Long-Term Incentive Stock Option Plan
1988 Long-Term Incentive Stock Option Plan
1983 Employee Stock Option Plan
Thrift Savings Plan
(Full title of plans)
<PAGE>
1. The 1991 Long-Term Incentive Stock Option Plan, the 1988 Long-Term
Incentive Stock Option Plan and the 1983 Employee Stock Option Plan
afford staff members the opportunity to acquire shares of
Wilmington Trust Corporation's stock. The Thrift Savings Plan
affords staff members the opportunity to acquire from time to time
shares of Wilmington Trust Corporation's stock, as well as interests
in funds which purchase a variety of investments that may change
from time to time. These include United States Treasury notes, debt
instruments and stocks of new and established companies. A list of
the names and addresses of those funds as of December 31, 1995 is
set forth on Schedule A attached hereto and made a part hereof.
2. (a) No financial statements are required to be filed for the 1991
Long-Term Incentive Stock Option Plan, the 1988 Long-Term
Incentive Stock Option Plan or the 1983 Stock Option Plan,
since only the underlying shares of common stock issued under
those plans were registered under the Registration Statement
on Form S-8 filed on behalf of those plans with the
Securities and Exchange Commission on October 31, 1991.
(b) The financial statements required to be filed for the Thrift
Savings Plan, which qualifies under the Employee Retirement
Income Security Act of 1974 ("ERISA"), are attached hereto as
Exhibit 1.
(c) The written consent of the accountant with respect to the
financial statements for the Thrift Savings Plan is attached
hereto as Exhibit 2.
- 2 -
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the following individuals, who administer the 1991 Long-Term Incentive
Stock Option Plan, the 1988 Long-Term Incentive Stock Option Plan, the
1983 Stock Option Plan and the Thrift Savings Plan, as indicated below,
have signed this Form 11-K/A as of June 27, 1996.
/s/ Robert J. Christian
------------------------------(SEAL)
Robert J. Christian
Member of Thrift Savings Plan
Committee
/s/ Richard R. Collins
------------------------------(SEAL)
Richard R. Collins
Member of Compensation Committee of
Board of Directors
/s/ Charles S. Crompton, Jr.
------------------------------(SEAL)
Charles S. Crompton, Jr.
Member of Compensation Committee of
Board of Directors
/s/ William J. Farrell, II
------------------------------(SEAL)
William J. Farrell, II
Member of Thrift Savings Plan
Committee
/s/ Robert C. Forney
------------------------------(SEAL)
Robert C. Forney
Member of Compensation Committee of
Board of Directors
/s/ David R. Gibson
------------------------------(SEAL)
David R. Gibson
Member of Thrift Savings Plan
Committee
- 3 -
<PAGE>
/s/ Robert V. A. Harra, Jr.
------------------------------(SEAL)
Robert V. A. Harra, Jr.
Member of Thrift Savings Plan
Committee
/s/ Joseph M. Jacobs, Jr.
------------------------------(SEAL)
Joseph M. Jacobs, Jr.
Member of Thrift Savings Plan
Committee
/s/ John H. Kipp
------------------------------(SEAL)
John H. Kipp
Member of Thrift Savings Plan
Committee
/s/ Hugh E. Miller
------------------------------(SEAL)
Hugh E. Miller
Member of Compensation Committee of
Board of Directors
/s/ Stacey J. Mobley
------------------------------(SEAL)
Stacey J. Mobley
Member of Compensation Committee of
Board of Directors
/s/ P. M. Snyder, Jr.
------------------------------(SEAL)
P. M. Snyder, Jr.
Member of Thrift Savings Plan
Committee
- 4 -
<PAGE>
SCHEDULE A
- 5 -
<PAGE>
1. Strategic Bond Fund
Wilmington Trust Company
1100 North Market Street
Wilmington, DE 19890
2. Value Stock Fund
Wilmington Trust Company
1100 North Market Street
Wilmington, DE 19890
3. Fixed Income Fund
Wilmington Trust Company
1100 North Market Street
Wilmington, DE 19890
4. Growth Stock Fund
Wilmington Trust Company
1100 North Market Street
Wilmington, DE 19890
5. Money Market Fund
Wilmington Trust Company
1100 North Market Street
Wilmington, DE 19890
6. Small Cap Stock Fund
Wilmington Trust Company
1100 North Market Street
Wilmington, DE 19890
7. US Government Fund
Wilmington Trust Company
1100 North Market Street
Wilmington, DE 19890
8. International Stock Fund
Wilmington Trust Company
1100 North Market Street
Wilmington, DE 19890
9. Bank Common Stock Fund
Wilmington Trust Company
1100 North Market Street
Wilmington, DE 19890
- 6 -
<PAGE>
EXHIBIT INDEX
-------------
Exhibit Number Exhibit
-------------- -------
99.1 Financial statements
99.2 Consent of independent auditors
- 7 -
<PAGE>
<PAGE>
FINANCIAL STATEMENTS AND SCHEDULES
WILMINGTON TRUST THRIFT SAVINGS PLAN
December 31, 1995
<TABLE>
<CAPTION>
PAGE
------
<S> <C>
FINANCIAL STATEMENTS
--------------------
Report of Independent Auditors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
Statements of Net Assets Available for Benefits . . . . . . . . . . . . . . . . . . . . . . . 3
Statements of Changes in Net Assets Available for Benefits . . . . . . . . . . . . . . . . . 5
Notes to Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
SCHEDULES
---------
Form 5500 - Schedule G Part I - Assets Held for Investment Purposes - Item 27a . . . . . . . 29
Form 5500 - Schedule G Part V - Reportable Transactions - Item 27d . . . . . . . . . . . . . 30
</TABLE>
- 1 -
<PAGE>
Report of Independent Auditors
Wilmington Trust Thrift Savings Plan
Committee
We have audited the accompanying statements of net assets available for
benefits of the Wilmington Trust Thrift Savings Plan (the Plan) as of
December 31, 1995 and 1994, and the related statements of changes in net
assets available for benefits for the years then ended. These financial
statements are the responsibility of the Plan's management. Our
responsibility is to express an opinion on these financial statements
based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are
free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the net assets available for benefits of the
Plan at December 31, 1995 and 1994, and the changes in net assets
available for benefits for the years then ended, in conformity with
generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules of
assets held for investment purposes as of December 31, 1995, and
reportable transactions for the year then ended are presented for purposes
of complying with the Department of Labor's Rules and Regulations for
Reporting and Disclosure under the Employee Retirement Income Security Act
of 1974, and are not a required part of the basic financial statements.
These supplemental schedules have been subjected to the auditing
procedures applied in the audit of the basic financial statements and, in
our opinion, are fairly stated in all material respects in relation to the
basic financial statements taken as a whole.
/s/ Ernst & Yount LLP
May 31, 1996
- 2 -
<PAGE>
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
WILMINGTON TRUST THRIFT SAVINGS PLAN
<TABLE>
<CAPTION>
December 31
1995 1994
--------- ---------
<S> <C> <C>
ASSETS
Investments, at fair value -- Note C:
Wilmington Trust Company Strategic
Bond Fund $ 2,831,613 $ 1,809,233
Wilmington Trust Company
Value Stock Fund 8,686,024 4,939,347
Wilmington Trust Company Bank
Common Stock Fund 10,773,133 8,144,382
Wilmington Trust Company
Growth Stock Fund 10,225,538 6,142,277
Wilmington Trust Company
Money Market Fund 454,692 --
Wilmington Trust Company
International Stock Fund 4,432,762 3,762,449
Wilmington Trust Company Small
Cap Stock Fund 5,207,748 2,660,924
PW Trust Company GIC Fund -- 3,517,433
Wilmington Trust Company
US Government Fund 5,634,245 --
Wilmington Trust Company Fixed
Income Fund:
Unallocated insurance contracts -- Note F 2,882,503 6,133,654
Participant loans receivable 866,159 839,539
----------- -----------
Total investments 51,994,417 37,949,238
Cash 1,171 --
Accrued income 2,354 262
Due from broker 21,257 35,809
----------- -----------
TOTAL ASSETS 52,019,199 37,985,309
----------- -----------
- 3 -
<PAGE>
December 31
1995 1994
--------- ---------
LIABILITIES
Bank overdraft -- 401
Accrued liabilities 46,613 51,813
----------- -----------
TOTAL LIABILITIES 46,613 52,214
----------- -----------
NET ASSETS AVAILABLE FOR
BENEFITS $51,972,586 $37,933,095
=========== ===========
</TABLE>
See notes to financial statements.
- 4 -
<PAGE>
<TABLE>
<CAPTION>
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
WILMINGTON TRUST THRIFT SAVINGS PLAN
Year Ended December 31
1995 1994
---------- ----------
<S> <C> <C>
ADDITIONS
Investment income:
Interest $ 312,149 $ 399,270
Dividends 411,501 374,097
Participant loan interest 83,940 64,935
----------- -----------
807,590 838,302
Contributions:
Employer 1,707,000 1,538,888
Employee 4,136,192 3,823,920
----------- -----------
5,843,192 5,362,808
Transfers from other plans:
Rollovers from other plans 303,223 --
Freedom Valley Bank - Savings & Capital Accumulation Plan -- 201,163
Freedom Valley Bank - Savings & Capital Accumulation Plan -- 35,189
participant loans ----------- -----------
303,223 263,352
----------- -----------
6,954,005 6,437,462
DEDUCTIONS
Participant withdrawals 2,114,418 2,530,153
----------- -----------
4,839,587 3,907,309
NET REALIZED AND UNREALIZED APPRECIATION
(DEPRECIATION) IN FAIR VALUE OF 9,199,904 (1,851,825)
INVESTMENTS -- NOTE C ----------- -----------
NET ADDITIONS 14,039,491 2,055,484
NET ASSETS AVAILABLE FOR BENEFITS
AT BEGINNING OF YEAR 37,933,095 35,877,611
----------- -----------
NET ASSETS AVAILABLE FOR BENEFITS
AT END OF YEAR $51,972,586 $37,933,095
=========== ===========
</TABLE>
See notes to financial statements.
- 5 -
<PAGE>
NOTES TO FINANCIAL STATEMENTS
WILMINGTON TRUST THRIFT SAVINGS PLAN
NOTE A -- SIGNIFICANT ACCOUNTING POLICIES
The accounting records of the Wilmington Trust Thrift Savings Plan (the
Plan) are maintained on the accrual basis. The preparation of financial
statements in conformity with generally accepted accounting principles
requires management to make estimates and assumptions that affect the
amounts reported in the financial statements and accompanying notes.
Actual results could differ from those estimates.
Investments traded on a national securities exchange are valued at the
last reported sales price on the last business day of the plan year.
Securities traded on the over-the-counter market and listed securities for
which no sale was reported on that date are valued based upon quotations
obtained from investment bankers, brokers or dealers. Money market funds
are stated at cost, which approximates market value. The fair value of
participation units owned by the Plan in common/collective trust funds is
based on the quoted redemption values on the last business day of the plan
year.
Dividend income is recorded at the ex-dividend date. Income from other
investments is recorded as earned.
The Plan owns unallocated guaranteed investment contracts issued by
various insurance carriers. These contracts are valued by the issuers,
Protective Life Insurance Company and Continental Assurance Company (see
Note F). Contract values, which approximate fair values, represent
contributions made under the contracts, plus interest at the contract rate
less funds used to pay benefits.
Amounts described in Form 5500 under the caption net gain (loss) on sale
of investments and unrealized appreciation (depreciation) of assets are
combined in the financial statements as net realized and unrealized
appreciation (depreciation) in fair value of investments.
Amounts allocated to accounts of persons who have elected to withdraw from
the Plan but have not been paid of $434,753 are reported as a liability of
the Plan at December 31, 1995 on Form 5500. This amount is not reported as
a liability on the respective statement of net assets available for
benefits.
The following is a reconciliation of benefits paid to participants per the
financial statements to Form 5500.
- 6 -
<PAGE>
NOTES TO FINANCIAL STATEMENTS
WILMINGTON TRUST THRIFT SAVINGS PLAN
<TABLE>
<CAPTION>
Year ended
December 31, 1995
-----------------
<S> <C>
Benefits paid to participant per the financial statements $2,114,419
Add: Amounts allocated to withdrawing participants at December 31, 1995 434,753
Less: Amounts allocated to withdrawing participants at December 31, 1994 (186,094)
----------
Benefits paid to participants per Form 5500 $2,363,078
==========
</TABLE>
- 7 -
<PAGE>
NOTES TO FINANCIAL STATEMENTS
WILMINGTON TRUST THRIFT SAVINGS PLAN
NOTE B -- DESCRIPTION OF THE PLAN
The Wilmington Trust Thrift Savings Plan is a defined contribution plan
established January 1, 1985, which covers all full time employees of the
Wilmington Trust Corporation and its subsidiaries (the Company). The Plan
is subject to the provisions of the Employee Retirement Income Security
Act of 1974 (ERISA).
Subject to limitations of the Internal Revenue Code (IRC), employees may
contribute up to 10% of their base salaries and profit sharing bonus
earnings with the first 6% pre-tax contribution eligible for matching
contributions from the Company of $.50 for each $1.00 contributed by a
participant. Effective January 1, 1996, employees may contribute up to 15%
of eligible earnings. An employee is eligible to become a participant in
the Plan on the next entry date (January 1, April 1, July 1, October 1)
following the date of employment. Participation in this Plan is voluntary
and participants have the option to participate in any or all of the
following funds: Strategic Bond Fund, Value Stock Fund, Fixed Income Fund,
Growth Stock Fund, Money Market Fund, Small Cap Stock Fund, US Government
Fund, International Stock Fund and Bank Common Stock Fund. The opportunity
to change investment options is available quarterly. Beginning July 1,
1995, the Plan added the US Government Fund and the Money Market Fund, and
terminated the PW Trust Company GIC Fund investment option.
Each participant's account is credited with the participant's contribution
and an allocation of the Company's contribution and Plan earnings.
Allocations are based on participant earnings or account balances, as
defined. The benefit to which a participant is entitled is that which can
be provided from the participant's account. Participants are vested in the
Company's matching contribution at the rate of 20% for each year of
service and become 100% vested after five years of service. Participant
contributions are always vested 100%. A terminating participant will
forfeit the unvested portion of his or her account attributable to
contributions made by the Company. In accordance with the terms of the
Plan, $43,999 and $73,741 of forfeitures were used to reduce employer
contributions for the years ended December 31, 1995 and 1994,
respectively.
Plan administrative costs are paid by the Company, except for expenses
under the insurance contracts with Continental Assurance Company and
Protective Life Insurance Company which are treated as a reduction of
interest rate guaranteed by these contracts.
- 8 -
<PAGE>
NOTES TO FINANCIAL STATEMENTS
WILMINGTON TRUST THRIFT SAVINGS PLAN
The Plan permits participants, under certain circumstances, to borrow up
to one--half of their vested account balances. All loans are subject to
IRS and U.S. Department of Labor guidelines.
The Corporation has the right under the Plan to discontinue its
contributions and to amend or terminate the Plan at any time.
Additional information regarding the Plan and the operation of the Plan is
available from the Personnel Department of Wilmington Trust Company.
- 9 -
<PAGE>
NOTES TO FINANCIAL STATEMENTS
WILMINGTON TRUST THRIFT SAVINGS PLAN
NOTE C -- INVESTMENTS
The Plan's investments are held in a trust, for which Wilmington Trust
Company (WTC), a wholly-owned subsidiary of the plan sponsor, is trustee.
The fair value of individual investments that represent 5% or more of the
Plan's net assets available for benefits as of December 31 are as follows:
<TABLE>
<CAPTION>
1995 1994
---------- ----------
<S> <C> <C>
PW Trust Co. GIC Fund $ -- $ 3,517,433
Continental Assurance Co.
Guaranteed Investment Contract,
6.35%, due 1/2/95 -- 3,012,753
Protective Life Insurance Co.
Guaranteed Investment Contract,
6%, due 1/2/96 2,882,503 3,120,901
WTC US Government Fund 5,634,245 --
WTC Value Stock Fund 8,686,024 4,939,347
WTC Bank Common Stock Fund 10,773,133 8,144,382
WTC Growth Stock Fund 10,225,538 6,142,277
WTC Strategic Bond Fund 2,831,613 1,809,233
WTC Small Cap Stock Fund 5,207,748 2,660,924
WTC International Stock Fund 4,432,762 3,762,449
</TABLE>
- 10 -
<PAGE>
NOTES TO FINANCIAL STATEMENTS
WILMINGTON TRUST THRIFT SAVINGS PLAN
NOTE D -- ALLOCATION OF NET ASSETS TO INVESTMENT FUNDS
The net assets of the funds are summarized below:
<TABLE>
<CAPTION>
December 31, 1995
--------------------------------------------------------------------------------------
Strategic Value Stock Bank Common Fixed Income Growth Stock Money Market
Bond Fund Fund Stock Fund Fund Fund Fund
--------- ----------- ----------- ------------ ------------ ------------
<S>
ASSETS <C> <C> <C> <C> <C> <C>
Investments, at fair value
Wilmington Trust Company
Strategic Bond Fund $ 2,831,613 $ -- $ -- $ -- $ -- $ --
Wilmington Trust Company
Value Stock Fund -- 8,686,024 -- -- -- --
Wilmington Trust Company Bank
Common Stock Fund -- -- 10,773,133 -- -- --
Wilmington Trust Company
Growth Stock Fund -- -- -- -- 10,225,538 --
Wilmington Trust Company
Money Market Fund -- -- -- -- -- 454,692
Wilmington Trust Company
International Stock Fund -- -- -- -- -- --
Wilmington Trust Company
Fixed Income Fund -- -- -- 2,882,503 -- --
Wilmington Trust Company
Small Cap Fund -- -- -- -- -- --
Wilmington Trust Company
US Government Fund -- -- -- -- -- --
Participant loans receivable 35,219 82,189 276,556 319,175 94,218 (732)
Cash -- 62 1,015 -- 62 --
Accrued income -- 5 33 -- 6 2,275
Due from broker -- -- 21,257 -- -- --
----------- ----------- ----------- ----------- ----------- -----------
TOTAL ASSETS 2,866,832 8,768,280 11,071,994 3,201,678 10,319,824 456,235
----------- ----------- ----------- ----------- ----------- -----------
- 11 -
<PAGE>
NOTES TO FINANCIAL STATEMENTS
WILMINGTON TRUST THRIFT SAVINGS PLAN
December 31, 1995
--------------------------------------------------------------------------------------
Strategic Value Stock Bank Common Fixed Income Growth Stock Money Market
Bond Fund Fund Stock Fund Fund Fund Fund
--------- ----------- ----------- ------------ ------------ -----------
LIABILITIES
Accrued liabilities 2,328 4,368 24,917 -- 5,172 --
----------- ----------- ----------- ----------- ----------- -----------
TOTAL LIABILITIES 2,328 4,368 24,917 -- 5,172 --
----------- ----------- ----------- ----------- ----------- -----------
NET ASSETS AVAILABLE
FOR BENEFITS $ 2,864,504 $ 8,763,912 $ 11,047,077 $ 3,201,678 $ 10,314,652 $ 456,235
=========== =========== =========== =========== =========== ===========
</TABLE>
- 12 -
<PAGE>
NOTES TO FINANCIAL STATEMENTS
WILMINGTON TRUST THRIFT SAVINGS PLAN
NOTE D -- ALLOCATION OF NET ASSETS TO INVESTMENT FUNDS (CONT'D)
The net assets of the funds are summarized below:
<TABLE>
<CAPTION>
December 31, 1995
----------------------------------------------------------------------------------
International Small Cap US Gov't FVB Participant
Stock Fund Stock Fund Fund Loans Total
------------- ----------- -------- --------------- ---------
<S>
ASSETS <C> <C> <C> <C> <C>
Investments, at fair value
Wilmington Trust Company
Strategic Bond Fund $ -- $ -- $ -- $ -- $ 2,831,613
Wilmington Trust Company
Value Stock Fund -- -- -- -- 8,686,024
Wilmington Trust Company Bank
Common Stock Fund -- -- -- -- 10,773,133
Wilmington Trust Company
Growth Stock Fund -- -- -- -- 10,225,538
Wilmington Trust Company
Money Market Fund -- -- -- -- 454,692
Wilmington Trust Company
International Stock Fund 4,432,762 -- -- -- 4,432,762
Wilmington Trust Company
Fixed Income Fund -- -- -- -- 2,882,503
Wilmington Trust Company
Small Cap Fund -- 5,207,748 -- -- 5,207,748
Wilmington Trust Company
US Government Fund -- -- 5,634,245 -- 5,634,245
Participant loans receivable 6,113 (535) 18,767 35,189 866,159
Cash -- 32 -- -- 1,171
Accrued income -- 2 33 -- 2,354
Due from broker -- -- -- -- 21,257
----------- ----------- ----------- ----------- -----------
TOTAL ASSETS 4,438,875 5,207,247 5,653,045 35,189 52,019,199
----------- ----------- ----------- ----------- -----------
- 13 -
<PAGE>
NOTES TO FINANCIAL STATEMENTS
WILMINGTON TRUST THRIFT SAVINGS PLAN
December 31, 1995
---------------------------------------------------------------------------------
International Small Cap US Gov't FVB Participant
Stock Fund Stock Fund Fund Loans Total
------------- ----------- -------- --------------- ---------
LIABILITIES
Accrued liabilities 3,223 4,820 1,785 -- 46,613
----------- ----------- ----------- ----------- -----------
TOTAL LIABILITIES 3,223 4,820 1,785 -- 46,613
----------- ----------- ----------- ----------- -----------
NET ASSETS AVAILABLE
FOR BENEFITS $ 4,435,652 $ 5,202,427 $ 5,651,260 $ 35,189 $ 51,972,586
=========== =========== =========== =========== ===========
</TABLE>
- 14 -
<PAGE>
NOTES TO FINANCIAL STATEMENTS
WILMINGTON TRUST THRIFT SAVINGS PLAN
<TABLE>
<CAPTION>
NOTE D -- ALLOCATION OF NET ASSETS TO INVESTMENT FUNDS
The net assets of the funds are summarized below:
December 31, 1994
----------------------------------------------------------------------------
Strategic Bond Value Stock Bank Common Fixed Income Growth Stock
Fund Fund Stock Fund Fund Fund
-------------- ----------- ----------- ------------ ------------
<S> <C> <C> <C> <C> <C>
ASSETS
Investments, at fair value
Wilmington Trust Company
Strategic Bond Fund $ 1,809,233 $ -- $ -- $ -- $ --
Wilmington Trust Company
Value Stock Fund -- 4,939,347 -- -- --
Wilmington Trust Company Bank
Common Stock Fund -- -- 8,144,382 -- --
Wilmington Trust Company
Growth Stock Fund -- -- -- -- 6,142,277
Wilmington Trust Company
Small Cap Stock Fund -- -- -- -- --
Wilmington Trust Company
International Stock Fund -- -- -- -- --
Wilmington Trust Company
Fixed Income Fund -- -- -- 6,133,654 --
PW Trust Company
GIC Fund -- -- -- -- --
Participant loans receivable 33,862 90,954 280,545 312,088 64,299
Accrued income 3 17 50 -- 22
Due from broker -- -- 35,809 -- --
----------- ----------- ----------- ----------- -----------
TOTAL ASSETS 1,843,098 5,030,318 8,460,786 6,445,742 6,206,598
----------- ----------- ----------- ----------- -----------
- 15 -
<PAGE>
NOTES TO FINANCIAL STATEMENTS
WILMINGTON TRUST THRIFT SAVINGS PLAN
December 31, 1994
----------------------------------------------------------------------------
Strategic Bond Value Stock Bank Common Fixed Income Growth Stock
Fund Fund Stock Fund Fund Fund
-------------- ----------- ----------- ------------ ------------
LIABILITIES
Bank Overdraft (3) (5) (2) 417 --
Accrued liabilities -- 2,190 38,751 -- 2,392
----------- ----------- ----------- ----------- -----------
TOTAL LIABILITIES (3) 2,185 38,749 417 2,392
----------- ----------- ----------- ----------- -----------
NET ASSETS AVAILABLE FOR
BENEFITS $ 1,843,101 $ 5,028,133 $ 8,422,037 $ 6,445,325 $ 6,204,206
=========== =========== =========== =========== ===========
</TABLE>
- 16 -
<PAGE>
NOTES TO FINANCIAL STATEMENTS
WILMINGTON TRUST THRIFT SAVINGS PLAN
<TABLE>
<CAPTION>
NOTE D -- ALLOCATION OF NET ASSETS TO INVESTMENT FUNDS
The net assets of the funds are summarized below:
December 31, 1994
-------------------------------------------------------------------------------------
Small Cap International PW Trust Co. FVB Participant
Stock Fund Stock Fund GIC Fund Loans Total
---------- ------------- ------------ --------------- ---------
<S> <C> <C> <C> <C> <C>
ASSETS
Investments, at fair value
Wilmington Trust Company
Strategic Bond Fund $ -- $ -- $ -- $ -- $1,809,233
Wilmington Trust Company
Value Stock Fund -- -- -- -- 4,939,347
Wilmington Trust Company Bank
Common Stock Fund -- -- -- -- 8,144,382
Wilmington Trust Company
Growth Stock Fund -- -- -- -- 6,142,277
Wilmington Trust Company
Small Cap Stock Fund 2,660,924 -- -- -- 2,660,924
Wilmington Trust Company
International Stock Fund -- 3,762,449 -- -- 3,762,449
Wilmington Trust Company
Fixed Income Fund -- -- -- -- 6,133,654
PW Trust Company
GIC Fund -- -- 3,517,433 -- 3,517,433
Participant loans receivable 5,114 (5,130) 22,618 35,189 839,539
Accrued income 68 44 58 -- 262
Due from broker -- -- -- -- 35,809
----------- ----------- ----------- ----------- -----------
TOTAL ASSETS 2,666,106 3,757,363 3,540,109 35,189 37,985,309
----------- ----------- ----------- ----------- -----------
- 17 -
<PAGE>
NOTES TO FINANCIAL STATEMENTS
WILMINGTON TRUST THRIFT SAVINGS PLAN
December 31, 1994
-------------------------------------------------------------------------------------
Small Cap International PW Trust Co. FVB Participant
Stock Fund Stock Fund GIC Fund Loans Total
---------- ------------- ------------ --------------- ---------
LIABILITIES
Bank Overdraft -- -- (6) -- 401
Accrued liabilities 2,964 2,344 3,172 -- 51,813
----------- ----------- ----------- ----------- -----------
TOTAL LIABILITIES 2,964 2,344 3,166 -- 52,214
----------- ----------- ----------- ----------- -----------
NET ASSETS AVAILABLE FOR
BENEFITS $ 2,663,142 $ 3,755,019 $ 3,536,943 $ 35,189 $37,933,095
=========== =========== =========== =========== ===========
</TABLE>
- 18 -
<PAGE>
NOTES TO FINANCIAL STATEMENTS
WILMINGTON TRUST THRIFT SAVINGS PLAN
<TABLE>
<CAPTION>
NOTE E -- ALLOCATION OF CHANGES IN NET ASSETS TO INVESTMENT FUNDS
The changes in net assets of the funds are summarized below:
Year Ended December 31, 1995
--------------------------------------------------------------------------------
Strategic Value Stock Bank Common Fixed Income Growth Stock
Bond Fund Fund Stock Fund Fund Fund
--------- ----------- ----------- ------------ ------------
<S> <C> <C> <C> <C> <C>
ADDITIONS
Investment income:
Interest $ 476 $ 464 $ 68,166 $ 184,226 $ 323
Dividends -- -- 411,501 -- --
Participant loan interest 2,959 13,697 10,542 1,007 17,287
----------- ----------- ----------- ----------- -----------
3,435 14,161 490,209 185,233 17,610
Contributions:
Employer 98,710 270,338 156,975 -- 355,324
Employee 238,477 668,218 362,288 -- 874,390
----------- ----------- ----------- ----------- -----------
337,187 938,556 519,263 -- 1,229,714
Transfers from other plans:
Rollovers 24,370 94,597 23,508 -- 63,669
----------- ----------- ----------- ----------- -----------
364,992 1,047,314 1,032,980 185,233 1,310,993
----------- ----------- ----------- ----------- -----------
- 19 -
<PAGE>
NOTES TO FINANCIAL STATEMENTS
WILMINGTON TRUST THRIFT SAVINGS PLAN
Year Ended December 31, 1995
--------------------------------------------------------------------------------
Strategic Value Stock Bank Common Fixed Income Growth Stock
Bond Fund Fund Stock Fund Fund Fund
--------- ----------- ----------- ------------ ------------
DEDUCTIONS
Participant withdrawals 88,527 234,641 555,152 148,360 308,897
----------- ----------- ----------- ----------- -----------
276,465 812,673 477,828 36,873 1,002,096
Net realized and unrealized
appreciation (depreciation)
in fair value of investments 417,068 1,991,574 2,828,635 -- 2,289,600
Interfund transfers 327,870 931,532 (681,423) (3,280,520) 818,750
----------- ----------- ----------- ----------- -----------
NET ADDITIONS (DEDUCTIONS) 1,021,403 3,735,779 2,625,040 (3,243,647) 4,110,446
NET ASSETS AVAILABLE FOR
BENEFITS AT BEGINNING
OF YEAR 1,843,101 5,028,133 8,422,037 6,445,325 6,204,206
----------- ----------- ----------- ----------- -----------
NET ASSETS AVAILABLE FOR
BENEFITS AT END OF YEAR $2,864,504 $8,763,912 $11,047,077 $3,201,678 $10,314,652
=========== =========== =========== =========== ===========
</TABLE>
- 20 -
<PAGE>
NOTES TO FINANCIAL STATEMENTS
WILMINGTON TRUST THRIFT SAVINGS PLAN
<TABLE>
<CAPTION>
NOTE E -- ALLOCATION OF CHANGES IN NET ASSETS TO INVESTMENT FUNDS (CONT'D)
The changes in net assets of the funds are summarized below:
Year Ended December 31, 1995
--------------------------------------------------------------------------------------
FVB
Money Market International Small Cap US Gov't Participant
Fund Stock Fund Stock Fund Fund Loans Total
------------ ------------- ---------- ---------- ----------- ----------
<S> <C> <C> <C> <C> <C> <C>
ADDITIONS
Investment income:
Interest $ 51,015 $ 721 $ 794 $5,964 $ -- $ 312,149
Dividends -- -- -- -- -- 411,501
Participant loan interest (732) 14,648 15,578 8,954 -- 83,940
----------- ----------- ----------- ----------- ----------- -----------
50,283 15,369 16,372 14,918 -- 807,590
Contributions:
Employer 7,914 290,298 302,885 224,556 -- 1,707,000
Employee 19,914 694,188 750,310 528,407 -- 4,136,192
----------- ----------- ----------- ----------- ----------- -----------
27,828 984,486 1,053,195 752,963 -- 5,843,192
Transfers from other plans:
Rollovers 102 32,597 60,328 4,052 -- 303,223
----------- ----------- ----------- ----------- ----------- -----------
78,213 1,032,452 1,129,895 771,933 -- 6,954,005
----------- ----------- ----------- ----------- ----------- -----------
- 21 -
<PAGE>
NOTES TO FINANCIAL STATEMENTS
WILMINGTON TRUST THRIFT SAVINGS PLAN
Year Ended December 31, 1995
--------------------------------------------------------------------------------------
FVB
Money Market International Small Cap US Gov't Participant
Fund Stock Fund Stock Fund Fund Loans Total
------------ ------------- ---------- ---------- ----------- ----------
DEDUCTIONS
Participant withdrawals 57,765 181,211 137,044 402,821 -- 2,114,418
----------- ----------- ----------- ----------- ----------- -----------
20,448 851,241 992,851 369,112 -- 4,839,587
Net realized and unrealized
appreciation (depreciation)
in fair value of investments -- 368,197 900,563 404,267 -- 9,199,904
Interfund transfers 435,787 (538,805) 645,871 1,340,938 -- --
----------- ----------- ----------- ----------- ----------- -----------
NET ADDITIONS (DEDUCTIONS) 456,235 680,633 2,539,285 2,114,317 -- 14,039,491
NET ASSETS AVAILABLE
FOR BENEFITS AT
BEGINNING OF YEAR -- 3,755,019 2,663,142 3,536,943 35,189 37,933,095
----------- ----------- ----------- ----------- ----------- -----------
NET ASSETS AVAILABLE
FOR BENEFITS AT END
OF YEAR $ 456,235 $4,435,652 $5,202,427 $5,651,260 $ 35,189 $51,972,586
=========== =========== =========== =========== =========== ===========
</TABLE>
- 22 -
<PAGE>
NOTES TO FINANCIAL STATEMENTS
WILMINGTON TRUST THRIFT SAVINGS PLAN
<TABLE>
<CAPTION>
NOTE E -- ALLOCATION OF CHANGES IN NET ASSETS TO INVESTMENT FUNDS (CONT'D)
The changes in net assets of the funds are summarized below:
Year Ended December 31, 1994
---------------------------------------------------------------------------------
Strategic Value Stock Bank Common Fixed Income Growth Stock
Bond Fund Fund Stock Fund Fund Fund
--------- ----------- ----------- ------------ ------------
<S> <C> <C> <C> <C> <C>
ADDITIONS
Investment income:
Interest $ 168 $ 395 $ 1,058 $ 378,793 $ 789
Dividends -- -- 374,097 -- --
Participant loan interest 2,507 12,979 12,983 187 12,768
----------- ----------- ----------- ----------- -----------
2,675 13,374 388,138 378,980 13,557
Contributions:
Employer 94,736 220,757 166,114 -- 344,390
Employee 237,632 537,927 420,967 -- 846,178
----------- ----------- ----------- ----------- -----------
332,368 758,684 587,081 -- 1,190,568
Transfers from other plans:
FVB Savings & Cap Accum Plan -- 28,277 15,935 -- 32,558
FVB Sav & Cap Accum Plan part loans -- -- -- -- --
----------- ----------- ----------- ----------- -----------
335,043 800,335 991,154 378,980 1,236,683
----------- ----------- ----------- ----------- -----------
- 23 -
<PAGE>
NOTES TO FINANCIAL STATEMENTS
WILMINGTON TRUST THRIFT SAVINGS PLAN
Year Ended December 31, 1994
---------------------------------------------------------------------------------
Strategic Value Stock Bank Common Fixed Income Growth Stock
Bond Fund Fund Stock Fund Fund Fund
--------- ----------- ----------- ------------ ------------
DEDUCTIONS
Participant withdrawals 73,640 234,819 769,305 581,402 311,020
----------- ----------- ----------- ----------- -----------
261,403 565,516 221,849 (202,422) 925,663
Net realized and unrealized
(depreciation) appreciation
in fair value of investments (67,700) (45,333) (1,282,098) -- (581,789)
Interfund transfers 15,145 27,646 (1,201,993) (5,353,608) 308,925
----------- ----------- ----------- ----------- -----------
NET ADDITIONS (DEDUCTIONS) 208,848 547,829 (2,262,242) (5,556,030) 652,799
NET ASSETS AVAILABLE FOR
BENEFITS AT BEGINNING
OF YEAR 1,634,253 4,480,304 10,684,279 12,001,355 5,551,407
----------- ----------- ----------- ----------- -----------
NET ASSETS AVAILABLE FOR
BENEFITS AT END OF YEAR $1,843,101 $5,028,133 $8,422,037 $6,445,325 $6,204,206
=========== =========== =========== =========== ===========
</TABLE>
- 24 -
<PAGE>
NOTES TO FINANCIAL STATEMENTS
WILMINGTON TRUST THRIFT SAVINGS PLAN
<TABLE>
<CAPTION>
NOTE E -- ALLOCATION OF CHANGES IN NET ASSETS TO INVESTMENT FUNDS (CONT'D)
The changes in net assets of the funds are summarized below:
Year Ended December 31, 1994
---------------------------------------------------------------------------------
FVB
Small Cap International PW Trust Co. Participant
Stock Fund Stock Fund GIC Fund Loans Total
---------- ------------- ------------ ------------- ------------
<S> <C> <C> <C> <C> <C>
ADDITIONS
Investment income:
Interest $ 1,469 $ 1,139 $ 15,459 $ -- $ 399,270
Dividends -- -- -- -- 374,097
Participant loan interest 6,770 9,687 7,054 -- 64,935
----------- ----------- ----------- ----------- -----------
8,239 10,826 22,513 -- 838,302
Contributions:
Employer 216,106 291,076 205,709 -- 1,538,888
Employee 539,893 732,666 508,657 -- 3,823,920
----------- ----------- ----------- ----------- -----------
755,999 1,023,742 714,366 -- 5,362,808
Transfers from other plans:
FVB Savings & Cap Accum Plan 61,386 63,007 -- -- 201,163
FVB Sav & Cap Accum Plan part loans -- -- -- 35,189 35,189
----------- ----------- ----------- ----------- -----------
825,624 1,097,575 736,879 35,189 6,437,462
----------- ----------- ----------- ----------- -----------
- 25 -
<PAGE>
NOTES TO FINANCIAL STATEMENTS
WILMINGTON TRUST THRIFT SAVINGS PLAN
Year Ended December 31, 1994
---------------------------------------------------------------------------------
FVB
Small Cap International PW Trust Co. Participant
Stock Fund Stock Fund GIC Fund Loans Total
---------- ------------- ------------ ------------- ------------
DEDUCTIONS
Participant withdrawals 87,351 160,388 312,228 -- 2,530,153
----------- ----------- ----------- ----------- -----------
738,273 937,187 424,651 35,189 3,907,309
Net realized and unrealized
(depreciation) appreciation
in fair value of investments 30,317 (83,349) 178,127 -- (1,851,825)
Interfund transfers 1,798,257 1,471,463 2,934,165 -- (0)
----------- ----------- ----------- ----------- -----------
NET ADDITIONS (DEDUCTIONS) 2,566,847 2,325,301 3,536,943 35,189 2,055,484
NET ASSETS AVAILABLE FOR
BENEFITS AT BEGINNING
OF YEAR 96,295 1,429,718 -- -- 35,877,611
----------- ----------- ----------- ----------- -----------
NET ASSETS AVAILABLE FOR
BENEFITS AT END OF YEAR $2,663,142 $3,755,019 $3,536,943 $35,189 $37,933,095
=========== =========== =========== =========== ===========
</TABLE>
- 26 -
<PAGE>
NOTES TO FINANCIAL STATEMENTS
WILMINGTON TRUST THRIFT SAVINGS PLAN
NOTE F -- CONTRACTS WITH INSURANCE COMPANIES
In 1992, Wilmington Trust Company as trustee of the plan ("Trustee")
entered into a guaranteed investment contract with Continental Assurance
Company. The insurance company maintained the Plan's deposit in an
unallocated fund to which it added interest at a rate of 6.35% per annum.
The interest rate was guaranteed for the life of the contract which
matured on January 2, 1995.
In 1992, the Trustee entered into a guaranteed investment contract with
Protective Life Insurance Company. The insurance company maintained the
Plan's deposit in an unallocated fund to which it added interest at a rate
of 6% per annum. The interest rate was guaranteed for the life of the
contract which matured on January 2, 1996.
All funds were general assets of the insurance companies and were invested
at their discretion. At the direction of the Plan's administrator, these
funds could be withdrawn to provide benefits or to direct transfers to
certain other investment options provided under the Plan.
NOTE G -- INCOME TAX STATUS
The Internal Revenue Service has issued a determination letter indicating
that the Plan is exempt from income tax under Section 401(a) of the
Internal Revenue Code (IRC). The Plan is required to operate in conformity
with the IRC to maintain its qualification. The Plan document has been
amended and restated to conform to the requirements of the Tax Reform Act
of 1986, related legislation and various regulations and to incorporate
other administrative changes to facilitate the efficient operation of the
Plan. The Plan, as amended and restated, will be submitted to the IRS in
1996 for a determination as to its tax-qualified status. The Thrift
Savings Plan Committee is not aware of any course of action or series of
events that might adversely affect the Plan's tax qualified status.
- 27 -
<PAGE>
NOTES TO FINANCIAL STATEMENTS
WILMINGTON TRUST THRIFT SAVINGS PLAN
<TABLE>
<CAPTION>
NOTE H -- TRANSACTIONS WITH PARTIES IN INTEREST
The Plans's investments include participation units in collective trust funds managed by Wilmington Trust Company.
The activity in these funds for the year ended December 31 is summarized below:
Fair Value
Income Earned of Funds
Purchases Sales on Funds at Year End
--------- ----- ------------- ------------
<S> <C> <C> <C> <C>
Wilmington Trust Company
Strategic Bond Fund
1995 $ 1,538,637 $ 933,324 $ 476 $ 2,831,613
1994 645,996 385,137 168 1,809,233
WTC Value Stock Fund
1995 2,470,952 715,849 464 8,686,024
1994 1,257,575 516,131 395 4,939,347
WTC Bank Common Stock Fund
1995 1,724,868 1,456,945 412,254 10,773,133
1994 3,497,659 2,667,413 375,155 8,144,382
WTC Growth Stock Fund
1995 2,975,999 1,182,337 323 10,225,538
1994 2,590,822 1,250,486 789 6,142,277
WTC Money Market Fund
1995 516,619 61,926 51,014 454,692
1994 -- -- -- --
WTC International Fund
1995 1,784,857 1,482,741 721 4,432,762
1994 4,756,137 2,271,846 1,139 3,762,449
WTC Small Cap Stock Fund
1995 2,590,228 943,967 794 5,207,748
1994 5,201,382 2,663,671 1,469 2,660,924
WTC US Government Fund
1995 9,602,447 4,215,380 5,964 5,634,245
1994 -- -- -- --
WTC Fixed Income Fund
1995 3,029,466 3,029,466 184,226 2,882,503
1994 -- -- -- 6,133,654
</TABLE>
- 28 -
<PAGE>
SCHEDULE G (Form 5500)
Financial Schedules 1995
OMB No. 1210-0016
For calendar plan year 1995
Name of plan sponsor as shown on line 1a of Form 5500
Wilmington Trust Company
Name of plan
401(k) Thrift Savings Plan
Employer Identification Number:
51-0291463
Three-digit plan number:
0-002
Part I Schedule of Assets Held for Investment Purposes--See Form 5500,
Item 27a.
<TABLE>
<CAPTION>
(a) (b) (c) (d) (e)
Description of investment
including maturity date, rate
Identity of issue, borrower, lessor, of interest, collateral, par
or similar party or maturity value Cost Current value
<S> <C> <C> <C> <C>
Wilmington Trust Company -- Strategic
Bond Fund 178,313 units $2,291,097 $2,831,613
Wilmington Trust Company -- Money
Market Fund 454,692 units 454,692 454,692
Wilmington Trust Company -- Bank
Stock Fund 366,088 units 7,496,552 10,773,133
Wilmington Trust Company --
International Stock Fund 196,401 units 3,999,163 4,432,762
Wilmington Trust Company -- Value
Stock Fund 296,654 units 5,576,167 8,686,024
Wilmington Trust Company -- Growth
Stock Fund 298,992 units 7,412,220 10,225,538
Wilmington Trust Company -- Small Cap
Fund 270,673 units 4,294,197 5,207,748
Wilmington Trust Company -- US
Government Fund 515,484 units 5,442,661 5,634,243
Unallocated Insurance Contracts --
Protective Life Ins. Co. 6% per annum due 1/2/96 2,882,503 2,882,503
Participant Loans Receivable 866,159 866,159
</TABLE>
- 29 -
<PAGE>
Part V Schedule of Reportable Transactions--See Form 5500, Line 27d.
<TABLE>
<CAPTION>
(a) (b) (c) (d) (e) (f) (g) (h) (i)
Description
of asset
(include Current
interest rate Expense value of
Identity of and maturity incurred asset on
party in case of a Purchase Selling Lease with Cost of transaction
involved loan) price price rental transaction asset date Net gain
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Single Transactions in Excess of 5%
Paine Webber Paine Webber
Inc. GIC Fund 3,144,620 3,144,620
Paine Webber
Inc. GIC Fund 7,190,581 6,984,948 7,190,581 205,633
Paine Webber MM Portfolio 3,144,620 3,144,620
Inc.
Paine Webber MM Portfolio 3,144,620 3,144,620 3,144,620 0
Inc.
Wilm Trust ST US Govt
Co. Fund 5,465,630 5,465,630
Wilm Trust WTC EE Ben MM
Co. Fd 3,013,948 3,013,948
Wilm Trust WTC EE Ben MM
Co. Fd 3,013,948 3,013,948 3,013,948 0
Wilm Trust EB ST MM Fund 7,237,481 7,237,481
Co.
Wilm Trust EB ST MM Fund 5,470,058 5,470,058 5,470,058 0
Co.
Aggregate Transactions in Excess of 5%
Wilm Trust Int'l Equity
Co. Fd 1,337,902 939,560 908,240 2,277,462 31,320
Wilm Trust Growth Eq
Co. Coll Fund 2,275,100 413,525 366,891 2,688,625 46,633
Paine Webber PW GIC Fund 3,560,804 7,235,328 7,028,948 10,796,132 206,380
Inc.
Wilm Trust ST US Govt
Co. Fund 5,786,057 349,701 343,396 6,135,758 6,305
- 30 -
<PAGE>
(a) (b) (c) (d) (e) (f) (g) (h) (i)
Description
of asset
(include Current
interest rate Expense value of
Identity of and maturity incurred asset on
party in case of a Purchase Selling Lease with Cost of transaction
involved loan) price price rental transaction asset date Net gain
Wilm Trust Small Cap
Co. Portfolio 1,848,118 118,776 102,245 1,966,894 16,530
Wilm Trust Value Eq Coll
Co. Fund 1,988,157 181,506 155,106 2,169,663 26,400
Wilm Trust WTC New
Co. Common 1,010,063 917,686 761,911 1,927,570 155,775
Wilm Trust WTC EE Ben MM
Co. Fund 7,308,910 7,181,368 7,181,368 14,490,278
Wilm Trust EB ST MM Fund 7,282,649 7,280,059 7,280,059 14,562,708
Co.
Paine Webber PWT-MM
Inc. Portfolio 3,575,428 3,624,717 3,624,717 7,200,145
</TABLE>
- 31 -
<PAGE>
<PAGE>
CONSENT OF ERNST & YOUNG LLP
We consent to the incorporation by reference in the Registration Statement
(Form S-8 No. 333-4042) pertaining to the Wilmington Trust Thrift Savings
Plan and in the related Prospectus of our report dated May 31, 1996, with
respect to the financial statements and schedules of the Wilmington Trust
Thrift Savings Plan included in this Annual Report (Form 11-K/A) for
the year ended December 31, 1995.
/s/ Ernst & Young LLP
June 26, 1996
<PAGE>
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