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Wilmington Savings resolves SEC issue regarding registered transfer agent services

Delaware-based WilmingtonSavings Fund Society FSB on Sept. 22 reached a settlement with the SEC,resolving a previously disclosed issue with the bank's registered transfer agentservices.

Wilmington Savings neither admits nor denies the findings inthe regulator's administrative cease-and-desist order, but will pay a civil penaltyof $375,000. That amount was recorded in the bank's financial statements as of June30.

The bank has also stopped serving the client with whom the issuewas connected. That account had been part of WSFSFinancial Corp.'s 2010 acquisition of Christiana Bank & Trust Co. The client, it turned out,had been convicted of security law violations.