UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K/A
[X] ANNUAL REPORT PURSUANT TO
SECTION 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the Fiscal Year Ended December 31, 1998
OR
[ ] Transition Report Pursuant to Section 15(d)
of the Securities Exchange Act of 1934
For the Transition Period From to
Commission file number: 1-14659
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)
Thrift Savings Plan
(Full title of plan)
<PAGE>
1. 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 from time to time and which may change from time to time.
These include debt instruments and stocks of new and established
companies. A list of the names and addresses of those funds as of
December 31, 1998 is set forth on Schedule 1 attached hereto and made a
part hereof.
2.
(a) 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 99.1.
(b) The written consent of the accountant with respect to the
financial statements for the Thrift Savings Plan is attached
hereto as Exhibit 99.2.
- 2 -
<PAGE>
SIGNATURES
----------
Pursuant to the requirements of the Securities Exchange Act of 1934,
the following individuals, who administer the Thrift Savings Plan, have signed
this Form 11-K/A as of June 28, 1999.
/s/ David R. Gibson
-----------------------------(SEAL)
David R. Gibson, Chairman
/s/ Robert J. Christian
-----------------------------(SEAL)
Robert J. Christian
/s/ Howard K. Cohen
-----------------------------(SEAL)
Howard K. Cohen
/s/ Thomas P. Collins
-----------------------------(SEAL)
Thomas P. Collins
/s/ Michael A. DiGregorio
-----------------------------(SEAL)
Michael A. DiGregorio
/s/ William J. Farrell, II
-----------------------------(SEAL)
William J. Farrell, II
/s/ Joseph M. Jacobs, Jr.
-----------------------------(SEAL)
Joseph M. Jacobs, Jr.
/s/ Kermit B. Wooden
-----------------------------(SEAL)
Kermit B. Wooden
- 3 -
<PAGE>
SCHEDULE 1
- 4 -
<PAGE>
1. Rodney Square Strategic Fixed-Income Intermediate Bond Portfolio
Rodney Square North
1100 North Market Street
Wilmington, DE 19890-0001
2. Rodney Square Strategic Large Cap Value Equity Portfolio
Rodney Square North
1100 North Market Street
Wilmington, DE 19890-0001
3. Rodney Square Strategic Large Cap Growth Equity Portfolio
Rodney Square North
1100 North Market Street
Wilmington, DE 19890-0001
4. Rodney Square International Equity Portfolio
Rodney Square North
1100 North Market Street
Wilmington, DE 19890-0001
5. Rodney Square Small Cap Equity Portfolio
Rodney Square North
1100 North Market Street
Wilmington, DE 19890-0001
6. Bank Stock Fund
Wilmington Trust Company
Rodney Square North
1100 North Market Street
Wilmington, DE 19890-0001
7. Money Market Fund
Wilmington Trust Company
Rodney Square North
1100 North Market Street
Wilmington, DE 19890-0001
8. Short-Term U.S. Government Fund
Wilmington Trust Company
Rodney Square North
1100 North Market Street
Wilmington, DE 19890-0001
- 5 -
<PAGE>
EXHIBIT INDEX
-------------
EXHIBIT EXHIBIT PAGE NUMBER
------- ------- -----------
99.1 Financial statements 7
99.2 Consent of independent auditor 33
- 6 -
FINANCIAL STATEMENTS
EXHIBIT 99.1
<PAGE>
WILMINGTON TRUST
THRIFT SAVINGS PLAN
YEARS ENDED DECEMBER 31, 1998 AND 1997
<PAGE>
FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULES
WILMINGTON TRUST THRIFT SAVINGS PLAN
Years ended December 31, 1998 and 1997
FINANCIAL STATEMENTS PAGE
- -------------------- ----
Report of Independent Auditors . . . . . . . . . . . . . . . . . . . . . 2
Statements of Net Assets Available for Benefits . . . . . . . . . . . . . 3
Statement of Changes in Net Assets Available for Benefits . . . . . . . . 5
Notes to Financial Statements . . . . . . . . . . . . . . . . . . . . . . 6
SUPPLEMENTAL SCHEDULES
----------------------
Line 27-a--Schedule of Assets Held for Investment Purposes. . . . . . . . 19
Line 27-d--Schedule of Reportable Transactions. . . . . . . . . . . . . . 20
<PAGE>
Report of Independent Auditors
Wilmington Trust Benefits Administration Committee
We have audited the accompanying statements of net assets available for benefits
of the Wilmington Trust Thrift Savings Plan as of December 31, 1998 and 1997,
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 Plan's net assets available for benefits at December
31, 1998 and 1997, and the changes therein for the years then ended, in
conformity with generally accepted accounting principles.
Our audits were performed for the purpose of forming an opinion on the basic
financial statements taken as a whole. The accompanying supplemental schedules
of assets held for investment purposes as of December 31, 1998, and reportable
transactions for the year then ended, are presented for purposes of additional
analysis and are not a required part of the basic financial statements but are
supplementary information required by the Department of Labor's Rules and
Regulations for Reporting and Disclosure under the Employee Retirement Income
Security Act of 1974. These supplemental schedules are the responsibility of the
Plan's management. The supplemental schedules have been subjected to the
auditing procedures applied in our audits 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 & Young LLP
Philadelphia, Pennsylvania
June 16, 1999
- 2 -
<PAGE>
<TABLE>
<CAPTION>
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
WILMINGTON TRUST THRIFT SAVINGS PLAN
December 31
1998 1997
------------------ --------------
<S> <C> <C>
ASSETS
Investments, at fair value -- Note C:
MUTUAL FUNDS:
Rodney Square Strategic Fixed Income Fund
Intermediate Bond Portfolio $ 4,409,404 $ --
Rodney Square Strategic Equity Fund
International Equity Portfolio 6,928,803 --
Rodney Square Strategic Equity Fund
Small Cap Equity Portfolio 13,568,279 --
Rodney Square Strategic Equity Fund
Large Cap Value Equity Portfolio 17,528,095 --
Rodney Square Strategic Equity Fund
Large Cap Growth Equity Portfolio 27,026,318 --
COLLECTIVE FUNDS:
Wilmington Trust Company
Money Market Fund 1,488,908 1,105,234
Wilmington Trust Company
Bond Fund -- 3,606,992
Wilmington Trust Company
Short-Term US Government Fund 6,103,190 5,980,424
Wilmington Trust Company
International Equity Fund -- 6,710,342
Wilmington Trust Company
Small Cap Equity Fund -- 13,082,913
Wilmington Trust Company
Value Equity Fund -- 17,903,972
Wilmington Trust Company
Growth Equity Fund -- 22,594,168
Wilmington Trust Company
Bank Stock Fund 21,435,163 21,575,974
Participant loans receivable 1,799,647 1,601,113
------------ -----------
Total investments 100,287,807 94,161,132
</TABLE>
- 3 -
<PAGE>
<TABLE>
<CAPTION>
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS (Cont.)
WILMINGTON TRUST THRIFT SAVINGS PLAN
December 31
1998 1997
----------------- ----------------
<S> <C> <C>
ASSETS CONT.
Cash 43,248 35,265
Accrued income 3,773,766 5,403
Due from broker 46,043 34,681
----------------- ----------------
TOTAL ASSETS 104,150,864 94,236,481
----------------- ----------------
LIABILITIES
Due to Broker 43,435 34,700
Miscellaneous liabilities -- 2,607
----------------- ----------------
TOTAL LIABILITIES 43,435 37,307
----------------- ----------------
NET ASSETS AVAILABLE FOR
BENEFITS $ 104,107,429 $ 94,199,174
================= ================
</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
1998 1997
--------------- ---------------
<S> <C> <C>
ADDITIONS
Investment income:
Interest $ 118,108 $ 62,473
Dividends 4,355,888 483,588
Participant loan interest 142,095 125,747
--------------- ---------------
4,616,091 671,808
Contributions:
Employer 2,435,267 2,193,149
Employee 6,845,069 6,251,976
--------------- ---------------
9,280,336 8,445,125
Transfers from other plans:
Rollovers from other plans 202,132 667,044
--------------- ---------------
14,098,559 9,783,977
DEDUCTIONS
Participant withdrawals 7,776,195 4,471,661
--------------- ---------------
6,322,364 5,312,316
NET REALIZED AND UNREALIZED APPRECIATION
IN FAIR VALUE OF INVESTMENTS 3,585,891 20,175,378
--------------- ---------------
NET ADDITIONS 9,908,255 25,487,694
NET ASSETS AVAILABLE FOR BENEFITS
AT BEGINNING OF YEAR 94,199,174 68,711,480
--------------- ---------------
NET ASSETS AVAILABLE FOR BENEFITS
AT END OF YEAR $ 104,107,429 $ 94,199,174
=============== ===============
See notes to financial statements.
</TABLE>
- 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.
The fair value of shares owned by the Plan in collective and mutual funds are
stated at the net asset value at the close of business on the last business day
of the Plan year. Loans are carried at the unpaid principal balance, which
approximates their fair value.
Dividend income is recorded at the ex-dividend date. Income from other
investments is recorded as earned.
Amounts described in Form 5500 under the caption net gain (loss) on sale of
investments and unrealized appreciation of assets are combined in the financial
statements as net realized and unrealized appreciation in fair value of
investments.
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 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 1% to 15% (up to $10,000 and $9,500 in 1998 and 1997, respectively)
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. An employee is eligible to
become a participant in the Plan on the next entry date (January 1, April 1,
July 1, and October 1) following the date of employment. Participation in this
Plan is voluntary and participants have the option to invest in any or all of
the following funds: Rodney Square Strategic Fixed Income Fund, Intermediate
Bond Portfolio; Rodney Square Strategic Equity Fund, Large Cap Value Equity
Portfolio, Large Cap Growth Equity Portfolio, International Equity Portfolio,
and Small Cap Equity Portfolio; and Wilmington Trust Company Bank Stock Fund,
Money Market Fund, and Short-Term US Government Fund at December 31, 1998. The
opportunity to change investment options is available quarterly.
- 6 -
<PAGE>
NOTES TO FINANCIAL STATEMENTS
WILMINGTON TRUST THRIFT SAVINGS PLAN
NOTE B - DESCRIPTION OF THE PLAN (CONT.)
Each participant's account is credited with the participant's contribution and
an allocation of the Company's contribution and Plan earnings. 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 100% vested. 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, $87,874 and $48,321 of forfeitures were used to reduce employer
contributions for the years ended December 31, 1998 and 1997, respectively.
Although not required to do so, the Company paid the expenses of the 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. Upon termination, the accounts
of participants vest and become nonforfeitable.
Additional information regarding the Plan and the operation of the Plan is
available from the Human Resources Division of Wilmington Trust Company.
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:
1998 1997
------------------- ------------------
WTC Short-Term US Government Fund $ 6,103,190 $ 5,980,424
WTC Bank Stock Fund 21,435,163 21,575,974
RODNEY SQUARE STRATEGIC EQUITY FUNDS:
International Equity Portfolio 6,928,803 --
Small Cap Equity Portfolio 13,568,279 --
- 7 -
<PAGE>
NOTES TO FINANCIAL STATEMENTS
WILMINGTON TRUST THRIFT SAVINGS PLAN
NOTE C - INVESTMENTS (CONT.)
1998 1997
------------------- ------------------
Large Cap Value Equity Portfolio 17,528,095 --
Large Cap Growth Equity Portfolio 27,026,318 --
WILMINGTON TRUST COMPANY:
International Equity Fund -- 6,710,342
Small Cap Equity Fund -- 13,082,913
Value Equity Fund -- 17,903,972
Growth Equity Fund -- 22,594,168
On June 30, 1998, certain collective trust funds held by the Plan converted to
or were merged into mutual funds based on the fair value of the underlying asets
on the date of conversion or merger and became part of the Rodney Square Funds.
The funds to which the collective funds were converted or merged maintain
similar investment objectives as the collective funds.
Listed below is a schedule of the collective funds and the related mutual fund
into which they were converted:
COLLECTIVE FUNDS: MUTUAL FUNDS:
Wilmington Trust Company Rodney Square Strategic Fixed Income Fund
Bond Fund Intermediate Bond Portfolio
Wilmington Trust Company Rodney Square Strategic Equity Fund
International Equity Fund International Equity Portfolio
Wilmington Trust Company Rodney Square Strategic Equity Fund
Small Cap Equity Fund Small Cap Equity Portfolio
Wilmington Trust Company Rodney Square Strategic Equity Fund
Value Equity Fund Large Cap Value Equity Portfolio
Wilmington Trust Company Rodney Square Strategic Equity Fund
Growth Equity Fund Large Cap Growth Equity Portfolio
- 8 -
<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, 1998
- ------------------------------------------------------------------------------------------------------------------------------------
(2)
(1) (2) Large Cap (2)
Intermediate Large Cap WTC Growth WTC International
Bond Value Equity Bank Stock Equity Money Equity
Portfolio Portfolio Fund Portfolio Market Fund Portfolio
-------------- ------------- ---------- --------- ----------- -------------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
Investments in mutual
or collective funds,
at fair value $ 4,409,404 $ 17,528,095 $ 21,423,130 $ 27,026,318 $ 1,488,908 $ 6,928,803
Participant loans receivable -- -- -- -- -- --
Cash -- -- 42,503 -- -- --
Accrued income 35,891 410,575 3,191,789 6,676 76,733
Due from broker -- -- 46,043 -- -- --
------------ ------------- -------------- ------------- ------------- -----------
TOTAL ASSETS 4,445,295 17,938,670 21,511,676 30,218,107 1,495,584 7,005,536
------------ ------------- -------------- ------------- ------------- -----------
LIABILITIES
Accrued liabilities -- -- 43,435 -- -- --
Miscellaneous liabilities
-Overdraft -- -- -- -- -- --
------------ ------------- -------------- ------------- ------------- -----------
TOTAL LIABILITIES 0 0 43,435 0 0 0
------------ ------------- -------------- ------------- ------------- -----------
NET ASSETS AVAILABLE
FOR BENEFITS $ 4,445,295 $ 17,938,670 $ 21,468,241 $ 30,218,107 $ 1,495,584 $ 7,005,536
============ ============= ============== ============= ============= ===========
</TABLE>
(1) Portfolio within the Rodney Square Strategic Fixed Income Fund
(2) Portfolio within the Rodney Square Strategic Equity Fund
- 9 -
<PAGE>
<TABLE>
<CAPTION>
December 31, 1998
- ---------------------------------------------------------------------------------------------------
(2) WTC
Small Cap Short-Term
Equity US Gov't Contribution/
Portfolio Fund Loan Fund Total
--------- ---------- ------------- -----
<S> <C> <C> <C> <C>
ASSETS
Investments in mutual
or collective funds,
at fair value $ 13,568,279 $ 6,103,190 $ 12,033 $ 98,488,160
Participant loans receivable -- -- 1,799,647 1,799,647
Cash -- -- 745 43,248
Accrued income 52,091 -- 11 3,773,766
Due from broker -- -- -- 46,043
------------ ------------ ------------ -------------
TOTAL ASSETS 13,620,370 6,103,190 1,812,436 104,150,864
------------ ------------ ------------ -------------
LIABILITIES
Accrued liabilities -- -- -- 43,435
Miscellaneous liabilities
-Overdraft -- -- -- 0
------------ ------------ ------------ -------------
TOTAL LIABILITIES 0 0 0 43,435
------------ ------------ ------------ -------------
NET ASSETS AVAILABLE
FOR BENEFITS $ 13,620,370 $ 6,103,190 $ 1,812,436 $ 104,107,429
============ ============ ============ =============
</TABLE>
(1) Portfolio within the Rodney Square Strategic Fixed Income Fund
(2) Portfolio within the Rodney Square Strategic Equity Fund
- 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, 1997
- -----------------------------------------------------------------------------------------------------------------------------
WTC WTC WTC WTC WTC
WTC Value Equity Bank Growth Equity Money Market International
Bond Fund Fund Stock Fund Fund Fund Equity Fund
--------- ------------- ----------- ------------ ----------- -------------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
Investments in collective
funds, at fair value $ 3,606,992 $ 17,903,972 $ 21,562,164 $ 22,594,168 $ 1,105,234 $ 6,710,342
Participant loans receivable -- -- -- -- -- --
Cash -- -- 35,265 -- -- --
Accrued income -- -- -- -- 5,394 --
Due from broker -- -- 34,681 -- -- --
----------- ------------ ------------- ------------ ----------- -----------
TOTAL ASSETS 3,606,992 17,903,972 21,632,110 22,594,168 1,110,628 6,710,342
----------- ------------ ------------- ------------ ----------- -----------
LIABILITIES
Accrued liabilities -- -- 34,700 -- -- --
Miscellaneous liabilities
-Overdraft -- -- -- -- -- --
----------- ------------ ------------- ------------ ----------- -----------
TOTAL LIABILITIES 0 0 34,700 0 0 0
----------- ------------ ------------- ------------ ----------- -----------
NET ASSETS AVAILABLE
FOR BENEFITS $ 3,606,992 $ 17,903,972 $ 21,597,410 $ 22,594,168 $ 1,110,628 $ 6,710,342
=========== ============ ============= ============ =========== ===========
</TABLE>
- 11 -
<PAGE>
<TABLE>
<CAPTION>
December 31, 1997
- ---------------------------------------------------------------------------------------------------------
WTC WTC
Small Cap Short-Term Contribution/Loan
Equity Fund US Gov't Fund Fund Total
----------- -------------- ----------------- -----
<S> <C> <C> <C> <C>
ASSETS
Investments in collective
funds, at fair value $ 13,082,913 $ 5,980,424 $ 13,810 $ 92,560,019
Participant loans receivable -- -- 1,601,113 1,601,113
Cash -- -- -- 35,265
Accrued income -- -- 9 5,403
Due from broker -- -- -- 34,681
------------- ------------ ------------ -------------
TOTAL ASSETS 13,082,913 5,980,424 1,614,932 94,236,481
------------- ------------ ------------ -------------
LIABILITIES
Accrued liabilities -- -- -- 34,700
Miscellaneous liabilities
-Overdraft -- -- 2,607 2,607
------------- ------------ ------------ -------------
TOTAL LIABILITIES 0 0 2,607 37,307
------------- ------------ ------------ -------------
NET ASSETS AVAILABLE
FOR BENEFITS $ 13,082,913 $ 5,980,424 $ 1,612,325 $ 94,199,174
============= ============ ============ =============
</TABLE>
- 12 -
<PAGE>
NOTES TO FINANCIAL STATEMENTS
WILMINGTON TRUST THRIFT SAVINGS PLAN
NOTE E -- ALLOCATION OF CHANGES IN NET ASSETS TO INVESTMENT FUNDS
The changes in net assets of the funds are summarized below:
<TABLE>
<CAPTION>
Year Ended December 31, 1998
- ------------------------------------------------------------------------------------------------------------------------------
(1) (2) (2) (2)
Intermediate Large Cap WTC Large Cap WTC International
Bond Value Equity Bank Stock Growth Equity Money Market Equity
Portfolio Portfolio Fund Portfolio Fund Portfolio
------------ ------------ ---------- ------------- ------------ -------------
<S> <C> <C> <C> <C> <C> <C>
Contributions:
Employer $ -- $ -- $ -- $ -- $ -- $ --
Employee -- -- -- -- -- --
Rollovers -- -- -- -- -- --
------------ ------------- ------------ ------------- ------------- ------------
Total contributions 0 0 0 0 0 0
Investment income:
Interest 35,892 -- -- -- 81,420 --
Dividends 98,019 410,587 526,525 3,191,801 -- 76,737
Participant loan interest -- -- -- -- -- --
------------ ------------- ------------ ------------- ------------ ------------
Total investment income 133,911 410,587 526,525 3,191,801 81,420 76,737
Net realized and unrealized
appreciation (depreciation)
in fair value of investments 205,228 (865,185) (197,123) 3,552,483 -- 765,973
Participant withdrawals -- -- (834,382) -- -- --
Interfund transfers 499,165 489,296 375,811 879,654 303,537 (547,516)
------------ ------------- ------------ ------------- ------------ ------------
NET ADDITIONS (DEDUCTIONS) 838,304 34,698 (129,169) 7,623,938 384,957 295,194
NET ASSETS AVAILABLE
FOR BENEFITS AT
BEGINNING OF YEAR 3,606,992 17,903,972 21,597,410 22,594,168 1,110,628 6,710,342
------------ ------------- ------------ ------------- ------------ ------------
NET ASSETS AVAILABLE
FOR BENEFITS AT
END OF YEAR $ 4,445,296 $ 17,938,670 $ 21,468,241 $ 30,218,106 $ 1,495,585 $ 7,005,536
============ ============= ============ ============= ============ ============
(1), (2) See page 10.
* The 1998 activity relating to the collective fund from which these funds were converted is also included. See Footnote C.
</TABLE>
- 13 -
<PAGE>
<TABLE>
<CAPTION>
Year Ended December 31, 1998
- ----------------------------------------------------------------------------------------------------
(2)
Small Cap WTC
Equity Short-Term US Contribution/
Portfolio Gov't Fund Loan Fund Total
--------- ------------- ------------- -----
<S> <C> <C> <C> <C>
Contributions:
Employer $ -- $ -- $ 2,435,267 $ 2,435,267
Employee -- -- 6,845,069 6,845,069
Rollovers -- -- 202,132 202,132
------------ ------------ ------------ ---------------
Total contributions 0 0 9,482,468 9,482,468
Investment income:
Interest -- -- 796 118,108
Dividends -- 117 4,355,888
52,102
Participant loan interest -- -- 142,095 142,095
------------ ------------ ------------ ---------------
Total investment income 52,102 0 143,008 4,616,091
Net realized and unrealized
appreciation (depreciation)
in fair value of investments (273,746) 398,261 -- 3,585,891
Participant withdrawals -- -- (6,941,813) (7,776,195)
Interfund transfers 759,100 (275,495) (2,483,552) 0
------------ ------------ ------------ ---------------
NET ADDITIONS (DEDUCTIONS) 537,456 122,766 200,111 9,908,255
NET ASSETS AVAILABLE
FOR BENEFITS AT
BEGINNING OF YEAR 13,082,913 5,980,424 1,612,325 94,199,174
------------ ------------ ------------ ---------------
NET ASSETS AVAILABLE
FOR BENEFITS AT
END OF YEAR $ 13,620,369 $ 6,103,190 $ 1,812,436 $ 104,107,429
============ ============ ============ ===============
(1), (2) See page 10.
* The 1998 activity relating to the collective fund from which these funds were converted is also included. See Footnote C.
</TABLE>
- 14 -
<PAGE>
NOTES TO FINANCIAL STATEMENTS
WILMINGTON TRUST THRIFT SAVINGS PLAN
NOTE E - ALLOCATION OF CHANGES IN NET ASSETS TO INVESTMENT FUNDS
The changes in net assets of the funds are summarized below:
<TABLE>
<CAPTION>
Year Ended December 31, 1997
- -----------------------------------------------------------------------------------------------------------------------------
WTC WTC
WTC WTC Growth Money WTC
WTC Value Equity Bank Equity Market International
Bond Fund Fund Stock Fund Fund Fund Equity Fund
---------- ------------ ----------- -------- ---------- --------------
<S> <C> <C> <C> <C> <C> <C>
Contributions:
Employer $ -- $ -- $ -- $ -- $ -- $ --
Employee -- -- -- -- -- --
Rollovers -- -- -- -- -- --
------------ ------------ ------------- ----------- ----------- ------------
Total contributions 0 0 0 0 0 0
Investment income:
Interest -- -- -- -- 60,300 --
Dividends -- -- 483,588 -- -- --
Participant loan interest -- -- -- -- -- --
------------ ------------ ------------- ----------- ----------- ------------
Total investment income 0 0 483,588 0 60,300 0
Net realized and unrealized
appreciation in fair value
of investments 305,355 3,514,216 7,730,870 5,577,324 -- 237,173
Participant withdrawals -- -- (400,479) -- -- --
Interfund transfers 240,348 1,309,230 (131,461) 1,459,696 165,813 656,172
------------ ------------ ------------- ----------- ----------- ------------
NET ADDITIONS (DEDUCTIONS) 545,703 4,823,446 7,682,518 7,037,020 226,113 893,345
NET ASSETS AVAILABLE
FOR BENEFITS AT
BEGINNING OF YEAR 3,061,289 13,080,526 13,914,892 15,557,148 884,515 5,816,997
------------ ------------ ------------- ----------- ----------- ------------
NET ASSETS AVAILABLE
FOR BENEFITS AT
END OF YEAR $ 3,606,992 $ 17,903,972 $ 21,597,410 $22,594,168 $ 1,110,628 $ 6,710,342
============ ============ ============= =========== =========== ============
</TABLE>
- 15 -
<PAGE>
<TABLE>
<CAPTION>
Year Ended December 31, 1997
- -----------------------------------------------------------------------------------------------------
WTC WTC Contribution/
Small Cap Short-Term Loan
Equity Fund US Gov't Fund Fund Total
------------- ------------- ------------- ----------
<S> <C> <C> <C> <C>
Contributions:
Employer $ -- $ -- $ 2,193,149 $ 2,193,149
Employee -- -- 6,251,976 6,251,976
Rollovers -- -- 667,044 667,044
------------- ------------ ------------- ---------------
Total contributions 0 0 9,112,169 9,112,169
Investment income:
Interest -- -- 2,173 62,473
Dividends -- -- -- 483,588
Participant loan interest -- -- 125,747 125,747
------------- ------------ ------------- ---------------
Total investment income 0 0 127,920 671,808
Net realized and unrealized
appreciation in fair value
of investments 2,424,618 385,822 -- 20,175,378
Participant withdrawals -- -- (4,071,182) (4,471,661)
Interfund transfers 1,966,153 (850,497) (4,815,454) 0
------------- ------------ ------------- ---------------
NET ADDITIONS (DEDUCTIONS) 4,390,771 (464,675) 353,453 25,487,694
NET ASSETS AVAILABLE
FOR BENEFITS AT
BEGINNING OF YEAR 8,692,142 6,445,099 1,258,872 68,711,480
------------- ------------ ------------- ---------------
NET ASSETS AVAILABLE
FOR BENEFITS AT
END OF YEAR $ 13,082,913 $ 5,980,424 $ 1,612,325 $ 94,199,174
============= ============ ============= ===============
</TABLE>
- 16 -
<PAGE>
NOTES TO FINANCIAL STATEMENTS
WILMINGTON TRUST THRIFT SAVINGS PLAN
NOTE F - INCOME TAX STATUS
The Plan has received a determination letter from the Internal Revenue Service
dated September 12, 1995, stating that the Plan is qualified under Section
401(a) of the Internal Revenue Code (the Code) and, therefore, the related trust
is exempt from taxation. Once qualified, the Plan is required to operate in
conformity with the Code to maintain its qualification. The Plan Administrator
believes the Plan is being operated in compliance with the applicable
requirements of the Code and, therefore, believes that the Plan is qualified and
the related trust is tax-exempt.
NOTE G - RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500
Included in net assets available for benefits at December 31, 1998 is
$1,121,485, which represents the amount due to participants who have requested,
but not received, withdrawals. 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 from the
statement of net assets available for benefits to Form 5500:
YEAR ENDED
DECEMBER 31, 1998
Benefits paid to participants from the statement of net
assets available for benefits $ 7,776,195
Add: Amounts allocated to withdrawing participants at
December 31, 1998 1,121,485
Less: Amounts allocated to withdrawing participants at
December 31, 1997 (658,692)
--------------
Benefits paid to participants from Form 5500 $ 8,238,988
==============
- 17 -
<PAGE>
NOTES TO FINANCIAL STATEMENTS
WILMINGTON TRUST THRIFT SAVINGS PLAN
NOTE H - YEAR 2000 (UNAUDITED)
The Plan is reliant on Wilmington Trust Company and other third parties for data
processing. Wilmington Trust Company established a Year 2000 Program Management
Office (PMO) to manage its Year 2000 project on an enterprise-wide basis. It
worked with an international consulting firm to assist in implementing an
enterprise-wide PMO and strategies to help assure business area readiness,
vendor readiness, external communications and contingency planning. Wilmington
Trust uses a project approach the FDIC has endorsed to help assure continuity
and efficiency in its Year 2000 efforts. This approach used the following five
steps: awareness, assessments, renovation, testing and implementation.
Wilmington Trust conducts project reviews of its Year 2000 efforts with a
management steering team, and quarterly meetings with its senior management and
Board of Directors. It has completed assessment, renovation and testing of all
of its core critical hardware and software systems.
For third-party software applications, Wilmington Trust has corresponded with
the software providers through several mailings. It is reviewing the systems
renovation, testing, implementation and contingency plans of those vendors. It
monitors the status of those vendors and has developed contingency plans where
the potential for vendors to impact the delivery of services is high. In
addition, Wilmington Trust is monitoring the status of regulatory reviews of
major service providers. Where feasible, it has tested critical vendor-supplied
products.
Wilmington Trust has assessed the potential impact of Year 2000 failures on core
business functions, and has developed contingency plans where that impact
presents a high risk. Business experts and management in each area have
validated these plans to ensure their appropriateness. Wilmington Trust is
incorporating enhancements made through this process into finalized contingency
plans.
The Plan believes it is addressing all key components necessary to resolve the
Year 2000 issue. Nevertheless, it is not possible to determine with complete
certainty that all Year 2000 issues affecting the Plan or its vendors are
identified and corrected, or the duration, severity or financial consequences of
any failure.
- 18 -
<PAGE>
SCHEDULE G (Form 5500)
Financial Schedules 1996
OMB No. 1210-0016
For calendar plan year 1998
Name of plan sponsor as shown on line 1a of Form 5500
Wilmington Trust Company
Name of plan
Wilmington Trust Thrift Savings Plan
Employer Identification Number:
51-0291463
Three-digit plan number:
002
Part I Schedule of Assets Held for Investment Purposes--See Form 5500,
Item 27a.
- --------------------------------------------------------------------------------
(a) (b) (c) (d) (e)
- --------------------------------------------------------------------------------
Description of
investment
including
maturity date,
rate of
Identity of issue, interest,
borrower, lessor, or collateral, par Current
similar party or maturity value Cost value
- --------------------------------------------------------------------------------
* Rodney Square Strategic
Fixed Income Fund
Intermediate Bond Portfolio 434,852 shares $3,690,833 $4,409,404
- --------------------------------------------------------------------------------
* Rodney Square Strategic
Equity Funds: Large
Capital Value Equity 1,884,741 shares $10,866,469 $17,528,095
Portfolio
- --------------------------------------------------------------------------------
* Large Capital Growth
Equity Portfolio 1,145,668 shares $27,304,923 $27,026,318
- --------------------------------------------------------------------------------
* International Equity
Portfolio 705,581 shares $5,437,328 $6,928,803
- --------------------------------------------------------------------------------
* Small Capital Equity
Portfolio 1,449,602 shares $9,857,363 $13,568,279
- --------------------------------------------------------------------------------
* Wilmington Trust Company:
Bank Stock Fund 359,670 shares $10,189,874 $21,435,163
- --------------------------------------------------------------------------------
*
Money Market Fund 1,488,908 shares $1,488,908 $1,488,908
- --------------------------------------------------------------------------------
*
Short-term U.S. Gov't
Fund 469,115 shares $5,118,299 $6,103,190
- --------------------------------------------------------------------------------
Interest rates
* Participant loans ranging from
receivable 5.875% to 9.75% 0 $1,799,647
- --------------------------------------------------------------------------------
* Represents party-in-interest to the plan.
- 19 -
<PAGE>
<TABLE>
<CAPTION>
Part V Schedule of Reportable Transactions--See Form 5500, Line 27d.
------------------------------------------------------------------------------------------------------
(a) (b) (c) (d) (e) (f) (g) (h) (i)
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Description
of asset Current
(include Expense value of
interest rate incurred asset on
Identity and maturity with trans-
of party in case of a Purchase Selling Lease trans- Cost of action Net gain
involved loan) price price rental action asset date or (loss)
------------------------------------------------------------------------------------------------------
CATEGORY I
------------------------------------------------------------------------------------------------------
WTC
Growth
Equity
Fund 26,691,215 26,691,215 26,691,215
------------------------------------------------------------------------------------------------------
Rodney
Square
Growth
Portfolio 26,691,215 26,691,215
------------------------------------------------------------------------------------------------------
CATEGORY III
------------------------------------------------------------------------------------------------------
Wilmington
Trust
Company
------------------------------------------------------------------------------------------------------
Growth
Equity
Collective 18 purch trans 1,840,980 30,173,829
Fund 21 sale trans 28,332,849 13,861,649 14,471,200
------------------------------------------------------------------------------------------------------
Rodney
Square
Strategic
Equity
Fund
------------------------------------------------------------------------------------------------------
Large Cap
Growth
Equity
Portfolio 4 purch trans 26,783,260 26,783,260
------------------------------------------------------------------------------------------------------
</TABLE>
- 20 -
<PAGE>
Yes No
28 Did the plan acquire individual whole life 28
insurance contracts during the plan year?
29 During the plan year
a(1) Was this plan covered by a fidelity bond? If 28a(1)
"Yes," complete lines 29a(2) and 29a(3)
(2) Enter amount of bond
$_______________
(3) Enter the name of the surety company
_______________
b(1) Was there any loss to the plan, whether or 29(b)(1)
not reimbursed, caused by fraud or dishonesty?
(2) If line 29b(1) is "Yes" enter amount of loss $
30a Is the plan covered under the Pension Benefit
Guaranty Corporation termination insurance
program?
__ Yes __ No __ Not Determined
b If line 30a is "Yes" or "Not Determined," enter the employer
identification number and the plan number used to identify it.
Employer identification number Plan number
31 Current value of plan assets and liabilities at the beginning and end of
the plan year. Combine the value of plan assets held in more than one
trust. Allocate the value of the plan's interest in a commingled trust
containing the assets of more than one plan on a line-by-line basis
unless the trust meets one of the specific exceptions described in the
instructions. Do not enter the value of that portion of an insurance
contract that guarantees, during this plan year, to pay a specific
dollar benefit at a future date. ROUND OFF AMOUNTS TO THE NEAREST
DOLLAR; ANY OTHER AMOUNTS ARE SUBJECT TO REJECTION. Plans with no
assets at the beginning and the end of the plan year, enter -0- on line
31f.
- --------------------------------------------------------------------------------
Assets (a) Beginning of (b) End of
Year Year
- --------------------------------------------------------------------------------
a Total noninterest-bearing cash...... (a) 35,265 43,248
- --------------------------------------------------------------------------------
b Receivables: (1)
Employer contributions..................b(1)
- --------------------------------------------------------------------------------
(2) Participant contributions....... (2)
- --------------------------------------------------------------------------------
(3) Income.......................... (3) 5,403 3,773,766
- --------------------------------------------------------------------------------
(4) Other........................... (4) 34,681 46,043
- --------------------------------------------------------------------------------
(5) Less allowance for doubtful
accounts........................ (5)
- --------------------------------------------------------------------------------
(6) Total. Add lines 31b(1) through
31b(4) and subtract line 31b(5). (6) 40,084 3,819,809
- --------------------------------------------------------------------------------
c General Investments: (1)
Interest-bearing cash (including
money market funds)................. c(1)
- --------------------------------------------------------------------------------
(2) Certificates of deposit......... (2)
- --------------------------------------------------------------------------------
(3) U.S. Government securities...... (3)
- --------------------------------------------------------------------------------
(4) Corporate debt instruments:
(A) Preferred................... (4)(A)
- --------------------------------------------------------------------------------
(B) All Other................... (4)(B)
- --------------------------------------------------------------------------------
(5) Corporate stocks: (A) Preferred. (5)(A)
- --------------------------------------------------------------------------------
(B) Common...................... (5)(B)
- --------------------------------------------------------------------------------
(6) Partnership/joint venture (6)
interests.......................
- --------------------------------------------------------------------------------
(7) Real estate: (A) Income-producing (7)(A)
- --------------------------------------------------------------------------------
(B) Nonincome-producing......... (7)(B)
- --------------------------------------------------------------------------------
(8) Loans (other than to
participants) secured by
mortgages: (A) Residential...... (8)(A)
- --------------------------------------------------------------------------------
(B) Commercial.................. (8)(B)
- --------------------------------------------------------------------------------
- 21 -
<PAGE>
- --------------------------------------------------------------------------------
(9) Loans to participants: (A)
Mortgages....................... (9)(A)
- --------------------------------------------------------------------------------
(B) Other....................... (9)(B) 1,601,113 1,811,680
- --------------------------------------------------------------------------------
(10) Other Loans.................... (10)
- --------------------------------------------------------------------------------
(11) Value of interest in
common/collective trusts....... (11) 70,984,045 7,592,098
- --------------------------------------------------------------------------------
(12) Value of interest in pooled
separate accounts.............. (12)
- --------------------------------------------------------------------------------
(13) Value of interest in master
trusts......................... (13)
- --------------------------------------------------------------------------------
(14) Value of interest in 103-12
investment entities............ (14)
- --------------------------------------------------------------------------------
(15) Value of interest in registered
investment companies........... (15) 0 69,460,899
- --------------------------------------------------------------------------------
(16) Value of funds held in
insurance company general
account (unallocated contracts). (16)
- --------------------------------------------------------------------------------
(17) Other _______________.......... (17)
- --------------------------------------------------------------------------------
(18) Total. Add lines 31c(1) through
31c(17)........................ (18) 72,585,158 78,864,677
- --------------------------------------------------------------------------------
d Employer-related investments:
(1) Employer securities............. (d)(1) 21,575,974 21,423,130
- --------------------------------------------------------------------------------
(2) Employer real property.......... (d)(2)
- --------------------------------------------------------------------------------
e Buildings and other property used in
plan operation...................... e
- --------------------------------------------------------------------------------
f Total assets. Add lines 31a, 31b(6),
31c(18), 31d(1), 31d(2), and 31e.... f 94,236,481 104,150,864
- --------------------------------------------------------------------------------
Liabilities
- --------------------------------------------------------------------------------
g Benefit claims payable.............. g 658,692 1,121,485
- --------------------------------------------------------------------------------
h Operating payables.................. h 34,700 43,435
- --------------------------------------------------------------------------------
i Acquisition indebtedness............ i
- --------------------------------------------------------------------------------
j Other liabilities................... j 2,607 0
- --------------------------------------------------------------------------------
k Total Liabilities. Add lines 31g
through 31j......................... k 695,999 1,164,920
- --------------------------------------------------------------------------------
Net Assets
- --------------------------------------------------------------------------------
l Subtracting 31k from line 31f....... l 93,540,482 102,985,944
- --------------------------------------------------------------------------------
- 22 -
<PAGE>
- --------------------------------------------------------------------------------
32 Plan income, expenses, and changes in net assets for the plan year. Include
all income and expenses of the plan, including any trust(s) or separately
maintained funds(s), and any payments/receipts to/from insurance carrier.
ROUND OFF AMOUNTS TO THE NEAREST DOLLAR; ANY OTHER AMOUNTS ARE SUBJECT TO
REJECTION.
- -------------------------------------------------------------------------------
CONTRIBUTIONS (a) Amount (b) Total
- --------------------------------------------------------------------------------
(1) Received or receivable from:
- --------------------------------------------------------------------------------
(A) Employers a(1)(A) 2,435,267
- --------------------------------------------------------------------------------
(B) Participants (B) 6,845,069
- --------------------------------------------------------------------------------
(C) Others (C)
- --------------------------------------------------------------------------------
(2) Noncash contributions (2)
- --------------------------------------------------------------------------------
(3) Total contributions. All lines
32a(1)(A), (B), (C) and lines 32a(2). (3) 9,280,336
- --------------------------------------------------------------------------------
b EARNINGS ON INVESTMENTS:
- --------------------------------------------------------------------------------
(1) Interest
- --------------------------------------------------------------------------------
(A) Interest-bearing cash (including
money market funds) b(1)(A) 118,108
- --------------------------------------------------------------------------------
(B) Certificates of deposit (B)
- --------------------------------------------------------------------------------
(C) U.S. Government securities (C)
- --------------------------------------------------------------------------------
(D) Corporate debt instruments (D)
- --------------------------------------------------------------------------------
(E) Mortgage loans (E)
- --------------------------------------------------------------------------------
(F) Other loans (F) 142,095
- --------------------------------------------------------------------------------
(G) Other interest (G)
- --------------------------------------------------------------------------------
(H) Total interest. Add lines
32b(1)(A) through (G) (H) 260,203
- --------------------------------------------------------------------------------
(2) Dividends: (A) Preferred stock b(2)(A)
- --------------------------------------------------------------------------------
(B) Common stock (B) 526,525
- --------------------------------------------------------------------------------
(C) Total dividends. Add lines
32b(2)(A) and (B) (C) 526,525
- --------------------------------------------------------------------------------
(3) Rents (3)
- --------------------------------------------------------------------------------
(4) Net gain (loss) on sale of assets:
- --------------------------------------------------------------------------------
(A) Aggregate proceeds 4(A) 1,583,197
- --------------------------------------------------------------------------------
(B) Aggregate carrying amount (see
instructions) (B) 1,635,191
- --------------------------------------------------------------------------------
(C) Subtract (B) from (A) and enter
result (C) (51,994)
- --------------------------------------------------------------------------------
(5) Unrealized appreciation (depreciation
of assets) (5) (145,129)
- --------------------------------------------------------------------------------
(6) Net investment gain (loss) from
common/collective trusts (6) 398,261
- --------------------------------------------------------------------------------
(7) Net investment gain (loss) from
pooled separate accounts (7)
- --------------------------------------------------------------------------------
(8) Net investment gain (loss) from
master trusts (8)
- --------------------------------------------------------------------------------
(9) Net investment gain (loss) from
103-12 investment entities (9)
- --------------------------------------------------------------------------------
(10) Net investment gain (loss) from
registered investment companies (10) 7,214,116
- --------------------------------------------------------------------------------
- 23 -
<PAGE>
- --------------------------------------------------------------------------------
c Other income c
- --------------------------------------------------------------------------------
d Total income. Add all amounts in column
(b) and enter total d 17,482,318
- --------------------------------------------------------------------------------
EXPENSES
- --------------------------------------------------------------------------------
e Benefit payment and payments to provide
benefits:
- --------------------------------------------------------------------------------
(1) Directly to participants or
beneficiaries e(1) 8,238,988
- --------------------------------------------------------------------------------
(2) To insurane carriers for the
provision of benefits (2)
- --------------------------------------------------------------------------------
(3) Other (3)
- --------------------------------------------------------------------------------
(4) Total payments. Add lines 32e(a)
through 32e(3) (4) 8,238,988
- --------------------------------------------------------------------------------
f Interest expense f
- --------------------------------------------------------------------------------
g Administrative expenses: (1) Salaries and
allowances g(1)
- --------------------------------------------------------------------------------
(2) Accounting fees (2)
- --------------------------------------------------------------------------------
(3) Actuarial fees (3)
- --------------------------------------------------------------------------------
(4) Contract administrator fees (4)
- --------------------------------------------------------------------------------
(5) Investment advisory and management
fees (5)
- --------------------------------------------------------------------------------
(6) Legal fees (6)
- --------------------------------------------------------------------------------
(7) Valuation/appraisal fees (7)
- --------------------------------------------------------------------------------
(8) Trustees fees/expenses (including
travel, seminars, meetings, etc.) (8)
- --------------------------------------------------------------------------------
(9) Other (9)
- --------------------------------------------------------------------------------
(10) Total administrative expenses. Add
lines 32g(1) through 32g(9) (10) 0
- --------------------------------------------------------------------------------
h Total expenses. Add lines 32e(4), 32f,
and 32g(10) h 8,238,988
- --------------------------------------------------------------------------------
i Net income (loss). Subtract line 32h
from 32d i 9,243,330
- --------------------------------------------------------------------------------
j Transfers to (from) the plan (see
instructions) j 202,132
- --------------------------------------------------------------------------------
k Net assets at beginning of year (line 311,
column (a)) k 93,540,482
- --------------------------------------------------------------------------------
l Net assets at end of year (line 311,
column (b) l 102,985,944
- --------------------------------------------------------------------------------
33 Did any employer sponsoring the plan pay any of the administrative
expenses of the plan that were not reported on line 32g? Yes No
X
- --------------------------------------------------------------------------------
- 24 -
CONSENT OF INDEPENDENT AUDITOR
<PAGE>
CONSENT OF INDEPENDENT AUDITORS
We consent to the incorporation by reference in the Registration Statement (Form
S-8 No. 33-43675) pertaining to the Wilmington Trust Thrift Savings Plan of our
report dated June 16, 1999, 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, 1998.
/s/ Ernst & Young LLP
Philadelphia, Pennsylvania
June 28, 1999
