Filing Compare · WILMINGTON TRUST CORP

UNITEDTable STATES SECURITIESof AND EXCHANGE COMMISSION Contents

AtTable year-end 2009, we had 2,898 full-time-equivalent staff members. We provide a variety of benefit programs for these staff members, which may include pension, incentive compensation, thrift savings, stock purchase, and group life, health, and accident plans. We consider our relationships with these staff members to be good, and we believe our ability to attract and retain high-quality staff members substantiates this. Contents

DepositTable insurance.of WTC and WTFSB are required to pay premiums for FDIC insurance coverage, which insures deposits in the banks up to applicable limits. We are participating in the following temporary FDIC programs: Contents

ConsumerTable protection laws. Our banking activities are subject to a variety of federal and state consumer protection laws, including: Contents

•Table Shouldof be used for informational purposes only. • Should not be relied on for investment purposes. • Is not incorporated by reference into this Form 10-K.Contents

MarketTable interest rates can affect loan profitability and increase repayment risk. The interest rates on almost all of our commercial loans, and on many of our consumer and residential mortgage loans, are adjustable (floating). Floating rate loans generally carry lower initial interest rates than fixed rate loans, which may make them less profitable than fixed rate loans during the initial interest rate period. When the floating rate rises, it may be more difficult for some borrowers to repay their loans, and loan delinquencies may increase. Contents

ChangesTable in accounting rules may affect our reported earnings and operating income adversely. Generally accepted accounting principles (GAAP) and accompanying accounting pronouncements, implementation guidelines, and interpretations for many aspects of our business are highly complex and may involve subjective judgments. Changes in these rules or their interpretations could affect our earnings significantly. Contents

CoreTable deposits (deposits from clients) are our primary source of funding. Our core deposits come primarily from Delaware, where our consumer banking activities are concentrated. Because we make commercial loans throughout the mid-Atlantic region, we rely on other funding sources to augment core deposits. Contents

TheTable financial services industry is subject to extensive regulation, which is undergoing major changes. As a financial services institution, we are subject to financial services laws, regulations, administrative actions, and policies in each jurisdiction in which we operate. In 2009, as many emergency government programs slowed or wound down, regulatory and legislative focus generally moved to a second phase of broader reform and a restructuring of financial institution regulation. Legislators and regulators in the United States currently are considering a wide range of proposals that, if enacted, could result in major changes to the way financial services institutions are regulated. Some of these major changes may take effect later this year and may affect the operating environment for one or more of our businesses in substantial and unpredictable ways. Contents

12Table Wilmingtonof Trust Corporation 2009 Form-10-KContents

Item 2.Table Properties of Contents

Item 4.Table Submission of Matters to a Vote of Security Holders Contents

InformationTable about equity securities we sold during 2008 that were not registered under the Securities Act of 1933 is in Note 16, “Capital,” in this report. Contents

1Table Intradayof trading prices.Contents

SHARETable REPURCHASEof ACTIVITY DURING THE FOURTH QUARTER OF 2009 Contents

WeTable offerof diversified financial services through three businesses: Contents

OnTable January 29, 2009, our Board of Directors reduced the quarterly cash dividend from $0.345 per common share to $0.1725 per common share. On July 22, 2009, the Board reduced the quarterly cash dividend to $0.01 per common share. These reductions stemmed from our desire to act with an abundance of caution during this period of economic uncertainty. Since it is difficult to predict when, or how quickly, an economic recovery might occur, we are being conservative in managing our capital in order to have flexibility in a dynamic environment and to hasten our exit from the CPP. Contents

•Table $25.2of million in dividend payments on common stock and $18.3 million in dividend payments and accretion on preferred stock issued under the CPP.Contents

OurTable investment securities portfolio consists primarily of short-term fixed income instruments, including U.S. Treasury securities, government agency bonds, mortgage-backed securities, corporate bonds, obligations of state and political subdivisions (primarily bonds issued by the state of Delaware and municipalities in Delaware), and other types of debt and equity securities. Our policy is to invest in securities that, at the time of purchase, have investment-grade ratings of A or better from Standard & Poor’s or Moody’s Investors Service. Contents

PartTable IIof — Item 7 (continued) 21Contents

NET (LOSS)/INCOMETable ANDof EARNINGS PER SHARE Contents

TheTable marketof volatility also affected valuations in retirement plan assets we manage or hold in custody, which muted growth in the CCS retirement services business.Contents

EFFECTTable OFof NONACCRUING LOANS ON INTEREST INCOME Contents

NETTable INTERESTof MARGIN Contents

•Table Netof interest income decreased.Contents

•Table Higherof Federal Deposit Insurance Corporation (FDIC) premium expense. Our FDIC insurance premium expense for 2009 was $22.5 million, compared with $4.6 million for 2008 and $1.0 million for 2007. The 2009 increase reflected:Contents

•Table The write-off of approximately $4.0 million of deferred tax assets related to executive compensation as a result of our participation in the CPP and the uncertainty surrounding the deductibility of that compensation.Contents

•Table Help investors and analysts develop more meaningful and accurate analyses of trends in our core business operations.Contents

OurTable Regional Banking business is affected by economic conditions in the mid-Atlantic region. The economy in this region is broadly diversified among the life sciences, financial services, pharmaceutical, government, health care, education, construction, manufacturing, retail, agriculture, military, and tourism industry sectors. Historically, this diversification has provided a degree of economic stability and helped the region withstand the effects of a downturn in any single sector. Contents

LOANTable BALANCES of Contents

•Table Newof loan volumes that were too low to offset maturing loans.Contents

COMMERCIALTable LOANof MATURITIES AND INTEREST RATE SENSITIVITIES Contents

34Table Wilmingtonof Trust Corporation 2009 Form-10-KContents

PartTable IIof — Item 7 (continued) 35Contents

•Table We sell most of the fixed rate residential mortgages we originate into the secondary market, instead of retaining them on our balance sheet. This is one of our interest rate risk management strategies, which we describe in more detail in Item 7A, “Quantitative and Qualitative Disclosures about Market Risk,” in this report.Contents

Interest-bearingTable demand deposits accounted for most of the growth in total core deposits. Regional Banking and WAS clients accounted for most of this growth, which was spurred by client demand for the safety of insured funds amid economic uncertainty and financial market volatility. Contents

•Table Indenture,of successor, collateral, and liquidating trustee and administrative services for corporate debt issuance and debt restructuring, reorganizations, mergers, and bankruptcies. • Owner trustee, indenture trustee, and administrative services for securitizations and other structured finance transactions, and for capital equipment and project financing transactions. • Successor loan agency services. • Services that fulfill legal residency requirements for special purpose entities, such as providing independent directors and corporate governance, regulatory reporting, tax and accounting services, captive insurance company management, office management, and other administrative services.Contents

OVERVIEW Table of Contents

2009Table HIGHLIGHTS of Contents

TheTable decline in asset valuations caused many WAS clients to reexamine their risk tolerance and liquidity needs. Many of these clients reduced their exposure to equities, weighted their portfolios more heavily toward fixed income investments, and increased their cash positions. The Federal Deposit Insurance Corporation’s increase in deposit coverage further enhanced the appeal of cash. Contents

TheTable 2009of decline in revenue from planning and other services reflected the fluctuations in demand that are inherent in this business. Contents

42Table Wilmingtonof Trust Corporation 2009 Form-10-KContents

CLIENTTable ASSETSof AT WILMINGTON TRUST1 Contents

~~WASHINGTON,~~UNITED ~~D.C.~~STATES ~~20549~~SECURITIES AND EXCHANGE COMMISSION

~~FORM~~WASHINGTON, ~~10-K~~D.C. 20549

þFORM ~~ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934~~10-K

~~For~~þ ~~the~~ANNUAL ~~fiscal~~REPORT ~~year~~PURSUANT ~~ended~~TO ~~December 31,~~SECTION ~~2009~~13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

ORFor the fiscal year ended December 31, 2010

~~o TRANSITION REPORT PURSUANT TO SECTION 13~~ OR ~~15(d) OF THE SECURITIES EXCHANGE ACT OF 1934~~

~~For~~o ~~the~~TRANSITION ~~transition~~REPORT ~~period~~PURSUANT ~~from~~TO ~~_________~~SECTION to13 ~~__________~~OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

~~COMMISSION~~For ~~FILE~~the ~~NUMBER:~~transition ~~1-14659~~period from _______ to _______

~~WILMINGTON~~COMMISSION ~~TRUST~~FILE ~~CORPORATION~~ NUMBER: 1-14659

~~(Exact~~WILMINGTON ~~name~~TRUST ~~of registrant as specified in its charter)~~CORPORATION

DELAWARE		51-0328154
(State or other jurisdiction of incorporation or organization)		(Internal Revenue Service Employer Identification Number)
1100 NORTH MARKET STREET, WILMINGTON, DELAWARE		19890
(Address of principal executive offices)		(Zip Code)

(Exact name of registrant as specified in its charter)

(302) 651-1000 (Registrant’s telephone number, including area code)


DELAWARE		51-0328154
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

1100 NORTH MARKET STREET, WILMINGTON, DELAWARE		19890
(Address of principal executive offices)		(Zip Code)

~~SECURITIES~~(302) 651-1000 (Registrant’s ~~REGISTERED~~telephone ~~PURSUANT~~number, TOincluding ~~SECTION~~area ~~12(b~~code) ~~OF THE ACT:~~

Title of Each Class		Name of Each Exchange on Which Registered
COMMON STOCK, $1.00 PAR VALUE		NEW YORK STOCK EXCHANGE

SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:

SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT: NONE.


Title of Each Class		Name of Each Exchange on Which Registered
COMMON STOCK, $1.00 PAR VALUE		NEW YORK STOCK EXCHANGE

~~Indicate~~SECURITIES byREGISTERED ~~check~~PURSUANT ~~mark~~TO ifSECTION ~~the~~12(g) ~~registrant is~~OF aTHE ~~well-known~~ACT: ~~seasoned issuer, as defined in Rule 405 of the Securities Act~~NONE. ~~Yes þ No o~~

Indicate by check mark if the registrant is ~~not~~a ~~required~~well-known toseasoned ~~file~~issuer, ~~reports~~as ~~pursuant to~~defined ~~Section~~in Rule 13405 ~~or 15(d)~~ of the Securities Act. Yes oþ No þo

Indicate by check mark ~~whether~~if the registrant ~~(1) has~~is ~~filed~~not ~~all reports~~ required to befile ~~filed~~reports by pursuant to Section 13 or 15(d) of the ~~Securities Exchange~~ Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such report(s)), and (2) has been subject to such filing requirements for the past 90 days. Yes þo No oþ

Indicate by check mark whether the registrant (1) has ~~submitted~~filed ~~electronically~~all ~~and~~reports ~~posted on its corporate Web site, if any, every Interactive Data File~~ required to be ~~submitted~~filed ~~and posted~~by ~~pursuant~~Sections 13 toor ~~Rule 405~~15(d) of ~~Regulation S-T~~the ~~(§232.405~~Securities ofExchange ~~this~~Act ~~chapter)~~of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to ~~submit~~ file such reports), and ~~post~~(2) has been subject to such ~~files)~~filing requirements for the past 90 days. Yes oþ No o

Indicate by check mark ifwhether ~~disclosure~~the ofregistrant ~~delinquent~~has ~~filers~~submitted ~~pursuant~~electronically toand ~~Item 405~~posted ofon its ~~Regulation S-K~~corporate ~~(§229.405~~Web ofsite, ~~this~~if ~~chapter)~~any, isevery ~~not~~Interactive ~~contained~~Data ~~herein,~~File ~~and~~required ~~will~~to ~~not~~ be ~~contained,~~submitted and posted pursuant to ~~the~~Rule 405 ~~best~~ of ~~registrant’s~~Regulation S-T ~~knowledge,~~during inthe ~~definitive~~preceding ~~proxy~~12 months (or ~~information~~for ~~statements incorporated~~such byshorter ~~reference in Part III~~period ofthat ~~this~~the ~~Form~~registrant ~~10-K~~was orrequired ~~any amendment~~ to ~~this~~submit ~~Form~~and ~~10-K~~post such files). Yes þ No o

Indicate by check mark ~~whether~~if ~~the~~disclosure ~~registrant~~of isdelinquent afilers ~~large~~ pursuant ~~accelerated~~to ~~filer,~~Item 405 anof ~~accelerated~~Regulation S-K (§229.405 ~~filer,~~of athis ~~non-accelerated~~chapter) ~~filer~~is not contained herein, orand awill ~~smaller~~not ~~reporting~~be ~~company.~~contained, ~~See~~to the ~~definitions~~ best of registrant’s ~~“large~~knowledge, ~~accelerated~~in ~~filer,”~~definitive ~~“accelerated~~proxy ~~filer”~~or ~~and~~information ~~“smaller~~statements ~~reporting~~ incorporated ~~company”~~by inreference ~~Rule~~in Part ~~12b-2~~III of ~~the~~ this ~~Exchange~~Form ~~Act.~~10-K ~~(Check~~or ~~one):~~any amendment to this Form 10-K. þ

~~Large~~Indicate by check mark whether the registrant is a large accelerated filer, þan ~~Accelerated~~accelerated filer, ~~o Non~~a non-accelerated filer, oor ~~Smaller~~a smaller reporting company. oSee ~~(Do~~the ~~not~~definitions ~~check~~of if“large aaccelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

~~Indicate~~Large byaccelerated ~~check~~filer ~~mark~~þ ~~whether~~Accelerated ~~the registrant~~filer iso aNon-accelerated ~~shell~~filer ~~company~~o ~~(as~~Smaller ~~defined in~~reporting ~~Rule 12b-2~~company ofo ~~the~~(Do ~~Act).~~not ~~Yes~~check oif Noa þ smaller reporting company)

~~Aggregate~~Indicate ~~market value of the voting and non-voting common equity held~~ by ~~non-affiliates* computed~~check bymark ~~reference~~whether to the ~~price~~registrant atis ~~which~~a ~~the~~shell ~~common~~company ~~equity was last sold, or the average bid and asked price of such common equity,~~ (as ofdefined ~~June~~in Rule ~~30,~~12b-2 ~~2009, the last business day~~ of the ~~registrant’s~~ ~~most~~Act). ~~recently~~Yes ~~completed~~o ~~second~~No ~~fiscal quarter: $926,391,263~~þ

~~Number~~Aggregate market value of ~~shares~~the ~~outstanding~~voting ofand ~~each~~non-voting ofcommon equity held by non-affiliates* computed by reference to the ~~registrant’s~~price ~~classes~~at ofwhich the common ~~stock~~equity atwas last sold, or the average bid and asked ~~February~~price of such common equity, as of June 2230, 2010, the last business day of the registrant’s most recently completed second fiscal quarter: 69$1,~~453~~004,~~217~~231,788

~~DOCUMENTS~~Number ~~INCORPORATED~~of BYshares ~~REFERENCE~~outstanding of each of the registrant’s classes of common stock at February 25, 2011: 91,425,794

~~Portions~~*For purposes of ~~the~~this ~~Proxy~~calculation, ~~Statement~~Wilmington ~~for our Annual Shareholders~~Trust’s ~~Meeting~~subsidiaries ~~(Proxy~~and ~~Statement)~~its todirectors ~~be held~~and onexecutive ~~April 21,~~officers ~~2010,~~ are ~~incorporated~~deemed byto ~~reference~~be ~~in Part III~~affiliates.

*For purposes of this calculation, Wilmington Trust’s ~~subsidiaries~~Corporation ~~and~~2010 ~~its~~Form ~~directors~~10-K ~~and executive officers are deemed to be affiliates.~~ 2

2Table ~~Wilmington~~of ~~Trust Corporation 2009 Form-10-K~~contents


	Page
Part 1
Item 1. Business		3
Item 1A. Risk Factors		9
Item 1B. Unresolved Staff Comments		18
Item 2. Properties		18
Item 3. Legal Proceedings		19
Item 4. Submission of Matters to a Vote of Security Holders		21

Part II
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities		22
Item 6. Selected Financial Data		25
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations		26
Item 7A. Quantitative and Qualitative Disclosures About Market Risk		86
Item 8. Financial Statements and Supplementary Data		91
Item 9. Changes In and Disagreements With Accountants on Accounting and Financial Disclosure		184
Item 9A. Controls and Procedures		184
Item 9B. Other Information		187

Part III
Item 10. Directors, Executive Officers, and Corporate Governance		187
Item 11. Executive Compensation		192
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters		211
Item 13. Certain Relationships and Related Party Transactions, and Director Independence		213
Item 14. Principal Accountant Fees and Services		214

Part IV
Item 15. Exhibits and Financial Statement Schedules		215
EX-21
EX-23
EX-31
EX-32
EX-99.1
EX-99.2
EX-99.3
EX-99.4
EX-101 INSTANCE DOCUMENT
EX-101 SCHEMA DOCUMENT
EX-101 CALCULATION LINKBASE DOCUMENT
EX-101 LABELS LINKBASE DOCUMENT
EX-101 PRESENTATION LINKBASE DOCUMENT
EX-101 DEFINITION LINKBASE DOCUMENT

	PAGE
Part I
Item 1. Business		4
Item 1A. Risk Factors		8
Item 1B. Unresolved Staff Comments		12
Item 2. Properties		12
Item 3. Legal Proceedings		13
Item 4. Submission of Matters to a Vote of Security Holders		13
Part II
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities		14
Item 6. Selected Financial Data		17
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations		18
Item 7A. Quantitative and Qualitative Disclosures About Market Risk		61
Item 8. Financial Statements and Supplementary Data		64
Item 9. Changes In and Disagreements With Accountants on Accounting and Financial Disclosure		133
Item 9A. Controls and Procedures		133
Item 9B. Other Information		136
Part III
Item 10. Directors, Executive Officers, and Corporate Governance	In Proxy Statement and 137
Item 11. Executive Compensation	In Proxy Statement and 137
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	Item 5 and In Proxy Statement and 137
Item 13. Certain Relationships and Related Party Transactions, and Director Independence	In Proxy Statement and 137
Item 14. Principal Accountant Fees and Services	In Proxy Statement and 137
Part IV
Item 15. Exhibits and Financial Statement Schedules	Item 8 and 138



Wilmington Trust Corporation 2010 Form 10-K		3

4PART ~~Wilmington Trust Corporation 2009 Form-10-K~~I

~~Part~~Item 1. IBusiness

~~Item 1.~~PROPOSED ~~Business~~MERGER WITH M&T BANK

~~DESCRIPTION~~On OFNovember 1, ~~BUSINESS~~2010, we announced that we signed a definitive merger agreement with M&T Bank Corporation and MTB One, Inc (M&T). In the merger, holders of Wilmington Trust (WL) common stock will receive 0.051372 shares of M&T common stock for each share of WL common stock they hold. The outstanding Series A Preferred Stock we issued to the U.S. Department of the Treasury under the Capital Purchase Program (CPP) will be exchanged for one-one hundredth (1/100) of a share of M&T preferred stock with substantially the same rights, powers, and preferences, and the warrant issued to the U.S. Department of the Treasury in connection with the issuance of the Series A Preferred Stock will be converted automatically into a warrant to purchase M&T common stock, subject to appropriate adjustments. The merger agreement contains certain customary covenants restricting the conduct of our business, other than in the ordinary course consistent with past practice, until the closing of the merger. The closing of the merger is subject to certain conditions, including approval by our stockholders and regulators. Subject to the satisfaction of these conditions, the merger is expected to close in the 2011 second quarter, and we will become a wholly-owned subsidiary of M&T. The merger agreement also contains certain termination provisions and, under specified circumstances, we would be required to pay M&T a termination fee of $30 million. This description is only a summary and is qualified in its entirety by the text of the merger agreement, which is incorporated herein by reference. A copy of the merger agreement was filed with the SEC as an exhibit to a Form 8-K on November 1, 2010.

~~Wilmington~~DESCRIPTION ~~Trust~~OF ~~Corporation is a Delaware corporation and financial holding company under the~~BUSINESS ~~Bank Holding Company Act. In this report, the terms “we,” “us,” “our,” “the company,” or “Wilmington Trust” include subsidiaries, unless the context indicates otherwise.~~

WeWilmington ~~provide~~Trust aCorporation ~~full~~is ~~range~~a ofDelaware ~~banking~~corporation and ~~other~~ financial ~~services~~holding ~~through~~company under the Bank Holding Company Act. In this report, the terms “we,” “us,” “our,” ~~banking~~“the ~~and~~company,” ~~other~~or “Wilmington Trust” include subsidiaries, unless the context indicates otherwise.

We ~~have~~provide ~~three~~a ~~core~~full ~~businesses:~~range ~~Regional~~of ~~Banking,~~banking ~~Corporate Client Services (CCS),~~ and ~~Wealth Advisory~~other ~~Services~~financial ~~(WAS).~~services ~~For~~through ~~reporting purposes, we present four business segments: one for each of~~ our ~~three~~banking ~~core businesses,~~ and ~~one for Affiliate Money Managers, which combines results from the~~other ~~two money management firms in which we have ownership interests~~subsidiaries.

~~Our~~We ~~principal~~have ~~client~~three ~~base~~core ~~consists~~businesses: ofRegional Banking, Corporate Client Services (CCS), and Wealth Advisory Services (WAS). For reporting purposes, we present four business segments: one for each of our three core businesses, and one for Affiliate Money Managers, which combines results from the two money management firms in which we have ownership interests.

•Our ~~Consumer~~principal ~~banking~~client ~~clients~~base inconsists ~~the state~~ of Delaware. • Commercial banking clients throughout the mid-Atlantic region, which we define as the state of Delaware and contiguous areas in Pennsylvania, New Jersey, and Maryland. • High-net-worth clients throughout the United States. • Retirement plan sponsors throughout the United States. • Institutional clients in the United States, Europe, and the Caribbean.:

~~Our~~• ~~principal~~Consumer ~~subsidiary~~banking isclients ~~Wilmington Trust Company (WTC), a Delaware-chartered bank and trust company founded~~ in ~~1903.~~the Westate ~~also own one other depository institution: Wilmington Trust FSB (WTFSB), a federally-chartered savings bank. Until November 2008, we owned a third depository institution: Wilmington Trust~~ of ~~Pennsylvania (WTPA), a Pennsylvania-chartered bank and trust company~~Delaware. ~~On November 1, 2008, we merged WTPA into WTFSB.~~

~~WTFSB~~• ~~owns~~Commercial ~~Wilmington~~banking ~~Trust~~clients ~~Retirement~~throughout ~~and~~the ~~Institutional~~mid-Atlantic ~~Services~~region, ~~Company~~which ~~(WTRISC),~~we ~~a Delaware-chartered~~define ~~trust~~as ~~company.~~the ~~WTRISC~~state ~~owns~~of ~~Wilmington~~Delaware ~~Trust~~and ~~Fiduciary~~the ~~Services~~parts ~~Company~~of ~~(WTFSC)~~Pennsylvania, a New Jersey~~-chartered~~, ~~nondepository~~and ~~bank~~Maryland that are within approximately 150 miles of our Wilmington headquarters.

We• ~~win~~High-net-worth ~~business~~clients inthroughout anthe ~~increasingly~~United ~~competitive environment~~States. ~~We endeavor to mitigate competitive risk by:~~

• ~~Focusing~~Retirement onplan ~~long-term~~sponsors ~~relationships~~throughout ~~with clients. • Having extensive knowledge of~~ the ~~clients~~United ~~and markets we serve~~States. • Providing responsive, personalized, and customized services. • Attracting and retaining highly qualified staff members. • Offering competitive pricing. • Developing and marketing new and innovative products and services. • Deploying technology that improves efficiency and client service.

~~For~~• ~~more~~Institutional ~~information~~clients ~~about~~in the ~~competitive~~United ~~risks~~States, ~~we face~~Europe, ~~read~~and ~~Item 1A~~the ~~in this report~~Caribbean.

~~Part~~Wilmington ITrust —Corporation ~~Item~~2010 1Form ~~(continued)~~10-K 54

~~For~~Our ~~more~~principal ~~information~~subsidiary ~~about~~is ~~our~~Wilmington ~~businesses~~Trust Company (WTC), ~~including~~a ~~segment~~Delaware-chartered bank and ~~geographic~~trust company ~~information,~~founded ~~read Management’s~~in ~~Discussion~~1903. ~~and~~We ~~Analysis~~also ofown ~~Financial~~one ~~Condition~~other ~~and~~depository ~~Results~~institution: ofWilmington ~~Operations~~Trust FSB (~~MD&A~~WTFSB), ~~Note 1~~a federally-chartered savings bank. Until November 2008, ~~“Nature~~we owned a third depository institution: Wilmington Trust of ~~business~~Pennsylvania (WTPA),” a Pennsylvania-chartered bank and ~~Note~~trust company. 23On November 1, ~~“Segment reporting~~2008,” inwe ~~this~~merged ~~report~~WTPA into WTFSB.

~~SUPERVISION~~WTFSB ~~AND~~owns ~~REGULATION~~Wilmington Trust Retirement and Institutional Services Company (WTRISC), a Delaware-chartered trust company. WTRISC owns Wilmington Trust Fiduciary Services Company (WTFSC), a New Jersey-chartered nondepository bank.

We ~~and~~win ~~our~~business ~~subsidiaries~~in ~~are~~an ~~subject~~increasingly tocompetitive ~~extensive~~environment. ~~regulation~~We ~~under~~endeavor ~~federal~~to ~~and~~mitigate ~~state law. Some~~competitive ofrisk ~~our subsidiaries are regulated not only~~ by ~~federal and state authorities, but also by regulatory~~: ~~authorities in other countries in which we conduct business.~~

As• aFocusing bank holding company, a thrift holding company, and a financial holding company under the Bank Holding Company Act, we are subject to supervision, regulation, and inspection by the Delaware Department of Banking (DOB) and the Federal Reserve Board. As a publicly traded company that issues stock, we are subject to the rules and regulations of the U.S. Securities and Exchange Commission (SEC). Our common stock is listed on ~~the~~long-term ~~New~~relationships ~~York~~with ~~Stock Exchange (NYSE) under the trading symbol WL, and we are subject to the NYSE’s rules for listed companies~~clients.

~~WTC~~• isHaving ~~regulated~~extensive byknowledge ~~the DOB and the Federal Reserve. WTFSB is regulated by the Office~~ of ~~Thrift Supervision (OTS). WTC and WTFSB (collectively,~~ the ~~banks)~~clients ~~are subject to the rules~~ and ~~regulations of~~markets ~~the~~we ~~Federal Deposit Insurance Corporation (FDIC)~~serve. ~~WTRISC is regulated by the DOB and the OTS. WTFSC is regulated by the New Jersey Department of Banking and Insurance and the OTS.~~

~~Described~~• ~~below~~Providing ~~are~~responsive, ~~the~~personalized, ~~material elements of selected laws~~ and ~~regulations~~customized ~~that apply to us~~services. ~~These descriptions are not intended to be complete. They are qualified in their entirety by reference to the full statutes and regulations described.~~

~~Bank~~• ~~Holding~~Attracting Company Act (BHCA). The BHCA requires us to have prior approval from the Federal Reserve before we may acquire control of a bank or before any company may acquire control of us. The BHCA also requires us to have the Federal Reserve’s prior approval before we acquire ownership or control of more than 5% of the outstanding shares of any class of a bank’s or a bank holding company’s voting securities; acquire substantially all of a bank’s assets; or merge or consolidate with a bank holding company. Likewise, any bank holding or other company seeking to obtain control of us would need prior approval from the Federal Reserve and, ~~because~~retaining wehighly ~~are~~qualified ~~also~~staff ~~a thrift holding company, prior approval from the OTS~~members.

As• aOffering ~~financial~~competitive ~~holding company, we may engage in activities permitted by the BHCA without obtaining prior Federal Reserve approval~~pricing. In addition, we may engage in activities not otherwise permitted for bank holding companies, generally without the Federal Reserve’s prior approval. These activities include those that the Federal Reserve Board has determined are beneficial in nature, incidental to financial activities, or complementary to a financial activity. The BHCA does not place territorial restrictions on the activities of non-bank subsidiaries of financial holding companies.

~~Interstate~~• ~~Banking~~Developing ~~Act.~~and Asmarketing annew ~~institution headquartered in Delaware, we are subject to the provisions of the Interstate Banking Act embraced by Delaware. Under this Act, Delaware permits mergers between Delaware banks~~ and ~~out-of-state~~innovative ~~banks,~~products and ~~allows the merged institution to open new offices in Delaware~~services. ~~Delaware does not permit out-of-state banks to establish new branches in Delaware or acquire Delaware branches of other institutions without first merging with them.~~

~~Safety~~• ~~and~~Deploying ~~soundness.~~technology ~~The~~that ~~Federal~~improves ~~Reserve~~efficiency ~~Board requires us to operate in a safe~~ and ~~sound manner.~~client If the Federal Reserve determines there is a serious risk to the financial safety and soundness of a subsidiary bank, it can require us to terminate the activity presenting the risk or terminate our control of the subsidiaryservice.

~~Federal~~For ~~regulations~~more ~~establish~~information ~~dollar~~about ~~amount limits and collateral requirements for assets~~ the ~~banks purchase~~competitive ~~from~~risks ~~non-bank affiliates. For these purposes,~~ we ~~and most of the companies we control are considered affiliates of the banks. In addition~~face, ~~the~~read ~~Federal Reserve Act and the Federal Reserve Board impose dollar amount~~Item 1A, ~~credit~~Risk ~~quality~~Factors, ~~and~~in ~~other limitations on loans the banks make to~~this ~~directors, executive officers, principal shareholders, and their related interests~~report.

~~Capital~~At ~~requirements~~December 31, ~~and~~2010, ~~dividend~~we ~~limitations.~~had ~~To assess the capital adequacy of bank holding companies and their bank subsidiaries~~2,793 ~~the~~full-time-equivalent ~~Federal~~staff ~~Reserve~~members. ~~and~~We ~~other~~provide ~~federal~~a ~~banking~~variety ~~agencies~~of ~~have~~benefit ~~adopted~~programs ~~risk-weighted~~for ~~capital~~these ~~standards.~~staff ~~As of December 31~~members, ~~2009,~~which wemay ~~and~~include ~~the~~pension, ~~banks~~incentive ~~were well capitalized~~compensation, ~~with capital levels that exceeded the minimum thresholds. More information~~thrift ~~about~~savings, ~~this~~stock ~~is in~~purchase, ~~Note~~and 16group life, ~~“Capital~~health,” inand ~~this~~accident ~~report~~plans.

~~Dividends~~For ~~paid~~more byinformation ~~the~~about ~~banks~~our ~~to us~~businesses, ~~and~~including bysegment usand togeographic ~~shareholders~~information, ~~are~~read Management’s ~~subject~~Discussion toand ~~Federal~~Analysis ~~Reserve, OTS,~~of ~~DOB,~~Financial Condition and ~~other~~Results ~~legal~~of ~~and~~Operations ~~regulatory~~(MD&A), ~~restrictions.~~Note 2, ~~More~~“Nature ~~information~~of ~~about~~Business,” ~~this~~and isNote ~~also~~24, “Segment Reporting,” in ~~Note~~ 16this report.

6SUPERVISION ~~Wilmington~~AND ~~Trust Corporation 2009 Form-10-K~~REGULATION

~~U.S.~~We ~~Department~~and ofour ~~the~~subsidiaries ~~Treasury.~~are Wesubject ~~are~~to ~~participating~~extensive inregulation ~~the~~under Ufederal and state law.S. ~~Department~~Some of ~~the~~ ~~Treasury’s~~our ~~Capital~~subsidiaries ~~Purchase~~are ~~Program~~not ~~(CPP).~~only ~~For~~regulated ~~more~~by ~~information~~federal ~~about~~and ~~this~~state authorities, ~~read~~but ~~Note~~also ~~16,~~by regulatory ~~“Capital,”~~authorities in ~~this~~other ~~report~~countries in which we conduct business.

InAs ~~2008~~a ~~and~~bank ~~2009~~holding company, ~~our~~a ~~three~~thrift ~~money~~holding ~~market~~company, ~~mutual~~and ~~funds~~a —financial holding company under the ~~Wilmington~~Bank Holding ~~Prime~~Company ~~Money~~Act, ~~Market~~we ~~Fund~~are subject to supervision, regulation, and inspection by the Delaware ~~Wilmington~~Department Uof Banking (DOB) and the Federal Reserve Board.S. ~~Government~~As ~~Money~~a ~~Market~~publicly-traded ~~Fund~~company that issues stock, ~~and~~we ~~the~~are ~~Wilmington~~subject ~~Tax-Exempt~~to ~~Money~~the ~~Market~~rules ~~Fund~~and ~~— participated~~regulations inof the U.S. ~~Department~~Securities ofand ~~the~~Exchange Commission ~~Treasury’s~~(SEC). ~~Temporary~~Our ~~Guarantee~~common ~~Program~~stock ~~for~~is ~~Money~~listed ~~Market Funds.~~on ~~This~~the ~~program~~New ~~expired~~York asStock ~~planned~~Exchange ~~on September~~(NYSE) 18under the trading symbol WL, ~~2009~~and we are subject to the NYSE’s rules for listed companies.

•Wilmington ~~Temporary~~Trust ~~increase~~Corporation of2010 ~~standard~~Form insurance coverage. In October 2008, standard FDIC insurance coverage was increased temporarily from $100,000 to $250,000 per depositor. This increase will be in place until December 31, 2013. (FDIC insurance coverage for certain retirement accounts, including IRAs, became subject to a permanent FDIC insurance increase to $250,000 that was effective April 1, 2006.) • FDIC Transaction Account Guarantee Program. Under this program, which is part of the FDIC’s Temporary Liquidity Guarantee Program (TLGP), all noninterest10-~~bearing~~K ~~deposit transaction accounts, as well as certain types of transaction accounts with interest rates of 0.~~5% or less, will be fully guaranteed by the FDIC for the entire amount in the account through June 30, 2010. This coverage is in addition to the temporary increase in standard FDIC insurance coverage. • FDIC Debt Guarantee Program. This program, also part of the FDIC’s TLGP, guarantees timely principal and interest payments on senior unsecured debt issued between October 14, 2008, and October 31, 2009. We participated in this program, but never issued any debt that qualified for these guarantees.

~~Bank~~WTC ~~Secrecy~~is ~~Act,~~regulated ~~USA PATRIOT Act~~by, and ~~Office~~subject ofto ~~Foreign~~the ~~Assets~~rules ~~Control~~and regulations ~~(collectively~~of, the ~~BSA~~DOB ~~laws).~~and ~~The~~the ~~BSA~~Federal ~~laws~~Reserve. WTFSB ~~require~~is usregulated ~~to establish policies~~by, ~~procedures,~~ and ~~controls~~subject to ~~detect, prevent,~~the rules and ~~report~~regulations ~~money~~of, ~~laundering~~the ~~and~~Office ~~terrorist~~of ~~financing~~Thrift Supervision ~~activities~~(OTS). IfPrimarily wewith ~~fail~~respect to ~~comply~~deposit ~~with these~~insurance ~~laws~~matters, ~~significant~~WTC ~~criminal~~ and ~~civil~~WTFSB (collectively, ~~penalties~~the ~~can~~banks) beare ~~imposed~~also onsubject ~~us,~~to ~~and~~the ~~our~~rules ~~charter, license,~~ and~~/or~~ ~~deposit~~regulations ~~insurance~~of ~~can~~the beFederal ~~revoked~~Deposit Insurance Corporation (FDIC). WeWTRISC ~~have~~is ~~adopted~~regulated ~~appropriate~~by ~~policies,~~the ~~procedures,~~ DOB and ~~controls~~the toOTS. ~~comply~~WTFSC ~~with~~is regulated by the ~~BSA~~New ~~laws,~~Jersey ~~and~~Department weof ~~will~~Banking ~~revise~~and ~~them~~Insurance asand ~~needed~~the OTS.

~~Privacy~~Described ~~and~~below ~~information~~are ~~security. Federal and state laws and regulations require us to respect~~ the ~~privacy~~ ofmaterial ~~our~~elements ~~clients and to protect the security and confidentiality~~ of ~~their~~selected ~~nonpublic personal information. These~~ laws and regulations ~~limit~~that ~~our~~apply ~~disclosure of nonpublic client information~~ to ~~nonaffiliated~~ ~~third parties; require~~ us. ~~to inform clients of our privacy and information-sharing~~These ~~policies;~~descriptions ~~and~~are ~~require~~not usintended to ~~notify~~be ~~clients~~complete. ~~and~~They ~~regulators~~are ifqualified anin ~~unauthorized~~their ~~disclosure~~entirety ~~occurs~~by ~~and there~~reference ~~is concern the disclosed information may be misused. We have information security programs~~ to ~~safeguard~~ the ~~confidentiality~~full ~~and~~statutes ~~security of client information,~~ and toregulations ~~ensure its proper disposal~~described.

~~Community~~Bank ~~Reinvestment~~Holding Company Act (~~CRA~~BHCA). The ~~CRA~~BHCA requires ~~banks~~us to ~~help~~have ~~serve~~prior ~~the~~approval ~~credit~~from ~~needs of~~ the Federal ~~communities~~Reserve ~~they~~before ~~serve.~~we ~~This~~may ~~includes~~acquire ~~extending~~control ~~credit~~of ~~and~~a ~~providing~~bank ~~other~~or ~~services~~before toany ~~low-~~company ~~and moderate-income~~may ~~individuals~~acquire ~~and~~control ~~families~~of us. The ToBHCA bealso ~~rated~~requires atus ~~least~~to ~~satisfactory~~have ~~under~~ the ~~CRA,~~Federal weReserve’s ~~are required~~prior toapproval ~~meet~~before orwe ~~exceed~~acquire ~~federal~~ownership or ~~definitions~~control of ~~well-managed~~more ~~and~~than ~~well-capitalized~~5% ~~financial institutions.~~of Ifthe weoutstanding ~~fail~~shares toof ~~meet~~any ~~these~~class ~~requirements,~~of wea ~~may~~bank’s ~~incur~~or ~~penalties,~~a ~~which~~bank ~~could include~~holding ~~denials~~company’s ofvoting ~~applications~~securities; toacquire ~~add~~substantially ~~branches,~~all ~~relocate,~~of ~~add~~a ~~subsidiaries~~bank’s ~~and~~assets; ~~affiliates,~~or ~~and~~ merge ~~with~~ or ~~purchase~~consolidate with ~~other~~a ~~financial~~bank ~~institutions~~holding company. WeLikewise, ~~also~~any ~~could~~bank beholding ~~required~~or toother ~~cease engaging in financial holding~~ company ~~activity~~seeking orto ~~divest~~obtain ~~ownership~~ control of ~~one~~us orwould ~~both~~need ofprior approval from the ~~banks~~Federal Reserve.

~~Fair~~As ~~Housing~~a ~~Act~~financial holding company, we may engage in activities permitted by the BHCA without obtaining prior Federal Reserve approval. ~~This~~In ~~Act~~addition, ~~and~~we may engage in activities not otherwise permitted for bank holding companies, generally without the ~~CRA~~Federal ~~prohibit~~Reserve’s usprior ~~from~~approval. ~~discriminating~~These activities ~~against~~include those that the Federal Reserve Board has determined are beneficial in nature, incidental to financial activities, or ~~withholding~~complementary to a financial activity. The BHCA does not ~~services~~place ~~from~~territorial ~~individuals~~restrictions ~~who~~on ~~live~~the inactivities ~~economically~~of ~~depressed~~nonbank ~~areas~~subsidiaries of financial holding companies.

~~Sarbanes-Oxley~~Safety ~~Act~~and soundness. ~~Section 404~~The ofFederal ~~the~~Reserve ~~Sarbanes-Oxley~~Board ~~Act~~ requires us to ~~assess~~operate ~~the~~in ~~design~~a safe and ~~effectiveness~~ ofsound ~~our internal controls over financial reporting~~manner. If Wethe ~~evaluate~~Federal ~~the~~Reserve ~~documentation~~determines ~~of our~~there ~~control~~is ~~processes~~a ~~and~~serious ~~test~~risk ~~our~~to ~~primary~~the ~~controls~~financial ~~continually,~~safety and wesoundness ~~remediate them as needed.~~of ~~Each~~a ~~quarter~~subsidiary bank, weit can require ~~designated~~us ~~managers in each business unit~~ to ~~certify~~terminate to the ~~chairman~~activity ~~and chief~~presenting ~~executive officer, and to~~ the ~~chief~~risk ~~financial~~or ~~officer,~~terminate ~~that the internal controls within~~our ~~their~~control ~~respective areas~~ of ~~responsibility~~the ~~are effective~~subsidiary.

~~Residential~~Federal ~~mortgage~~regulations ~~usury~~establish ~~laws.~~dollar ~~Since~~amount ~~Delaware~~limits and ~~Maryland~~collateral ~~have~~requirements ~~not~~for ~~overridden~~assets ~~federal~~the banks ~~legislation~~purchase ~~that~~from ~~preempted~~non-bank ~~state~~affiliates. ~~usury~~For ~~laws~~these onpurposes, ~~residential~~we ~~first~~and ~~mortgage~~most ~~loans,~~of ~~there~~the ~~currently~~companies ~~is no~~we ~~limit~~control onare considered ~~interest~~affiliates ~~rates~~of the banks. ~~can~~In ~~charge~~addition, onthe ~~residential~~Federal ~~first~~Reserve ~~mortgage~~Act ~~loans. In~~and ~~today’s~~the ~~interest~~Federal ~~rate~~Reserve Board ~~environment~~impose dollar amount, ~~these~~credit ~~usury~~quality, ~~laws~~and doother ~~not~~limitations ~~materially~~on ~~affect~~loans the banks’ ~~lending~~make to ~~programs~~directors, executive officers, principal stockholders, and their related interests.

~~Part~~Capital Irequirements —and ~~Item~~dividend 1limitations. ~~(continued)~~To 7assess the capital adequacy of bank holding companies and their bank subsidiaries, the Federal Reserve and other federal banking agencies have adopted risk-weighted capital standards. As of December 31, 2010, we were well capitalized, with capital levels that exceeded the minimum thresholds. Subsequent to year-end, the OTS deemed Wilmington Trust FSB to be adequately capitalized and set targets for its future capital ratios. More information about this is in Note 17, “Capital,” in this report.

•Wilmington ~~The~~Trust ~~Truth-in-Lending~~Corporation ~~Act,~~2010 ~~which~~Form ~~mandates disclosures for certain consumer loans; • The Truth~~10-~~in-Savings~~K Act, which mandates deposit-related disclosures; • The Equal Credit Opportunity Act, which prohibits discrimination; and • The Fair Credit Reporting Act, which, if we deny a client’s application for credit, requires us to tell the client which credit bureau we used to evaluate the application, and which imposes rules for information sharing and pre-screened offers of credit.6

~~Our~~Dividends ~~banking~~paid ~~activities~~by the banks to us, and by us to stockholders, are subject to Federal Reserve, OTS, DOB, and other legal and regulatory restrictions. More information about this is also ~~subject~~in Note 17. We were directed by our regulators not to ~~newly~~pay ~~enacted~~dividends ~~federal~~on ~~protection~~our ~~laws~~common or preferred stock without their prior approval. Subsequent to year-end, ~~including:~~our regulators approved the payment of our 2011 first quarter preferred stock dividend.

•Broker-dealer ~~The~~regulation. ~~Credit~~Wilmington ~~Card~~Brokerage ~~Accountability~~Services ~~Responsibility~~Company ~~and~~(WBSC), ~~Disclosure~~our ~~Act~~broker-dealer subsidiary, ofis ~~2009,~~registered ~~which~~as ~~mandates~~a ~~disclosures~~broker-dealer with and ~~restricts~~is ~~fees~~subject ~~charged~~to ~~for~~regulation ~~consumer~~by ~~credit~~the ~~card~~SEC ~~accounts.~~and ~~This~~the securities ~~Act~~administrators ~~was~~of ~~effective~~the ~~for~~states usin onwhich ~~February~~it ~~22,~~is ~~2010~~registered. •In Anaddition, ~~amendment~~WBSC tois ~~the~~a ~~Truth-in-Lending~~member of ~~Act~~the ~~that~~Financial ~~mandates~~Industry ~~disclosures~~Regulatory ~~regarding~~Authority ~~returned~~(FINRA), ~~item~~ and ~~overdraft~~subject ~~fees.~~to ~~This~~FINRA ~~change~~regulations. ~~was~~WBSC ~~effective~~is also ~~for~~a usmember onof ~~January~~the ~~15,~~Securities ~~2010.~~Investor •Protection AnCorporation, ~~amendment~~which, toin the ~~Truth-in-Lending~~event ~~Act that mandates an escrow process or rate caps for some types~~ of ~~home equity loans that are in~~ a broker-dealer’s ~~first~~liquidation, ~~lien~~provides ~~position.~~some ~~These~~financial ~~requirements~~protections ~~will be effective~~ for ussecurities ~~on April 1, 2010~~holders. •Several of ~~The~~our ~~Electronic~~subsidiaries, ~~Funds~~including ~~Transfer Act~~WBSC, ~~which~~also ~~prohibits~~are usregistered ~~from~~as ~~charging~~investment ~~fees~~advisors ~~for~~with ~~overdrafts on ATM or one-time debit transactions without~~ the ~~client’s~~SEC ~~prior~~and ~~permission.~~in some ~~This Act will be effective for us on July 1, 2010~~states.

~~Wilmington~~For ~~Brokerage~~more ~~Services~~information ~~Company~~about ~~(WBSC),~~these ~~our broker-dealer subsidiary, is registered as a broker-dealer with~~ and isother ~~subject~~regulatory restrictions to ~~regulation by the SEC and the securities administrators of the states in~~ which itwe isare ~~registered. In addition~~subject, ~~WBSC is a member of~~ read the ~~Financial~~subsection, ~~Industry Regulatory~~“We ~~Authority~~and ~~(FINRA),~~our ~~and~~subsidiaries are subject to ~~FINRA regulations. WBSC is also~~ a ~~member~~variety of ~~the Securities~~legal ~~Investor~~and ~~Protection Corporation~~regulatory restrictions,” ~~which,~~ in ~~the event of a broker-dealer’s liquidation~~Item 1A, ~~provides~~ ~~some~~Risk ~~financial protections for securities holders. Several of our subsidiaries~~Factors, ~~including WBSC, also are registered as investment advisors with the SEC and~~ in ~~some~~this ~~states~~report.

~~Corporate governance~~U.S. ~~Our~~Department ~~Board~~ of ~~Directors~~the ~~has~~Treasury. ~~implemented~~We aare ~~system~~participating in the U.S. Department of ~~strong~~the ~~corporate~~Treasury’s ~~governance practices~~CPP. ~~More~~For more information about this, isread inNote ~~our~~17, ~~Proxy~~“Capital,” ~~Statement~~in ~~and~~this ~~the Investor Relations section of our Internet site at www~~report.~~wilmingtontrust.com.~~

~~For~~Deposit ~~additional~~insurance. ~~requirements~~WTC and WTFSB are required to pay premiums for FDIC insurance coverage, which insures wedeposits ~~are~~in ~~subject~~the banks up to applicable limits. We participated in the temporary FDIC Transaction Account Guarantee Program through December 31, ~~read~~2010. Under this program, which is part of the ~~“Compensation~~FDIC’s ~~Discussion~~Temporary ~~and~~Liquidity Guarantee Program, all noninterest-bearing deposit transaction ~~Analysis”~~accounts, ~~section~~as well as certain types of ~~our~~transaction ~~Proxy~~accounts ~~Statement~~with interest rates of 0.5% or less, were guaranteed fully by the FDIC for the entire amount in the account. Under the Dodd-Frank Act, this program became required for all banks from January 1, 2011 through December 31, 2012. This coverage is in addition to the increase in standard FDIC insurance coverage made permanent in 2010.

~~AVAILABLE~~Bank ~~INFORMATION~~Secrecy Act, USA PATRIOT Act, and Office of Foreign Assets Control regulations (collectively, the BSA laws). The BSA laws require us to establish policies, procedures, and controls to detect, prevent, and report money laundering and terrorist financing activities. If we fail to comply with these laws, significant criminal and civil penalties can be imposed on us, and our charter, license, and/or deposit insurance can be revoked. We have adopted appropriate policies, procedures, and controls to comply with the BSA laws, and we will revise them as needed.

~~Our~~Privacy ~~Internet~~and ~~address~~information security. Federal and state laws and regulations require us to respect the privacy of our clients and to protect the security and confidentiality of their nonpublic personal information. These laws and regulations limit our disclosure of nonpublic client information to affiliates and nonaffiliated third parties; require us to inform clients of our privacy and information-sharing policies; and require us to notify clients and regulators if an unauthorized disclosure occurs and there is ~~www~~concern the disclosed information may be misused.~~wilmingtontrust.com.~~ ~~The~~We ~~content~~have information onsecurity ~~this~~programs ~~site:~~to safeguard the confidentiality and security of client information, and to ensure its proper disposal.

~~Content~~Wilmington inTrust ~~the~~Corporation ~~Investor~~2010 ~~Relations~~Form ~~section~~10-K ~~of this site includes:~~ 7

•Community ~~Our~~Reinvestment ~~annual~~Act ~~reports~~(CRA). onThe ~~Form~~CRA ~~10-K,~~requires ~~quarterly~~banks ~~reports~~to onhelp ~~Form~~serve ~~10-Q,~~the ~~current~~credit ~~reports~~needs onof ~~Form~~the communities ~~8-K,~~they ~~and~~serve. ~~Proxy~~This ~~Statements,~~includes asextending ~~well~~credit asand ~~any~~providing ~~amendments~~other services to ~~these~~low- ~~reports,~~and moderate-income ~~under~~individuals ~~“SEC~~and ~~filings~~families.” WeTo ~~post~~be ~~these~~rated ~~reports~~at asleast ~~quickly~~satisfactory asunder ~~possible~~the ~~after~~CRA, we ~~file~~are required ~~them~~to ~~electronically~~meet ~~with~~ or ~~furnish~~exceed ~~them~~federal todefinitions ~~the~~of ~~SEC~~well-managed and well-capitalized financial institutions. •If ~~Our~~we ~~Corporate~~fail ~~Governance~~to ~~Guidelines,~~meet ~~Code~~these ofrequirements, ~~Conduct~~we ~~and~~may ~~Ethics~~incur penalties, ~~and~~which ~~the~~could ~~charters~~include denials of ~~our~~applications ~~Audit~~to add branches, ~~Compensation~~relocate, add subsidiaries and ~~Nominating~~affiliates, and ~~Corporate~~merge ~~Governance~~with or ~~Committees.~~purchase •other ~~Any~~financial ~~amendments~~institutions. toWe oralso ~~waivers~~could ~~from~~be ~~the~~required ~~Code~~to ofcease ~~Conduct~~engaging ~~and~~in ~~Ethics~~financial holding ~~that~~company ~~apply~~activity toor ~~any~~divest ownership of ~~our~~one ~~directors~~ or ~~executive~~both ~~officers~~of the banks.

~~Wilmington~~Fair ~~Trust~~Housing ~~shareholders~~Act. ~~may~~This ~~request~~Act ~~printed~~prohibits ~~copies~~us offrom ~~these~~discriminating ~~materials~~against ~~free~~or ofwithholding ~~charge~~services byfrom ~~contacting~~individuals ~~Investor~~in ~~Relations~~connection atwith ~~302.651.8527~~our real estate lending practices based on their race, color, religion, gender, familial status, or atnational ~~IR@wilmingtontrust~~origin.~~com.~~

8Sarbanes-Oxley ~~Wilmington~~Act. ~~Trust~~Section 404 ~~Corporation~~of ~~2009~~the ~~Form~~Sarbanes-~~10-K~~Oxley Act requires us to assess the design and effectiveness of our internal controls over financial reporting. We evaluate the documentation of our control processes and test our primary controls continually, and we remediate them as needed. Each quarter, we require designated managers in each business unit to certify to the chairman and chief executive officer, and to the chief financial officer, that the internal controls within their respective areas of responsibility are effective.

~~Item 1A~~Residential mortgage usury laws. ~~Risk~~Since ~~Factors~~Delaware and Maryland have not overridden federal legislation that preempted state usury laws on residential first mortgage loans, there currently is no limit on interest rates the banks can charge on residential first mortgage loans. In today’s interest rate environment, these usury laws do not materially affect the banks’ lending programs.

~~The~~Consumer ~~normal~~protection ~~course~~laws. ofOur ~~business~~banking ~~exposes~~activities usare subject to a variety of ~~operational,~~federal ~~reputational, legal,~~ and ~~regulatory risks, which we summarize below. All of these risks could affect our~~state ~~financial~~consumer ~~performance~~protection ~~and~~laws, ~~condition adversely.~~including:

We• ~~are~~The ~~subject~~Truth-in-Lending ~~to credit risk. This risk is associated primarily with our two subsidiary depository institutions: WTC and WTFSB (collectively~~Act, ~~the~~which ~~banks).~~mandates ~~When~~disclosures wefor make a loan through the banks, we make subjective judgments about a borrower’s ability to repay. No matter how financially sound a client or lending decision may seem, a borrower’s ability to repay can be affected adversely by economic changes and ~~other~~imposes ~~external~~substantive ~~factors.~~requirements Ifin ~~borrowers~~connection dowith ~~not~~certain ~~repay~~consumer ~~their~~ loans~~, our levels of nonperforming assets, loan losses, and the provision for loan losses could increase.~~ ;

~~Adverse~~• ~~economic~~The ~~conditions, especially~~ Truth-in ~~the mid~~-~~Atlantic~~Savings ~~region~~Act, ~~can~~which ~~increase~~mandates ~~the degree of repayment risk inherent in our loan portfolio. We do most of our lending in the mid~~deposit-~~Atlantic region.~~related Economic conditions in this region could affect the ability of borrowers to repay their loans. Adverse conditions also could reduce the value of assets, such as property or securities, that borrowers use as collateral. A reduction in the value of collateral could affect our ability to collect the balance of a loan if the borrower defaults. disclosures;

We• ~~have a concentration of commercial loans that makes up 74% of our total loan portfolio. Some of the commercial loans we make carry a higher degree of repayment risk than others.~~ The ~~commercial~~Equal ~~real estate/construction~~Credit ~~and~~Opportunity ~~commercial mortgage loans we make may carry a higher degree of repayment risk than other types of loans. The commercial real estate business is subject to downturns~~Act, ~~overbuilding,~~ ~~and~~which ~~economic~~prohibits ~~conditions. Adverse conditions in the real estate market, or in the economy in general, can affect the repayment ability of these borrowers more severely than other types of borrowers.~~ discrimination;

~~Commercial~~• ~~real~~The ~~estate/construction~~Fair ~~loans,~~Credit ~~which~~Reporting ~~we make for residential and commercial properties and for unimproved land~~Act, ~~may~~which ~~carry~~regulates athe ~~higher degree of repayment risk than other types of loans~~collection, ~~especially~~ ~~when~~dissemination ~~the~~and ~~associated~~use ~~projects are not generating income. Repayment~~ of ~~these~~consumer ~~types of loans often depends on the ultimate success of the project~~information, ~~not on the borrower’s or guarantor’s ability to repay. In addition, consistent with industry practice, we sometimes fund the interest payments on a commercial construction loan by~~ including ~~the~~consumer ~~interest~~credit asinformation; ~~part of the total loan. This increases the total amount of the borrower’s loan.~~ and

We• ~~have~~The aElectronic ~~concentration~~Funds inTransfer ~~commercial~~Act ~~real estate/construction loans, which comprised 22% of our loan portfolio~~ (as of ~~December~~implemented ~~31,~~through ~~2009. Within~~Regulation ~~the commercial real estate/construction portfolio~~E), wewhich ~~have~~mandates adisclosures ~~geographic concentration,~~and ~~with~~imposes ~~projects~~substantive inrequirements ~~Delaware~~relating accounting for 59% of the portfolio. We experienced increased losses from this portfolio in 2009. Further deterioration of this portfolio could result in an increase in nonperforming loans that could lead to aelectronic ~~loss~~funds ~~of earnings, a higher loan loss provision, and higher charge-offs, all of which could have an adverse effect on our results of operations and financial condition~~transfers.

~~Commercial~~Our ~~mortgage~~banking ~~loans may~~activities ~~be riskier than those for one-to-four family residences. Commercial mortgage loans~~ are ~~typically~~also ~~larger~~subject ~~than loans for one-~~to~~-four~~ ~~family~~a ~~residential~~number ~~properties. In addition, the repayment~~ of ~~commercial~~newly ~~mortgage~~enacted ~~loans~~federal ~~typically~~protection ~~depends~~laws ~~on successful property operation~~ and ~~management or~~ regulations, ~~in the case of owner-occupied properties, successful operation of the underlying business.~~including:

We• ~~have~~The aCredit ~~concentration~~Card inAccountability ~~commercial mortgage~~Responsibility ~~loans,~~and ~~which~~Disclosure ~~comprised~~Act ~~23%~~ of ~~our total loan portfolio as of December 31~~2009, ~~2009. Approximately~~which ~~57%~~mandates ~~of our commercial mortgage loans were for properties in Delaware. Deterioration of this portfolio could result in an increase in nonperforming loans that could lead to a loss of earnings~~disclosures, aimposes ~~higher~~substantive ~~loan loss provision~~requirements, and ~~higher~~restricts ~~charge-offs, all~~fees ofcharged ~~which~~for ~~could~~consumer ~~have~~credit ancard ~~adverse effect on our results of operations and financial condition.~~accounts;

~~Consumer~~• ~~loans~~Rule ~~may~~changes ~~carry~~under ~~a higher degree of repayment risk than residential mortgage loans, particularly when~~ the ~~consumer~~Real ~~loan~~Estate isSettlement ~~unsecured.~~Procedures ~~Repayment~~Act ofmandating asignificant ~~consumer~~changes ~~loan~~in ~~typically~~disclosure depends on the borrower’s financial stability, and it is more likely to be affected adversely by job loss, illness, or personal bankruptcy. In addition, federal and state bankruptcy, insolvency, and other laws may limit the amount we can recover when a consumer client defaults. requirements;

We• ~~maintain a reserve for loan losses which represents our best estimate of inherent losses in our loan portfolio. We establish the reserve by charging a provision for loan losses against income.~~ The ~~determination~~Mortgage ofDisclosure ~~the~~Improvement ~~appropriate reserve is based on subjective judgments we make about the likelihood that loans will be repaid. The information we consider includes both quantitative and qualitative factors~~Act, ~~including~~Helping ~~loan~~Families ~~loss~~Save ~~experience,~~Their ~~loan~~Homes ~~concentrations~~Act, ~~trends~~ ~~in economic conditions,~~ and trends in collateral composition, valuation, and appraisals, among others. Establishing the reserve for loan losses involves significant estimates and judgments. Changing conditions, new information, and additional ~~problem~~regulatory ~~loans could require us to increase our reserve for loan losses~~changes, which ~~may~~impose ~~have an~~additional ~~adverse~~disclosure ~~effect~~and onsubstantive ~~our~~requirements ~~results~~in ofconnection ~~operations~~with ~~and~~real ~~financial~~estate ~~condition.~~ loans;

~~Changes~~Wilmington inTrust ~~market~~Corporation ~~interest~~2010 ~~rates,~~Form ~~and~~10-K the pace at which they occur, can affect net interest income adversely. Market interest rates present more risk to us than inflation. As a financial institution, nearly all of our assets and liabilities are monetary in nature. Their values are more likely to be eroded by changes in market interest rates than by the effects of inflation on currency valuations. 8

~~Rate~~• Rule changes, ~~which~~under ~~can~~Regulation ~~affect~~E ~~the~~relating ~~yields~~to weoverdraft ~~earn~~services ~~on loans~~ and ~~investments and the rates we pay on deposits and other borrowings, can affect our net interest margin and net interest income positively or negatively, and ultimately affect our financial performance.~~ fees;

~~Securities~~• inA ~~our~~number ~~investment~~of ~~portfolio~~new ~~are~~rules ~~subject~~implementing toparts ~~credit~~of ~~risk,~~the ~~market~~Fair ~~risk, illiquidity,~~ and ~~accounting~~ ~~risk.~~Accurate ~~The~~Credit ~~fair~~Transactions ~~value~~Act, ~~of instruments in our investment securities portfolio may fall below the amount at~~ which werequire ~~purchased~~new ~~them,~~notices and weconsumer ~~may~~dispute ~~be required to record these valuation declines as impairment losses. These conditions could result from factors beyond our control,~~ procedures;

~~Part~~• IUnlawful —Internet ~~Item~~Gambling 1AEnforcement ~~(continued)~~Act, 9which requires the implementation of procedures reasonably designed to help combat unlawful internet gambling; and

~~including~~• ~~credit~~The ~~rating~~Dodd-Frank ~~agency~~Wall ~~downgrades,~~Street ~~issuer~~Reform ~~defaults~~and Consumer Protection Act, ~~lack~~which ofprovides ~~market~~for ~~demand~~numerous ~~or trading~~substantive ~~activity,~~changes ~~and~~to ~~instability~~be inimplemented over the ~~credit~~next ~~markets~~several years. InFor ~~addition~~more information about this, ~~issuers~~read ofthe ~~these securities~~subsection, ~~may~~“The ~~prepay~~financial orservices ~~revoke~~industry ~~instruments~~is ~~prior~~subject to ~~their~~extensive ~~scheduled~~regulation, ~~maturity.~~which ~~These~~is ~~conditions could~~undergoing ~~affect~~major ~~our~~changes,” ~~cash~~in ~~flows~~Item 1A, “Risk Factors,” and ~~earnings~~the ~~negatively~~“Noninterest income” discussion in this report.

~~Any~~Corporate ~~change~~governance. inOur ~~current~~Board ~~accounting principles or interpretations~~ of ~~those~~Directors ~~principles~~has ~~could~~implemented ~~affect our~~a ~~assessment~~system of ~~the~~strong ~~fair value of our securities and our determination of whether they are~~corporate ~~other-than-temporarily~~governance ~~impaired~~practices. ~~Such~~More ainformation ~~determination~~about ~~would~~this ~~require~~is usin toItem 10, ~~record~~“Directors, aExecutive ~~non-cash~~Officers, ~~charge~~and inCorporate anGovernance,” ~~amount~~in ~~equal~~this toreport ~~the~~and ~~decrease~~ in the ~~value~~Investor Relations section of ~~the~~our ~~securities~~Internet site at www.wilmingtontrust.com.

~~Volatility~~For inadditional ~~financial~~requirements ~~markets~~to ~~can~~which ~~affect~~we ~~our~~are ~~noninterest income adversely. Some of our WAS and CCS fees~~subject, ~~and~~read ~~all of the affiliate money manager fees~~Item 11, ~~are~~“Executive ~~based on financial market valuations of assets we manage or hold in custody for clients. Changes in these valuations can affect noninterest income positively or negatively~~Compensation,” ~~and ultimately affect our financial results. Significant changes~~ in ~~the volume of activity in the capital markets, and in the~~ ~~number~~this ~~of assignments we are awarded, could also affect our financial results~~report.

~~Circumstances~~AVAILABLE ~~in the mid-Atlantic region, throughout the United States, and around the world could~~INFORMATION reduce demand for our services and negatively affect our ability to conduct business. These circumstances include inflation, recession, unemployment, changes in market interest rates, money supply, tax policies, the competitive environment, economic uncertainty, military actions, and other factors beyond our control.

~~Changes in business and economic conditions in general, or specifically in the principal markets in which we do business, could affect our financial results adversely.~~ Our ~~results~~Internet ~~also~~address ~~could~~is ~~be affected adversely by a weakening of, or sustained weakness in, business or economic conditions that may affect our clients and counterparties directly or indirectly~~www.wilmingtontrust.com. ~~These~~The ~~conditions~~content ~~could~~on ~~lead to~~this site:

• AShould ~~decrease~~be inused ~~the demand~~ for ~~loans~~informational ~~and~~purposes ~~other products and services we offer~~only. • A decrease in client savings, in general, and in demand for the savings and investment products we offer, in particular. • An increase in the number of clients and counterparties who become delinquent, file for protection under bankruptcy laws, or default on their loans and other obligations to us. An increase in the number of delinquencies, bankruptcies, or defaults could result in a higher level of nonperforming assets, net charge-offs, and provisions for loan losses.

~~Our~~• ~~Regional~~Should ~~Banking~~not ~~business~~be isrelied ~~particularly~~on ~~vulnerable~~for toinvestment ~~adverse changes in economic conditions in the mid-Atlantic region, where this business is concentrated~~purposes.

~~Competition~~• ~~can~~Is ~~cause~~not usincorporated toby ~~increase~~reference ~~the~~into ~~rates~~this weForm ~~pay to attract deposits, reduce the interest rates we can charge on loans, and reduce the fees we charge for services~~10-K. Competition can also affect our ability to retain existing clients or attract new clients. We compete for loans, deposits, assets to manage or hold in custody, and opportunities to provide trustee, administrative, and other services.

WeContent ~~compete for loans primarily with savings banks, savings and loan associations, commercial banks, mortgage banking companies, insurance companies, and other institutional lenders~~ in the ~~mid-Atlantic~~ ~~region.~~Investor ~~For~~Relations ~~deposits,~~section weof ~~compete~~this ~~primarily~~site ~~with savings banks, savings and loan~~includes: associations, and commercial banks operating in the mid-Atlantic region. We also compete for deposits with dealers in government securities, deposit brokers, and credit card, direct, and Internet-based financial institutions.

We• ~~compete~~Our ~~for~~annual ~~other~~reports ~~types~~on ofForm ~~business~~10-K, ~~with~~quarterly ~~regional~~reports ~~and~~on ~~money~~Form ~~center banks~~10-Q, ~~trust~~current ~~companies, investment~~reports ~~advisors~~on Form 8-K, ~~mutual~~and ~~fund~~proxy ~~companies~~statements, ~~family~~as ~~office~~well ~~service~~as ~~providers,~~any ~~insurance~~amendments ~~companies, accounting~~to ~~firms~~these reports, ~~law~~under ~~firms,~~“SEC ~~and~~filings.” ~~other~~We ~~service~~post ~~providers~~these reports as quickly as possible after we file them electronically with or furnish them to the SEC.

~~Some~~• ofM&T’s ~~our~~registration ~~competitors~~statement ~~are~~on ~~larger,~~Form ~~have greater financial resources~~S-4, ~~have~~which ~~higher~~includes ~~lending~~our ~~limits, and~~proxy ~~provide~~statement ~~services~~in ~~that~~connection wewith dothe ~~not~~M&T merger, ~~such~~ as ~~investment~~well ~~banking.~~as Inany ~~some~~amendments ~~cases,~~to ~~mergers, acquisitions, and other types of consolidation within the financial services industry have heightened competition by reducing the number of competitors. In other cases, consolidation~~ that ~~created~~ ~~very large institutions has reduced the number of independent~~report, ~~conflict-free~~under ~~competitors and~~“SEC ~~improved our competitive position~~filings. ”

• Our ~~business~~Corporate ~~could~~Governance beGuidelines, ~~affected~~Code ~~negatively~~of ifConduct ~~we fail to develop~~ and ~~market new and innovative products and services~~Ethics, ~~or fail to adopt or deploy new technologies. Our ability to compete for business depends in part on our ability to develop ways to differentiate our products~~ and ~~services~~ ~~and~~the tocharters ~~improve~~of ~~efficiency. Competitive pressures plus rapid technological change in~~ our ~~industry~~ ~~require~~Audit, ~~us to invest in new products and services~~Compensation, ~~and~~Nominating ~~to bring them to market in a timely fashion~~ and atCorporate ~~a competitive price~~Governance, onand anRisk ~~ongoing~~Management ~~basis~~Committees.

10• ~~Wilmington~~Any ~~Trust~~amendments ~~Corporation~~to ~~2009~~or ~~Form-10-K~~waivers from the Code of Conduct and Ethics that apply to any of our directors or executive officers.

~~Developing~~Wilmington ~~and~~Trust ~~introducing~~stockholders ~~new products can be risky. We~~ may ~~not~~request ~~achieve~~printed ~~timeframe,~~copies ~~price,~~of ~~or profitability~~these ~~targets.~~materials ~~Changes~~free inof ~~the~~charge ~~regulatory environment, competition, and market demand could~~by ~~affect~~contacting ~~our~~Investor ~~ability~~Relations toat ~~launch new products successfully~~302. ~~There could be unanticipated effects on our system of internal controls~~651.8069 ~~These~~or ~~factors could affect our financial performance negatively~~IR@wilmingtontrust.com.

~~Changes~~Wilmington inTrust ~~the~~Corporation ~~value~~2010 ofForm ~~goodwill~~10-K or intangible assets on our balance sheet could affect earnings adversely. If we determine that any of our goodwill or intangible assets are impaired under GAAP, we may be required to record an expense that could reduce earnings and stockholders’ equity. 9

~~We review our goodwill and intangible assets for impairment when events or changes in circumstances indicate that the carrying value of those assets may not be recoverable~~Item 1A. WeRisk ~~are required to test~~Factors ~~for impairment at least annually. In 2008, we wrote down the value of our investment in affiliate money manager Roxbury Capital Management by $66.9 million.~~

~~Reductions~~The innormal ~~the~~course ~~value~~ of ~~our~~business ~~deferred~~exposes ~~tax~~us ~~assets could affect earnings adversely. A deferred tax asset (DTA) is created by the tax effect of the differences between an asset’s book value and its tax basis. We assess our DTAs periodically~~ to ~~determine~~a ~~the~~variety ~~likelihood~~ of ~~our~~operational, ~~ability~~reputational, tolegal, ~~realize their benefits. These assessments consider the performance of the associated business~~ and ~~its~~ ~~ability~~regulatory torisks, ~~generate~~which ~~future~~we ~~taxable~~summarize ~~income~~below. IfAll ~~the information available to us at the time~~ of ~~assessment~~ ~~indicates~~these ~~there~~risks iscould aaffect ~~greater~~our ~~than 50% chance that we will not realize the DTA benefit,~~financial weperformance ~~are required to establish a valuation allowance for it~~ and ~~record~~condition ~~a corresponding charge against earnings~~adversely. ~~Such charges could have a material adverse effect on our results of operations or~~ ~~financial position.~~

~~Making~~We ~~acquisitions~~and ~~can~~our besubsidiaries ~~risky.~~are ~~Our~~subject ~~attention~~to ~~may~~a bevariety ~~diverted~~of ~~from~~legal ~~other~~and ~~business~~regulatory ~~matters;~~restrictions. weFailure to comply with these restrictions adequately could ~~lose~~subject ~~key~~us ~~clients~~to orfinancial, ~~staff~~regulatory, ~~members;~~or weother sanctions, ~~may~~which could have ~~difficulty~~adverse ~~integrating~~effects ~~systems~~on our financial performance and ~~operations;~~ability to conduct business. These include restrictions imposed by the ~~acquired~~Bank ~~business~~Holding ~~may~~Company ~~not~~Act, ~~meet~~the ~~our~~Federal ~~profitability~~Deposit Insurance ~~expectations;~~Act, wethe ~~may~~Federal ~~assume~~Reserve ~~unanticipated~~Act, the Home Owners’ Loan Act, and a variety of federal and ~~liabilities;~~state weconsumer ~~may~~protection belaws. ~~unable~~We are subject to ~~anticipate~~regular ~~fully~~examination, ~~the~~supervision, ~~risks~~and ~~associated~~regulation by various federal and state authorities with ~~entering~~regard ~~new~~to ~~market~~compliance with these and other laws and ~~segments~~regulations. orThese ~~geographical~~and ~~areas;~~other laws, regulations, and policies, including standards or interpretations to which we ~~may~~are ~~incur~~subject, ~~unanticipated~~could ~~expenses~~change at any time. ~~These~~In ~~factors~~addition, ~~could~~we ~~affect~~are required to obtain regulatory approval of the acquisition by M&T. One or more regulators may not approve that acquisition. Alternatively, in connection with obtaining such approvals, our ~~financial~~regulators ~~performance~~could impose ~~negatively~~conditions on the completion of the merger or other requirements which could affect our operations materially.

We ~~typically~~implemented ~~allocate~~plans aat ~~portion~~the request of anour ~~acquisition’s~~regulators ~~purchase~~that ~~price~~are intended to, ~~goodwill.~~among Ifother things, enhance the ~~value~~independence and effectiveness of our loan review, credit policy, and credit analysis functions; address liquidity management and current and future capital requirements; improve our position on nonperforming loans; and improve our credit risk management. We were directed by our regulators not to pay dividends on our common or preferred stock without their prior approval. Subsequent to year-end, our regulators approved the ~~acquired~~payment ~~entity~~of our 2011 first quarter preferred stock dividend. Also, we agreed with our regulators that we will not purchase or ~~business~~redeem ~~unit~~our ~~deteriorates~~common or preferred stock, that we will not incur any debt, subject to certain exceptions, and that Wilmington Trust Company will not incur any debt with an original maturity of greater than one year, in each case without prior written approval from our regulators. In addition, we may benot appoint ~~required~~directors or senior executive officers of Wilmington Trust Corporation, Wilmington Trust Company, or Wilmington Trust FSB, or make severance payments to ~~record~~former directors or staff members, without prior approval of our regulators. WTFSB entered into a ~~goodwill~~supervisory agreement with the OTS ~~impairment~~on ~~that~~February 17, ~~could~~2011, ~~reduce~~pursuant ~~earnings~~to which, among other things, WTFSB is deemed to be adequately capitalized, must achieve future capital targets, limit its asset growth in any quarter to the net interest credited to its deposit liabilities during the quarter, cannot pay dividends without OTS approval, may not enter into or modify contractual arrangements related to compensation, benefits, or third-party contracts outside the ordinary course of business without prior OTS approval, and must ~~stockholders’~~take ~~equity~~steps to increase its independence from Wilmington Trust Company.

WeIf ~~run~~we ~~the~~do ~~risk~~not ofcomply ~~having~~with ~~insufficient~~these ~~liquidity~~policies, oragreements, ~~funding~~and directives, we could become subject to supervisory action, possibly including cease-and-desist orders, prompt corrective action directives, and other regulatory enforcement actions. ABased ~~lack~~on ofdiscussions ~~funding~~with our regulators, orwe believe that, without a change-of-control ~~access~~transaction acceptable to them, we likely would face itimminent significant additional regulatory actions, which likely would cause our business prospects to worsen dramatically. Any such formal enforcement action could ~~impede~~limit our ability to ~~make~~develop ~~loans,~~new business ~~fund~~or ~~other~~operate ~~asset~~our ~~growth~~existing businesses, ~~accommodate~~or ~~deposit~~require us to raise additional capital or dispose ~~withdrawals~~of ~~and~~certain ~~other~~assets ~~liability~~or ~~maturities,~~liabilities ~~meet~~within ~~contractual~~a ~~obligations~~prescribed time period, ~~and~~or ~~fund~~both. ~~new~~Such ~~business~~regulatory action ~~transactions~~could athave a ~~reasonable~~material ~~cost,~~adverse ineffect aon ~~timely~~our ~~manner~~business, ~~and~~operating ~~without~~results, ~~adverse~~and ~~consequences~~financial condition.

AWilmington ~~significant~~Trust ~~decrease~~Corporation in2010 ~~our~~Form ~~core~~10-K deposits, an inability to obtain alternative funding to our core deposits, or a substantial, unexpected, or prolonged change in the level or cost of funding could have a negative effect on our business and financial condition. 10

~~Our~~We ~~access~~are subject to ~~funding,~~contractual restrictions and ~~our~~business ~~ability~~uncertainties towhile ~~serve~~the ~~some~~M&T ~~clients,~~merger ~~could~~is pending. beOur ~~affected~~merger ~~adversely~~agreement ~~by unfavorable~~with ~~rating~~M&T ~~actions~~restricts ~~taken~~us byfrom ~~credit~~operating ~~rating~~in ~~agencies.~~any ~~Wilmington~~way ~~Trust~~other ~~Corporation~~than ~~and~~in the ~~Wilmington~~ordinary ~~Trust~~course ~~Company~~of ~~are~~business, ~~rated~~and byprohibits ~~Standard~~us &from ~~Poor’s~~taking specified actions until the merger occurs, ~~Moody~~without M&T’s ~~Investors~~consent. ~~Service,~~These ~~and~~restrictions ~~Fitch Ratings.~~may ~~Unfavorable~~prevent ~~rating~~us ~~actions~~from bypursuing ~~these~~attractive ~~agencies~~business opportunities ~~could~~that ~~increase~~may ~~our~~arise ~~cost~~prior to the completion of ~~funds~~the merger. In addition, ~~reduce~~uncertainty orabout ~~limit~~the effect of the M&T merger on our ~~access~~staff tomembers ~~certain~~and ~~types~~clients ofmay ~~funding,~~affect ~~place~~our usbusiness inadversely. We ~~violation~~may ofhave difficulty retaining staff members while the merger is pending, as certain ~~covenants~~staff members inmay ~~client~~experience uncertainty about their future roles, if any, with M&T. In addition, the uncertainty caused by the pending merger could cause our clients and ~~other~~business ~~contracts~~associates into ~~which~~change their weexisting ~~are~~business arelationships ~~party,~~with orus. ~~adversely~~These ~~affect~~uncertainties may impair our ability to attract, ~~conduct~~retain, ~~business~~and motivate key staff members and retain and grow our client base until we complete the merger.

~~Disruption~~Termination inof ~~the~~our ~~capital~~merger ~~and~~agreement ~~credit~~with ~~markets~~M&T ~~has~~could ~~created~~affect ~~illiquidity~~our ~~and~~business ~~uncertainty~~negatively. ~~The~~If ~~capital~~the merger ~~and~~agreement ~~credit~~with ~~markets~~M&T ~~have~~is terminated, there may be various adverse consequences. For example, our ~~experienced~~businesses ~~severe~~may ~~volatility~~have ~~and~~been ~~disruption~~affected ~~since~~adversely by the ~~second~~failure ~~half~~to ofpursue ~~2007.~~other Inbeneficial ~~some~~opportunities due ~~cases~~to contractual restrictions in the merger agreement, ~~these~~without realizing any of the anticipated ~~conditions~~benefits ~~have~~of ~~produced~~completing ~~downward~~the ~~pressures~~merger. onAlso, ~~security~~to ~~prices~~the ~~and~~extent ~~credit~~that ~~availability~~the ~~for~~current ~~issuers regardless~~market price of our common stock reflects a market assumption that the ~~underlying~~merger ~~financial~~with ~~strength~~M&T will be completed, the market price of our common stock could decline if the ~~issuers~~merger agreement is terminated. AIn ~~continuation~~addition, ortermination ~~worsening~~of our agreement with M&T could increase the possibility of further downgrades by the credit rating ~~these~~agencies ~~conditions~~or imminent significant additional regulatory actions, which could have a ~~materially~~material adverse effect on our business, ~~financial~~operating ~~condition~~results, and ~~results~~ offinancial ~~operations~~condition.

~~Part~~We Iare —subject ~~Item~~to 1Acredit ~~(continued)~~risk. 11This risk is associated primarily with our banks. When we make a loan through our banks, we make subjective judgments about a borrower’s ability to repay. No matter how financially sound a client or lending decision may seem, a borrower’s ability to repay can be affected adversely by economic changes and other external factors. If borrowers do not repay their loans, our levels of nonperforming assets, loan losses, and the provision for loan losses could increase.

~~The~~Adverse ~~failure~~economic ofconditions, ~~other~~especially ~~financial~~in ~~institutions~~the ~~could~~mid-Atlantic ~~affect~~region, ushave ~~adversely~~increased the degree of repayment risk inherent in our loan portfolio. We ~~have~~do ~~exposure~~most toof ~~many~~our lending in the mid-Atlantic ~~different~~region. ~~industries~~Economic ~~and~~conditions ~~counterparties,~~in ~~and~~this ~~routinely~~region ~~execute~~have ~~transactions~~affected ~~with~~the ~~other~~ability ~~financial~~of borrowers to repay their ~~services~~loans. ~~providers,~~Adverse ~~including~~conditions ~~brokers~~also ~~and~~have ~~dealers,~~reduced ~~commercial~~the ~~banks,~~value ~~investment~~of ~~banks~~assets, ~~insurers, mutual~~such ~~and~~as ~~hedge~~property ~~funds,~~or ~~and~~securities that ~~other~~borrowers ~~institutional~~use ~~clients~~as collateral. ~~Many~~A reduction in the value of ~~these~~collateral ~~transactions~~could ~~expose~~affect usour toability ~~credit~~to ~~risk~~collect in the ~~event~~balance of a ~~default~~loan byif ~~our~~the ~~counterparty~~borrower ~~or client~~defaults. InWe ~~addition,~~do ~~our~~not ~~credit~~expect ~~risk may~~the beadverse ~~exacerbated~~conditions to ~~when~~improve ~~collateral~~in wethe ~~hold~~near ~~cannot~~term. beIf ~~relied~~these ~~upon~~conditions orpersist, isthey ~~liquidated~~could athave ~~prices~~a ~~not~~further material ~~sufficient~~adverse toeffect ~~recover~~on ~~the~~our ~~full~~results ~~amount~~ of ~~our~~operation ~~exposure~~and financial condition.

~~Defaults~~Our ~~by,~~loan orportfolio ~~even~~is ~~questions~~concentrated orin ~~rumors~~commercial ~~about~~loans, ~~one~~which orconstituted ~~more~~74% ~~financial~~of ~~services~~our ~~institutions~~total loan portfolio at December 31, or2010. ~~the financial~~Some ~~services~~of ~~industry~~our incommercial ~~general,~~loans ~~could~~carry ~~create~~a ~~market-wide~~higher ~~liquidity~~degree ~~problems~~of repayment risk than others. The commercial real estate — construction and ~~could~~commercial ~~lead~~mortgage loans we make tomay ~~losses~~carry ora ~~defaults~~higher bydegree of repayment risk than other ~~institutions~~types orof usloans. ~~Any~~The ~~such~~commercial ~~losses~~real ~~could~~estate business ~~materially~~is subject to downturns, overbuilding, and ~~adversely~~economic conditions. Adverse conditions in the ~~affect~~real ~~our~~estate ~~results~~market and in the economy in general, have affected the repayment ability of ~~operations~~these borrowers more severely than other types of borrowers.

WeWilmington ~~and~~Trust ~~our~~Corporation ~~subsidiaries~~2010 ~~are~~Form ~~subject~~10-K to a variety of legal and regulatory restrictions. Failure to comply adequately with these restrictions could subject us to financial, regulatory, or other sanctions, which could have negative effects on our financial performance and ability to conduct business. These include restrictions imposed by the BHCA, the Federal Deposit Insurance Act, the Federal Reserve Act, the Home Owners’ Loan Act, and a variety of federal and state consumer protection laws. We are subject to regular examination, supervision, and regulation by various federal and state authorities with regard to compliance with these and other laws and regulations. These and other laws, regulations, and policies, including standards or interpretations, to which we are subject could change at any time. For more information about these restrictions, read the supervision and regulation section of Item 1 in this report. 11

AsCommercial amortgage ~~result~~loans ofmay ~~this~~be ~~regulatory~~riskier ~~oversight,~~than wethose ~~have~~for ~~implemented~~one-to-four ~~plans~~family atresidences. ~~the request of our~~Commercial ~~regulators~~mortgage ~~that~~loans are ~~intended~~typically ~~to,~~larger ~~among~~than other things, enhance the independence and effectiveness of our loan review, credit policy, and credit analysis functions; address liquidity management and current and future capital requirements; improve our position on nonperforming loans; ~~and~~for ~~improve our~~one-to-four ~~credit~~family ~~risk~~residential ~~management~~properties. ~~Our agreement with our regulators does not require us to raise capital.~~ In addition, wethe ~~have~~repayment ~~agreed~~of ~~with~~commercial ~~our~~mortgage ~~regulators~~loans ~~that~~typically wedepends ~~will~~on ~~not~~successful ~~purchase or redeem our common~~property ~~stock,~~operation and ~~that~~management ~~we will not incur any debt~~or, ~~subject~~in tothe ~~certain exceptions,~~case ~~and that Wilmington Trust Company will not incur any debt with an original maturity~~ of ~~greater~~owner-occupied ~~than one year~~properties, insuccessful ~~each~~operation ~~case~~of the ~~without~~underlying ~~prior written approval from our regulators~~business.

IfCommercial wemortgage ~~are~~loans ~~unable~~comprised to26% ~~comply~~of ~~with~~our ~~these~~total ~~policies~~loans oras ~~agreements~~of December 31, we2010. ~~could~~Approximately 55% ~~become~~of ~~subject~~these ~~to supervisory~~loans ~~action,~~were ~~possibly~~for ~~including~~properties ~~cease~~in ~~and~~Delaware. ~~desist~~Many ~~orders,~~of ~~prompt~~our ~~corrective~~commercial ~~action~~mortgage loans are to ~~directives~~developers, orcontactors, ~~other~~and ~~regulatory~~construction ~~enforcement~~businesses, ~~actions.~~to ~~Any~~which ~~such~~we ~~formal~~have ~~enforcement~~extended ~~action~~other ~~could~~types ~~limit~~of ~~our~~credit. ~~ability~~During to2010, ~~develop~~the ~~new~~financial ~~business~~condition orof ~~operate~~many of our ~~existing~~commercial ~~business~~mortgage borrowers worsened, orresulting ~~require~~in usincreased tononperforming ~~raise additional~~loans, ~~capital~~loan orloss ~~dispose~~provisions, ofcharge-offs, ~~certain~~and losses. ~~assets~~Further ~~and~~deterioration ~~liabilities~~in ~~within~~this aportfolio ~~prescribed~~could ~~time~~increase ~~period~~nonperforming loans, orwhich could ~~both.~~lead ~~Such~~to areduced ~~regulatory~~earnings, ~~order~~a ~~could~~higher ~~have~~loan aloss ~~material~~provision, ~~negative~~and ~~effect~~higher oncharge-offs, ~~our~~all ~~business,~~of ~~operating~~which could affect our results, of operations and financial condition adversely.

~~Because~~Commercial ofreal ~~stresses~~estate on— ~~the~~construction ~~Deposit Insurance Fund~~loans, ~~the~~which ~~FDIC~~we ~~has~~make ~~recently~~for ~~imposed,~~residential and ~~could~~commercial properties ~~impose~~and infor ~~the~~unimproved ~~future~~land, ~~additional~~carry ~~assessments~~a onhigher ~~the~~degree ~~banking~~of ~~industry.~~ repayment ~~The~~risk ~~recent~~than ~~financial~~other ~~crisis~~types ~~has caused the Deposit~~of ~~Insurance~~loans, ~~Fund~~especially ~~administered~~when by the ~~FDIC~~associated toprojects ~~fall~~are ~~below~~not ~~required~~generating ~~minimum levels~~income. ~~Because~~ ~~the~~Repayment ~~FDIC~~of ~~replenishes~~these ~~the~~types ~~Deposit~~of ~~Insurance~~loans ~~Fund~~often ~~through~~depends ~~assessments~~ on the ~~banking~~ultimate ~~industry,~~success weof ~~anticipate that~~ the ~~FDIC~~project, ~~likely~~not ~~will maintain~~on ~~relatively high deposit insurance premiums for~~ the ~~foreseeable~~borrower’s ~~future. The~~or ~~FDIC recently has imposed a~~guarantor’s ~~special~~ability ~~deposit~~to ~~insurance~~repay. ~~assessment~~In onaddition, ~~the~~consistent ~~banking~~with industry practice, ~~and~~we ~~there~~sometimes ~~can~~fund bethe ~~no assurance that it will not do so~~interest ~~again. It~~payments ~~also~~on ~~has~~a ~~required~~commercial ~~banking~~construction ~~organizations~~loan toby ~~pre-pay~~including ~~deposit~~the ~~insurance~~interest ~~premiums~~as inpart ~~order to replenish the liquid assets~~ of the ~~Deposit Insurance Fund, and it may impose similar requirements in the future~~loan. ~~High~~ ~~insurance~~This ~~premiums~~increases ~~and~~the ~~special~~total ~~assessments~~amount ~~will~~of ~~affect~~the ~~our profitability adversely~~loan.

WeCommercial ~~and~~real estate — construction loans comprised 19% of our ~~subsidiaries~~loan ~~are~~portfolio ~~subject~~as toof ~~various~~December 31, 2010. ~~legal~~Within ~~proceedings~~this ~~that~~portfolio, ~~arise~~we ~~from~~had ~~time~~a togeographic ~~time~~concentration in ~~the~~ ~~ordinary~~Delaware, ~~course~~where 55% of ~~business~~these loans were located. ~~Some~~During 2010, the financial condition of ~~these~~many ~~proceedings~~of ~~may~~our ~~seek~~commercial ~~relief~~real orestate ~~damages~~- construction borrowers worsened; updated appraisals indicated significant declines in ~~amounts~~collateral ~~that~~values, ~~may~~particularly befor ~~substantial~~construction loans in southern Delaware; and there was continued lack of improvement in the Delaware economy. ~~Typically~~These ~~these~~resulted ~~proceedings~~in ~~are~~increased ~~complex~~nonperforming loans, loan loss provisions, charge-offs, and ~~many~~losses. ~~years~~Further ~~may~~deterioration ~~pass~~of ~~before~~the commercial real estate - ~~they~~construction ~~are~~portfolio ~~resolved~~could result in an increase in nonperforming loans, which could lead to reduced earnings, a higher loan loss provision, and higher charge-offs, all of which could have a material adverse effect on our results of operations and financial condition.

~~Negative~~Consumer ~~public~~and ~~opinion~~other ~~could~~retail ~~damage~~loans comprised 26% of our ~~reputation~~total loans at December 31, 2010. ~~Negative~~Consumer loans ~~public~~may ~~opinion~~carry ~~can~~a ~~result~~higher ~~from~~degree ~~the~~of repayment risk than residential mortgage loans, particularly ~~actual~~when orthe ~~perceived~~consumer ~~manner~~loan inis ~~which~~unsecured. weRepayment ~~conduct~~of ~~business~~a consumer loan typically depends on the borrower’s financial stability, ~~manage~~and ~~actual~~it oris ~~potential~~more ~~conflicts~~likely ofto be affected adversely by job loss, ~~interest~~illness, or personal bankruptcy. In addition, federal and ~~ethical~~state ~~issues~~bankruptcy, insolvency, and ~~protect~~other laws ~~confidential~~may ~~client~~limit ~~information.~~the Itamount we can ~~have~~recover anwhen ~~adverse~~a consumer client defaults. During 2010, the ~~effect~~financial oncondition ~~our~~of ~~ability~~many toof ~~attract~~our consumer and ~~retain~~other ~~clients~~retail borrowers worsened. Further deterioration in this portfolio could increase nonperforming loans, ~~expose~~which uscould lead to ~~litigation~~reduced earnings, ~~and~~higher ~~regulatory actions~~loan loss provisions, and ~~ultimately~~higher charge-offs, all of which could affect our results of operations and financial ~~performance~~condition ~~negatively~~adversely.

~~Our~~We ~~ability~~maintain toa ~~pay~~reserve ~~dividends~~for onloan ~~our~~losses ~~stock~~which ~~depends on~~represents ~~the~~our ~~financial~~best ~~results~~estimate of ~~our~~inherent ~~wholly owned~~losses ~~subsidiaries,~~in ~~and~~our loan ~~other factors~~portfolio. AsWe aestablish ~~bank~~the ~~holding~~reserve ~~company,~~by wecharging ~~conduct~~a ~~almost~~provision ~~all~~for ofloan ~~our~~losses ~~business~~against ~~through WTC, WTFSB, and our other subsidiaries~~income. ~~Payments to us by these~~ ~~subsidiaries~~We ~~are~~determine the ~~primary~~amount ~~sources~~ of the ~~capital~~reserve ~~we use to pay dividends. The ability of our subsidiaries to make these payments to us is limited~~ by ~~their~~making ~~need~~subjective tojudgments ~~maintain~~about ~~sufficient capital and by other general regulatory restrictions on~~ the ~~dividends~~likelihood ~~they pay us. We have agreed with our~~that ~~regulators~~loans ~~that Wilmington Trust Company~~ will ~~not~~be ~~pay~~repaid. ~~dividends~~The toinformation ~~us without~~we ~~prior~~consider ~~written~~includes ~~approval~~both ~~from~~quantitative ~~its regulators, if~~and ~~such dividends would reduce its regulatory capital ratios below the minimum levels required for it to remain well capitalized under the applicable regulatory capital standards, or~~qualitative ~~below the minimum~~

~~levels required under its internal capital plan, whichever are higher. If~~ Wilmington Trust ~~Company~~ ~~does~~Corporation ~~not~~2010 ~~satisfy~~Form ~~these~~10-K ~~requirements, we may be unable to pay dividends on our stock.~~ 12

~~Our~~factors, ~~participation~~including loan loss experience, loan concentrations, trends in ~~the~~economic ~~CPP~~conditions, ~~places~~and trends ~~some~~in ~~restrictions~~collateral oncomposition, ~~our~~valuation, ~~ability~~appraisals, toand ~~pay~~other orfactors. ~~increase~~Establishing ~~dividends~~the onreserve ~~our~~for ~~common~~loan ~~stock~~losses involves significant estimates and judgments. ~~For~~Changing ~~more~~conditions, new information, ~~about~~and ~~these~~additional ~~and~~problem ~~other~~loans ~~regulatory~~could ~~restrictions~~require onus ~~common stock~~to ~~dividend~~increase ~~payments~~our reserve for loan losses, which ~~read~~may ~~Item 5~~have ~~and~~an ~~Note~~adverse ~~16,~~effect ~~“Capital,”~~on inour ~~this~~results ~~report~~of operations and financial condition.

InMarket ~~the~~interest ~~future,~~rates wecan ~~may~~affect ~~issue~~loan ~~debt~~profitability and ~~equity~~increase ~~securities~~repayment ~~that~~risk. ~~could~~The ~~reduce~~interest rates ~~the~~on ~~value~~almost all of our ~~common stock.~~commercial Weloans, ~~may~~and ~~attempt~~on tomany ~~increase~~of our ~~capital~~consumer ~~resources~~and byresidential ~~issuing additional common stock,~~mortgage ~~preferred stock~~loans, orare ~~secured~~adjustable ~~or unsecured debt~~(floating). ~~Some~~Floating ofrate ~~these~~loans ~~issues,~~generally ~~were~~carry ~~they~~lower toinitial ~~occur,~~interest ~~could~~rates ~~substantially~~than ~~dilute~~fixed ~~the~~rate ~~value~~loans, ofwhich ~~our~~may ~~common~~make ~~stock.~~them ~~Because~~less ~~our~~profitable ~~decision~~than tofixed ~~incur~~rate ~~debt~~loans ~~and~~during ~~issue~~the initial ~~securities~~interest inrate ~~future~~period. ~~offerings~~When ~~may~~the befloating ~~influenced~~rate byrises, ~~market~~it ~~conditions~~may ~~and~~be ~~other~~more ~~factors~~difficult ~~beyond~~for ~~our control,~~some weborrowers ~~cannot~~to repay ~~predict~~their ~~or estimate the amount~~loans, ~~timing,~~and orloan ~~nature~~delinquencies ofmay ~~our future offerings or debt financings. In addition~~increase, ~~market~~which ~~conditions~~ could ~~require~~result ~~us to accept less favorable terms for the issuance of our securities~~ in ~~the~~significant ~~future. More information about these potential activities is~~increases in ~~the~~nonperforming ~~prospectus~~loans, ~~supplement~~charge-offs, and ~~amended~~provisions ~~shelf~~for ~~registration~~loan ~~filed with the SEC on January 12~~losses, ~~2009. These~~and ~~documents~~have ~~are~~a ~~available~~material oneffect ~~www.wilmingtontrust.com in the Investor Relations section~~on ~~under~~our ~~SEC~~financial ~~filings~~condition.

~~Our~~For ~~certificate~~additional ofdiscussion ~~incorporation~~about ~~may~~how ~~discourage~~the ~~unsolicited~~recession ~~acquisition proposals. Our certificate of incorporation, our bylaws,~~ and ~~Delaware law include certain anti-takeover provisions. These protections could discourage potential acquisition proposals, or delay or prevent a change in control of~~ our ~~company.~~credit ~~Under~~risk ~~these~~concentrations ~~provisions, we~~ have ~~a classified Board of Directors; we require~~affected ~~shareholders to inform us in advance and meet certain other conditions if they nominate directors; and we have the ability to issue the balance of~~ our ~~1 million~~financial ~~shares~~results ~~of preferred stock~~ and ~~the balance of our 150 million authorized shares of common stock in the event of an unsolicited acquisition proposal. Under the CPP~~condition, asread ~~long as any of~~ the ~~CPP~~“Credit ~~preferred~~risk” ~~shares~~discussion ~~are~~in ~~outstanding,~~this ~~we may not issue any securities senior to those shares without the consent of the holders of at least two-thirds of those shares~~report.

~~Other~~Changes ~~risks~~in ~~could~~market interest rates, and the pace at which they occur, can affect net interest income adversely. Market interest rates present more risk to us than inflation. As a financial institution, nearly all of our ~~earnings~~assets and ~~damage~~liabilities ~~our~~are ~~reputation.~~monetary ~~These~~in ~~include~~nature. ~~human~~Their ~~error,~~values are ~~systems~~more ~~failures,~~likely ~~breach~~to ofbe ~~fiduciary~~eroded ~~duty,~~by ~~fraud,~~changes ~~and~~in ~~inadequate~~market ~~controls~~interest ~~and~~rates ~~procedures~~than by the effects of inflation on currency valuations.

~~Additional~~Rate ~~information~~changes, which can affect the yields we earn on loans and investments and the rates we pay on deposits and other borrowings, can affect our net interest margin and net interest income positively or negatively, and ultimately affect our financial performance. We have experienced an extended period of historically low interest rates since 2008, which has affected our net interest income. For ~~more~~additional information about this, read the ~~risks~~“Net tointerest ~~which~~income weand ~~are~~margin” ~~exposed,~~discussion in ~~read:~~this report.

•		The sections on credit risk and capital resources in the MD&A in this report.
•		Item 7A, “Quantitative and Qualitative Disclosures about Market Risk,” in this report.

Securities in our investment portfolio are subject to credit risk, market risk, and illiquidity. The fair value of instruments in our investment securities portfolio may fall below the amount at which we purchased them, and we may be required to record these valuation declines as impairment losses. These conditions could result from factors beyond our control, including credit rating agency downgrades, issuer defaults, lack of market demand or trading activity, and instability in the credit markets. In addition, issuers of these securities may prepay or revoke instruments prior to their scheduled maturity. These conditions could affect our cash flows and earnings negatively.

~~Item 1B~~Any change in current accounting principles or interpretations of those principles could affect our assessment of the fair value of our securities and our determination of whether they are other-than-temporarily impaired. ~~Unresolved~~Such ~~Staff~~a ~~Comments~~determination would require us to record a non-cash charge in an amount equal to the decrease in the value of the securities.

~~None~~Volatility in financial markets can affect our noninterest income adversely. Some of our WAS and CCS fees, and all of our affiliate money manager fees, are based on financial market valuations of assets we or our affiliate money managers manage or hold

~~Our largest properties are in downtown~~ Wilmington, ~~Delaware: the Wilmington~~ Trust ~~Center~~Corporation ~~(1100 North~~2010 ~~Market~~Form ~~Street)~~10-K and the Wilmington Trust Plaza (301 West Eleventh Street). Our headquarters are in the Wilmington Trust Center, which is owned by Rodney Square Investors, L.P., one of our subsidiaries. At the end of 2009, the outstanding mortgage on this building was $32,433,144. There is no mortgage on the Wilmington Trust Plaza, an operations facility owned by one of our subsidiaries. 13

Atin ~~December 31,~~custody ~~2009~~for clients. Changes in these valuations can affect noninterest income positively or negatively, and ultimately affect our ~~branch~~financial ~~office~~results. ~~(as~~Significant ~~defined~~changes byin ~~banking~~the ~~regulators)~~volume of activity in the capital markets, and ~~other~~in ~~office locations~~the ~~were~~number asof ~~follows:~~assignments we are awarded, could also affect our financial results.

•Circumstances ~~Arizona: One office~~ in ~~Phoenix.~~the •mid-Atlantic ~~California:~~region, ~~One~~throughout ~~office~~the ~~each~~United inStates, ~~Los Angeles~~ and ~~Costa~~around ~~Mesa.~~the •world ~~Connecticut:~~could reduce ~~One~~demand ~~office~~for ~~each~~our inservices ~~Guilford~~ and ~~Stamford.~~adversely •affect ~~Delaware:~~our 48ability ~~branch~~to ~~offices~~conduct ~~throughout~~business. ~~the~~These circumstances ~~state~~include ~~(24~~inflation, inrecession, ~~New Castle County~~unemployment, ~~including~~changes ~~one each at the Wilmington Trust Center and Wilmington Trust Plaza; 8~~ in ~~Kent~~market ~~County;~~interest ~~and~~rates, 16money supply, intax ~~Sussex County)~~policies, ~~plus~~the 1competitive ~~retirement~~environment, ~~services~~economic ~~administrative~~uncertainty, ~~office~~military ~~in Wilmington. • Florida: One branch office in North Palm Beach and one office each in Palm Beach~~actions, ~~Stuart,~~ and other ~~Vero~~factors ~~Beach.~~beyond •our ~~Georgia: One office in Atlanta~~control.

~~Part~~Changes Iin —business ~~Item~~and 2economic ~~(continued)~~conditions 13in general, or specifically in the principal markets in which we do business, could affect our financial results adversely. Our results also could be affected adversely by a weakening of, or sustained weakness in, business or economic conditions that may affect our clients and counterparties directly or indirectly. These conditions could lead to:

• ~~Maryland:~~A ~~One~~decrease ~~branch office~~ in ~~Baltimore~~the ~~and~~demand ~~one~~for ~~office~~loans in Bel Air. • Massachusetts: One office in Boston. • Michigan: One office in Birmingham. • Minnesota: One office in Minneapolis. • Nevada: One office in Las Vegas. • New Jersey: One office each in Jersey City, Mt. Laurel, and ~~Princeton.~~other •products ~~New York: Two offices in New York City. • Pennsylvania: One branch office each in Bethlehem, Doylestown, Philadelphia, Villanova,~~ and ~~West~~services ~~Chester.~~we ~~• South Carolina: One office in Charleston~~offer. • Vermont: One office in Burlington. • Europe: One office each in the Channel Islands (Jersey), England (London), Ireland (Dublin), Germany (Frankfurt), Luxembourg, and The Netherlands (Amsterdam). • Caribbean: One office in Grand Cayman, Cayman Islands.

We• ~~own~~A 29decrease ofin ~~these~~client ~~offices.~~savings, Wein ~~lease space for the others. We believe these offices are suitable and adequate for our needs~~general, and ~~that we could accommodate further growth by utilizing existing capacity or by acquiring or renting additional space. More information about our lease obligations is~~ in ~~the~~demand ~~discussion~~for ~~of contractual obligations, which is in~~ the ~~MD&A~~savings and ininvestment ~~Note~~products ~~13,~~we ~~“Commitments and contingencies~~offer,” in ~~this report~~particular.

~~Our~~• ~~Regional~~An ~~Banking~~increase in the number of clients and ~~CCS~~counterparties ~~businesses~~who ~~operate~~become ~~principally~~delinquent, atfile ~~the~~for ~~Wilmington~~protection ~~Trust~~under ~~Center~~bankruptcy laws, or default on their loans and ~~Wilmington~~ ~~Trust~~other ~~Plaza.~~obligations ~~CCS~~to ~~also~~us. ~~leases~~An aincrease ~~substantial~~in ~~portion~~the number of adelinquencies, ~~facility~~bankruptcies, ~~across~~or ~~the~~defaults ~~street~~could ~~from the~~result ~~Wilmington~~in ~~Trust~~a ~~Center.~~higher ~~The~~level ~~WAS~~of ~~business~~nonperforming ~~operates~~assets, ~~principally~~net atcharge-offs, ~~the~~and ~~Wilmington~~provisions ~~Trust~~for ~~Center~~loan losses.

~~Regional~~Our ~~Banking operates our branch offices, except for the one in Florida, which WAS operates.~~ Regional Banking ~~and~~business ~~WAS~~is ~~operate~~particularly ~~our~~vulnerable ~~offices~~to inadverse ~~Maryland,~~changes ~~New Jersey, and Pennsylvania. WAS operates our offices~~ in ~~California,~~economic ~~Connecticut, Florida, Georgia, and Massachusetts. WAS and CCS~~conditions ~~operate our offices~~ in ~~New~~the ~~York.~~mid-Atlantic ~~CCS operates our offices in Arizona~~region, ~~Michigan,~~where ~~Minnesota,~~this ~~Nevada, South~~business ~~Carolina,~~is ~~Vermont, Europe, and the Caribbean~~concentrated.

~~Our~~Competition ~~fourth~~can ~~reporting~~cause ~~segment~~us —to ~~Affiliate~~increase ~~Money~~the ~~Managers~~rates —we ~~comprises~~pay ~~our~~to ~~investments~~attract indeposits, ~~Cramer~~reduce the interest ~~Rosenthal~~rates ~~McGlynn~~we ~~(CRM)~~ can charge on loans, and ~~Roxbury~~reduce ~~Capital~~the ~~Management~~fees ~~(RCM)~~we charge for services. ~~CRM~~Competition ~~leases~~can ~~office~~also affect ~~space~~our inability ~~New~~to ~~York~~retain existing clients or attract new clients. We compete for loans, ~~New~~deposits, ~~York.~~assets ~~RCM~~to ~~leases~~manage ~~office~~or ~~space~~hold in ~~Minneapolis~~custody, ~~Minnesota,~~ and ~~Santa~~opportunities ~~Monica~~to provide trustee, administrative, ~~California~~and other services.

~~Item 3~~We compete for loans primarily with savings banks, savings and loan associations, commercial banks, mortgage banking companies, insurance companies, and other institutional lenders in the mid-Atlantic region. ~~Legal~~For ~~Proceedings~~deposits, we compete primarily with savings banks, savings and loan associations, and commercial banks operating in the mid-Atlantic region. We also compete for deposits with dealers in government securities, deposit brokers, and credit card, direct, and internet-based financial institutions.

We ~~and~~compete ~~our~~for ~~subsidiaries~~other ~~are~~types ~~subject to various legal proceedings that arise from time to time in the ordinary course~~ of business. ~~Some~~with ofregional ~~these~~and ~~proceedings~~money ~~may~~center ~~seek~~banks, ~~relief~~trust ~~or damages in amounts~~companies, ~~that~~investment ~~may~~advisors, bemutual ~~substantial.~~fund ~~Because these proceedings are complex~~companies, ~~many~~family ~~years~~office ~~may~~service ~~pass before they are resolved~~providers, ~~and~~insurance ~~it is not feasible to predict their outcomes. Some of these proceedings involve~~companies, ~~claims~~accounting ~~that~~firms, welaw ~~believe may be covered by insurance~~firms, and weother ~~have~~service ~~advised our insurance carriers accordingly~~providers.

AsSome of ~~December 31,~~our ~~2009~~competitors are larger, wehave ~~believed~~greater ~~there~~financial ~~were~~resources, nohave ~~outstanding~~higher ~~legal~~lending ~~matters~~limits, and provide services that, ~~upon~~we ~~their ultimate~~do ~~resolution~~not, ~~would~~such ~~have~~as ainvestment ~~materially~~banking. ~~adverse~~In ~~effect~~some oncases, ~~our~~mergers, acquisitions, ~~consolidated~~and other types of consolidation within the financial services ~~condition.~~

NoWilmington ~~matter~~Trust ~~was~~Corporation ~~submitted~~2010 toForm ~~security~~10-K ~~holders for a vote during the fourth quarter of the year ended December 31, 2009.~~ 14

14industry ~~Wilmington~~have ~~Trust~~heightened ~~Corporation~~competition ~~2009~~by ~~Form~~reducing the number of competitors. In other cases, consolidation that created very large institutions has reduced the number of independent, conflict-~~10-K~~free competitors and improved our competitive position.

~~Part~~Our IIbusiness could be affected adversely if we fail to develop and market new and innovative products and services, or fail to adopt or deploy new technologies. Our ability to compete for business depends in part on our ability to develop ways to differentiate our products and services and to improve efficiency. Competitive pressures plus rapid technological change in our industry require us to invest in new products and services, and to bring them to market in a timely fashion and at a competitive price, on an ongoing basis.

~~Item 5~~Developing and introducing new products can be risky. ~~Market~~We ~~for~~may ~~Registrant’s~~not ~~Common~~achieve ~~Equity~~timeframe, ~~Related~~price, ~~Stockholder~~or profitability ~~Matters~~targets. Changes in the regulatory environment, competition, and ~~Issuer~~market demand could ~~Purchases~~affect our ability to launch new products successfully. There could be unanticipated effects on our system of ~~Equity~~internal ~~Securities~~controls. These factors could affect our financial performance adversely.

~~Our~~Changes ~~common~~in ~~stock~~accounting isrules ~~listed~~may affect our reported earnings and ~~traded~~operating ~~principally~~income onadversely. Generally ~~the~~accepted ~~New~~accounting ~~York~~principles ~~Stock~~(GAAP) and ~~Exchange~~accompanying accounting pronouncements, ~~under~~implementation ~~the~~guidelines, ~~symbol~~and WLinterpretations for many aspects of our business are highly complex and may involve subjective judgments. Changes in these rules or their interpretations could affect ~~STATISTICAL~~our ~~INFORMATION~~earnings significantly.

As of December 31	2009		2008		2007
Shareholders of record (approximate)		7,278		7,534		7,718
Diluted shares outstanding (average)		68,965,938		67,453,648		68,850,523
Basic shares outstanding (period end)		69,396,986		69,113,448		67,086,546
Market capitalization	$0.86 billion		$1.54 billion		$2.36 billion

Changes in the value of goodwill or intangible assets on our balance sheet could affect earnings adversely. If we determine that any of our goodwill or intangible assets are impaired under GAAP, we may be required to record an expense that could reduce earnings and stockholders’ equity.

AsWe review our goodwill and intangible assets for impairment when events or changes in circumstances indicate that the carrying value of those assets may not be recoverable. We are required to test ~~February 19,~~for impairment at least annually. During 2010, we ~~had~~recorded ~~approximately~~a ~~7,254~~$24.5 million ~~shareholders~~impairment ofwrite-down on ~~record~~the ofgoodwill related to our ~~common~~affiliate ~~stock and~~money ~~one~~manager ~~shareholder~~Roxbury ofCapital ~~record~~Management of(RCM) and on our Regional ~~Series~~Banking segment. In 2008, we recorded an impairment write-down for $66.9 Amillion ~~preferred~~on ~~stock~~our investment in RCM.

WeReductions ~~have~~in ~~agreed~~the ~~not~~value toof ~~repurchase~~ our ~~stock~~deferred ~~without~~tax ~~prior~~assets ~~written~~could ~~approval~~affect ~~from~~earnings ~~our regulators~~adversely. InA ~~addition,~~deferred ~~until~~tax asset ~~December~~(DTA) ~~12,~~is ~~2011,~~created orby ~~until~~the tax effect of the Udifferences between an asset’s book value and its tax basis.S. ~~Treasury~~We noassess ~~longer~~our ~~holds~~DTAs ~~any~~periodically to determine the likelihood of our ability to realize their benefits. These assessments consider the ~~Series A~~performance ~~preferred~~of ~~stock~~the weassociated ~~issued~~business and its ability to itgenerate ~~under~~future taxable income. If the ~~CPP,~~information ~~whichever~~available to us at the time of assessment indicates that it is ~~earlier,~~more likely than not that we ~~are~~will not realize the DTA benefit, we ~~permitted~~are required to ~~repurchase~~establish ~~any~~a ofvaluation allowance for it and record a corresponding charge against earnings. Such charges could have a material adverse effect on our ~~common~~results ~~stock,~~of ~~subject~~operations toor financial ~~certain~~position. ~~exceptions~~During 2010, ~~without~~we ~~the~~established ~~prior approval~~a of$292.2 million ~~our~~valuation ~~regulators~~allowance against our DTAs.

~~COMMON~~Wilmington ~~STOCK~~Trust ~~PRICE~~Corporation ~~PERFORMANCE~~2010 ~~AND~~Form ~~DIVIDENDS~~ 10-K 15

~~The~~We ~~graph~~run ~~below compares~~ the ~~cumulative~~risk ~~total~~of ~~stockholder~~having ~~return~~insufficient ~~(including~~liquidity, ~~price~~or ~~appreciation and~~funding. ~~dividend~~A ~~reinvestments)~~lack onof ~~our~~funding, ~~common~~or ~~stock~~access ~~with~~to ~~all companies in the Standard & Poor’s 500~~it, ~~Index~~could ~~(S&P~~impede ~~500)~~our ~~and~~ability ~~companies~~to inmake ~~the Keefe~~loans, ~~Bruyette~~fund &other ~~Woods~~asset ~~(KBW) 50~~growth, ~~Bank~~accommodate ~~Index~~deposit ~~over~~withdrawals and ~~the~~other ~~past~~liability ~~five years~~maturities, ~~assuming~~meet ancontractual ~~initial~~obligations, ~~investment~~and offund ~~$100~~new ~~at the close of~~ business ontransactions ~~December 31, 2004. The~~at ~~KBW~~a 50reasonable ~~Bank Index includes all money center banks and most major regional banks~~cost, ~~weighted~~in ~~by market capitalization. We regard it as~~ a ~~proxy~~timely ~~for~~manner, ~~the~~and ~~stock~~without ~~price~~adverse ~~performance of large banks throughout the United States~~ consequences.

~~TOTAL~~Core ~~RETURN~~deposits ON(deposits ~~WILMINGTON~~from ~~TRUST~~clients) ~~COMMON~~are ~~STOCK~~our primary source of funding. Our core deposits come primarily from Delaware, where our consumer banking activities are concentrated. Because we make commercial loans throughout the mid-Atlantic region, we rely on other funding sources to augment core deposits.

~~Part~~A IIsignificant —decrease ~~Item~~in 5our 15core deposits, an inability to obtain alternative funding to our core deposits, or a substantial, unexpected, or prolonged change in the level or cost of funding could have an adverse effect on our business and financial condition.

~~CUMULATIVE~~Our ~~TOTAL~~access ~~STOCKHOLDER~~to ~~RETURN~~funding, and our ability to serve some clients, could be affected adversely by unfavorable rating actions taken by credit rating agencies. Wilmington Trust Corporation and Wilmington Trust Company are rated by Standard & Poor’s, Moody’s Investors Service, and Fitch Ratings. Unfavorable rating actions by these agencies could increase our cost of funds, reduce or limit our access to certain types of funding, place us in violation of certain covenants in client and other contracts in which we are a party, or adversely affect our ability to conduct business. On February 16, 2011, Standard & Poor’s lowered its credit ratings on Wilmington Trust Corporation and Wilmington Trust Company, citing our continued credit quality problems, our fourth quarter net loss, and further erosion of our capital. Because we expect that our credit ratings will be consistent with M&T’s upon consummation of the merger, we believe that these lower credit ratings will not have a material effect on our business, operating results, or financial condition. This or further credit rating downgrades could have a material effect on our business, operating results, or financial condition if our merger agreement with M&T is terminated.

As of December 31	2004		2005		2006		2007		2008		2009
WL	$	100.0	$	111.2	$	124.0	$	107.0	$	71.2	$	40.8
S&P 500 Index	$	100.0	$	104.9	$	121.4	$	128.1	$	80.8	$	102.1
KBW 50 Bank Index	$	100.0	$	101.3	$	120.8	$	93.0	$	50.7	$	51.3

Disruption in the capital and credit markets has created illiquidity and uncertainty. The capital and credit markets have experienced severe volatility and disruption since the second half of 2007. In some cases, these conditions have produced downward pressures on security prices and credit availability for issuers regardless of the underlying financial strength of the issuers. A continuation or worsening of these conditions could have a materially adverse effect on our business, financial condition, and results of operations.

~~COMMON~~The ~~STOCK~~failure ~~PRICE~~of ~~PERFORMANCE1~~other ~~AND~~financial ~~PER-SHARE~~institutions ~~DIVIDENDS~~could ~~PAID~~affect us adversely. We have exposure to many different industries and counterparties, and routinely execute transactions with other financial services providers, including brokers and dealers, commercial banks, investment banks, insurers, mutual and hedge funds, and other institutional clients. Many of these transactions expose us to credit risk in the event of a default by our counterparty or client. In addition, our credit risk may be exacerbated when collateral we hold cannot be relied upon or is liquidated at prices not sufficient to recover the full amount of our exposure.

	2009						2008						2007
					Dividend						Dividend						Dividend
Period	High		Low		paid		High		Low		paid		High		Low		paid
First quarter	$	22.53	$	6.76	$	0.1725	$	35.50	$	27.78	$	0.335	$	44.55	$	39.74	$	0.315
Second quarter	$	18.66	$	9.03	$	0.1725	$	35.17	$	26.26	$	0.345	$	43.14	$	39.62	$	0.335
Third quarter	$	15.82	$	9.75	$	0.0100	$	46.75	$	20.50	$	0.345	$	42.14	$	36.46	$	0.335
Fourth quarter	$	15.90	$	11.45	$	0.0100	$	31.07	$	19.49	$	0.345	$	42.00	$	32.57	$	0.335
Full year	$	22.53	$	6.76	$	0.3650	$	46.75	$	19.49	$	1.370	$	44.55	$	32.57	$	1.320

Defaults by, or even questions or rumors about, one or more financial services institutions, or the financial services industry in general, could create market-wide liquidity problems and could lead to losses or defaults by other institutions or us. Any such losses could materially and adversely affect our results of operations.

WeWilmington ~~reduced~~Trust ~~the~~Corporation ~~quarterly~~2010 ~~dividend~~Form on our common stock to $0.1725 per share on January 29, 2009, and to $0.01 per share on July 22, 2009. Our ability to pay dividends on our common stock is limited by our participation in the CPP, other regulatory restrictions, and our own prudent capital management policies. Our policy is not to pay dividends that would reduce our regulatory capital ratios below the level required for us to qualify as a well10-~~capitalized~~K ~~financial institution. For more information about these regulatory capital ratios, read the capital resources section in this report.~~ 16

~~Wilmington Trust~~The ~~Company~~financial ~~may~~services ~~not~~industry ~~pay~~is ~~any~~subject ~~dividends~~ to usextensive ~~that~~regulation, ~~would~~which ~~cause~~is ~~its~~undergoing ~~regulatory capital ratios~~major tochange. ~~fall~~As ~~below the minimum levels required for it to remain~~ a ~~well-capitalized~~ ~~institution~~financial ~~under~~services ~~the applicable regulatory capital standards~~institution, orwe ~~the minimum levels required under its internal capital plan, whichever~~ are ~~higher,~~subject ~~without prior written approval from its regulators. For more information about our dividends and restrictions on our ability~~ to ~~pay~~financial ~~them,~~services ~~read the capital resources~~laws, ~~discussion~~regulations, ~~Item~~administrative 1Aactions, ~~“Risk~~and ~~Factors,”~~policies ~~and~~in ~~Note~~each ~~16, “Capital,”~~jurisdiction in ~~this~~which ~~report~~we operate.

~~PER~~The enactment of the Dodd-~~SHARE~~Frank ~~PRICE~~Act ~~AND~~could ~~BOOK~~affect ~~VALUE~~our financial results adversely. In July 2010, Congress enacted and the President signed the Dodd-Frank Act, which will impose comprehensive regulation of financial institutions. This law, among other things:

	2009				2008				2007
At quarter end	Closing price		Book value1		Closing price		Book value1		Closing price		Book value
First	$	9.69	$	14.64	$	31.10	$	16.99	$	42.17	$	15.89
Second	$	13.66	$	14.26	$	26.44	$	15.84	$	41.51	$	15.66
Third	$	14.20	$	14.29	$	28.83	$	15.60	$	38.90	$	16.04
Fourth	$	12.34	$	14.17	$	22.24	$	14.65	$	35.20	$	16.70

•

Establishes higher capital standards for banks and bank holding companies;

1• ~~Does~~Enhances ~~not~~regulation ~~include~~of ~~preferred~~financial ~~stock~~markets, including derivatives and ~~noncontrolling~~securitization ~~interest.~~markets;

~~SECURITIES~~• ~~AUTHORIZED~~Prohibits ~~FOR~~banks ~~ISSUANCE~~from ~~UNDER~~engaging ~~EQUITY~~in ~~COMPENSATION~~certain ~~PLANS~~ trading activities;

(c)

(a)

Number of securities remaining

Number of securities to

(b)

available for future issuance

be issued upon exercise

Weighted average exercise price

under equity compensation

of outstanding options,

plans (excluding securities

Plan category

warrants, and rights

reflected in column a)

Equity compensation plans approved by security holders

7,683,315

$ 31.05

2,308,058

Equity compensation plans not approved by security holders

—

Total

7,683,315

$ 31.05

2,308,058

•

Creates a Consumer Financial Protection Bureau authorized to promulgate and enforce consumer protection regulations of financial products, which would affect both banks and non-bank finance companies;

16• ~~Wilmington~~Creates ~~Trust~~a ~~Corporation~~Financial ~~2009~~Services ~~Form-10-K~~Oversight Council to identify emerging systemic risks and improve interagency cooperation;

~~SHARE~~• ~~REPURCHASES~~ Eliminates the Office of Thrift Supervision and transfers oversight of federally chartered thrift institutions to the Office of the Comptroller of the Currency; and

~~Our~~• ~~current~~Permanently ~~share~~increases ~~repurchase~~the ~~plan~~previously ~~permits~~implemented ustemporary toincrease ~~buy back up to 8 million shares~~ of ~~Wilmington Trust~~FDIC ~~common~~deposit ~~stock.~~insurance Weto ~~did not repurchase any of our shares under this program during 2009 or 2008~~$250,000.

WeWhile ~~have~~it ~~agreed~~has ~~not~~been tosigned ~~repurchase~~into ~~our~~law, ~~stock~~numerous ~~without~~provisions ~~prior~~of ~~written~~the ~~approval~~Act ~~from~~will ~~our~~be ~~regulators. In~~implemented ~~addition,~~through ~~until~~rulemaking ~~December~~by ~~12,~~various ~~2011,~~regulatory oragencies. ~~until~~We are unable to predict what the ~~U.S.~~final ~~Treasury~~form noof ~~longer~~these rules ~~holds~~will ~~any~~be when implemented, but believe that certain aspects of the ~~Series~~new Alegislation, ~~preferred~~including the ~~stock~~increase wein ~~issued~~deposit ~~to it~~insurance ~~under~~premiums and the ~~CPP,~~cost ~~whichever~~of iscomplying ~~earlier,~~with wedisclosure ~~are~~and ~~not~~reporting requirements ~~permitted~~and toexaminations ~~repurchase~~by ~~any~~the ofnew ~~our~~Consumer ~~common~~Financial ~~stock~~Protection Bureau, ~~subject~~could ~~to certain~~affect ~~exceptions~~our business, ~~without~~financial ~~the~~condition, ~~prior~~and ~~approval~~results of ~~our~~operations ~~regulators~~significantly.

~~SHARE~~Because ~~REPURCHASE~~of ~~PLAN~~stresses ~~ACTIVITY~~on the Deposit Insurance Fund, the FDIC has recently imposed, and could impose in the future, additional assessments on the banking industry. The financial crisis that began in 2008 caused the Deposit Insurance Fund, administered by the FDIC, to fall below required minimum levels. Although the FDIC has replenished part of the fund through higher premiums, special assessments, and prepaid premiums, we anticipate that the FDIC likely will maintain relatively high deposit insurance premiums for the foreseeable future. The FDIC imposed a special deposit insurance assessment on the banking industry in 2009, and there can be no assurance that it will not do so again. It also has required banking organizations to pre-pay deposit insurance premiums in order to replenish the liquid assets of the Deposit Insurance Fund, and it may impose similar requirements in the future. High insurance premiums and special assessments will affect our profitability adversely.

As of and for the year ended December 31	2009		2008		2007
Number of shares repurchased		—		—		2,000,000
Average price per share repurchased	$	—	$	—	$	39.60
Total cost of shares repurchased (in millions)	$	—	$	—	$	79.2
Total shares purchased under current plan		3,043,796		3,043,796		3,043,796
Shares available for repurchase		4,956,204		4,956,204		4,956,204

We and our subsidiaries are subject to various legal proceedings that arise from time to time in the ordinary course of business. Some of these proceedings may seek relief or damages in amounts that may be substantial. Typically these proceedings are complex, and many years may pass before they are resolved.

~~Share~~In ~~repurchase~~addition, ~~amounts~~several inlegal ~~the~~proceedings ~~table~~have ~~below~~commenced ~~may~~since ~~not match share repurchase amounts in~~ the ~~table~~ ~~above,~~announcement ~~because the amounts in the table below include shares we receive when recipients~~ of ~~stock-based~~ ~~compensation~~our ~~tender shares to exercise their options or to cover payroll taxes on~~merger ~~restricted~~agreement ~~stock~~with ~~vesting~~M&T. WeFor ~~consider~~more ~~these~~information ~~types~~about ofthis, ~~share~~read ~~acquisitions~~Item 3, to“Legal ~~be outside the parameters of our authorized share repurchase plan~~Proceedings,” ~~because~~in ~~these shares are not trading on the~~this ~~open market when we acquire them~~report.

							Maximum
					Total number of		number of shares
					shares purchased		that may yet
	Total number				as part of publicly		be purchased
	of shares		Average price		announced plans		under the plans
Period	repurchased		paid per share		or programs		or programs1
October		—		—		—		15,613,056
November		—		—		—		15,528,520
December		—		—		—		15,545,821
Total		—		—		—		15,545,821



Wilmington Trust Corporation 2010 Form 10-K		17

1Negative Inpublic ~~April~~opinion ~~2002,~~could damage our ~~Board~~reputation. ofNegative ~~Directors~~public ~~authorized~~opinion can result from the actual ~~repurchase~~or perceived manner in which we conduct business, manage actual or potential conflicts of interest upand ethical issues, and protect confidential client information. It can have an adverse effect on our ability to 8attract ~~million~~and ~~shares~~retain ofclients, expose us to litigation and regulatory actions, and ultimately affect our ~~common~~financial ~~stock~~performance adversely.

~~Part~~Our IIability —to ~~Item~~pay 6dividends ~~(continued)~~on 17our stock depends on the financial results of our wholly owned subsidiaries, our regulators, and other factors. As a bank holding company, we conduct almost all of our business through WTC, WTFSB, and our other subsidiaries. Payments to us by these subsidiaries are the primary sources of the capital we use to pay dividends. The ability of our subsidiaries to make these payments to us is limited by their need to maintain sufficient capital and by other general regulatory restrictions on the dividends they pay us. We agreed with our regulators that Wilmington Trust Company will not pay dividends to us without prior written approval from its regulators, if such dividends would reduce its regulatory capital ratios below the minimum levels required for it to remain well capitalized under the applicable regulatory capital standards, or below the minimum levels required under its internal capital plan, whichever are higher. We also agreed with the OTS that WTFSB will not pay dividends to us without OTS approval.

We were directed by our regulators not to pay dividends on our common or preferred stock without their prior approval. Subsequent to year-end, our regulators approved the payment of our 2011 first quarter preferred stock dividend. For more information about these and other regulatory restrictions on common and preferred stock dividend payments, read Item 6.5 ~~Selected~~and ~~Financial~~Note ~~Data~~17, “Capital,” in this report.

(Dollars in millions, except per-share amounts)	20094			20083,4			2007			20063			2005
INCOME STATEMENT
Interest income	$	437.2		$	611.4		$	722.2		$	674.8		$	516.6
Net interest income		318.2			357.7			368.9			363.1			328.9
Provision for loan losses		(205.0	)		(115.5	)		(28.2	)		(21.3	)		(11.8	)
Noninterest income		359.6			292.4			386.0			346.1			313.3
Noninterest expense		512.5			559.7			444.1			471.6			370.1
Net (loss)/income attributable to Wilmington Trust Corporation		(4.4	)		(23.6	)		182.0			143.8			167.0
Preferred dividends		18.3			0.9			—			—			—
Net (loss)/income available to common shareholders	$	(22.7)		$	(24.5	)	$	182.0		$	143.8		$	167.0
SELECTED PER-SHARE DATA
Total basic common shares issued and outstanding (in millions)		69.0			67.5			67.9			68.4			67.7
Total diluted common shares issued and outstanding (in millions)		69.0			67.5			68.9			69.7			68.6
Basic (loss)/income per common share	$	(0.33)		$	(0.36	)	$	2.68		$	2.10		$	2.47
Diluted (loss)/income per common share		(0.33	)		(0.36	)		2.64			2.06			2.43
Cash dividends declared and paid per common share		0.365			1.370			1.320			1.245			1.185
Book value1, 2		14.17			14.65			16.70			15.47			14.94
Stock price2		12.34			22.24			35.20			42.17			38.91
Price/earnings multiple		N/M			N/M			13.13			20.08			15.75
BALANCE SHEET2
Total assets	$	11,097.1		$	12,318.9		$	11,485.7		$	11,157.0		$	10,245.4
Long-term debt		442.9			468.8			267.8			388.5			400.4
SELECTED BALANCES, ON AVERAGE
Investment securities	$	855.8		$	1,561.2		$	1,863.5		$	1,884.0		$	1,863.3
Loans		9,243.5			9,200.0			8,212.0			7,699.8			7,047.1
Reserve for loan losses		(175.5	)		(108.1	)		(95.5	)		(91.8	)		(90.9	)
Earning assets		10,358.9			10,910.1			10,126.3			9,645.7			8,957.4
Total assets		11,349.2			11,881.2			10,997.4			10,495.1			9,803.0
Core deposits		6,490.3			5,333.6			5,045.5			4,936.7			4,866.6
Stockholders’ equity		1,331.6			1,103.3			1,091.2			1,059.4			949.5
SELECTED FINANCIAL RATIOS
(Loss)/return on average common stockholders’ equity1		(0.44	)%		(2.17	)%		16.68	%		13.58	%		17.59	%
(Loss)/return on average assets		(0.04	)		(0.20	)		1.65			1.37			1.70
Average common equity to asset ratio		8.89			9.13			9.92			10.09			9.68
Net interest margin		3.08			3.28			3.67			3.79			3.71
Nonperforming asset ratio (including OREO5)		5.76			2.19			0.95			0.44			0.60
Loan loss reserve ratio2		2.80			1.63			1.19			1.16			1.24
Net charge-off ratio		1.21			0.57			0.26			0.24			0.14
CAPITAL RATIOS
Risk-based capital ratio		14.31	%		13.97	%		11.21	%		12.10	%		11.84	%
Tier 1 risk-based capital ratio		9.86			9.24			7.73			8.25			7.43
Tier 1 leverage capital ratio		10.10			8.77			7.18			7.39			6.69
Tangible common equity to assets ratio		5.42			5.12			6.76			6.76			6.42
SELECTED STATISTICS
Assets under management6	$	42,136.2		$	36,504.3		$	35,934.7		$	31,222.9		$	25,998.2
Staff members (full-time-equivalent)2		2,898			2,946			2,672			2,574			2,469

Our certificate of incorporation may discourage unsolicited acquisition proposals. Our certificate of incorporation, our bylaws, and Delaware law include certain anti-takeover provisions. These protections could discourage potential acquisition proposals, or delay or prevent a change in control of our company. Under these provisions, we have a classified Board of Directors; we require stockholders to inform us in advance and meet certain other conditions if they nominate directors; and we have the ability to issue the balance of our 1 million shares of preferred stock and the balance of our 150 million authorized shares of common stock in the event of an unsolicited acquisition proposal. Under the CPP, as long as any of the CPP preferred shares are outstanding, we may not issue any securities senior to those shares without the consent of the holders of at least two-thirds of those shares.

1		Does not include preferred stock and noncontrolling interest.
2		At year-end.
3		2008 and 2006 results included non-cash goodwill impairment write-downs of $66.9 million and $72.3 million, respectively.
4		2009 and 2008 results included securities write-downs of $77.5 million and $130.7 million, respectively.
5		Other real estate owned.
6		At Wilmington Trust. Excludes Cramer Rosenthal McGlynn and Roxbury Capital Management.

Other risks could affect our earnings and damage our reputation. These include human error, systems failures, breach of fiduciary duty, fraud, and inadequate controls and procedures.

18Additional ~~Wilmington~~information. ~~Trust~~For ~~Corporation~~more ~~2009~~information ~~Form-10-K~~about the risks to which we are exposed, read:

~~Item 7.~~• ~~Management’s~~The ~~Discussion~~sections on credit risk and ~~Analysis~~capital ofresources ~~Financial~~in ~~Condition~~the ~~and~~MD&A ~~Results~~in ~~of Operations~~ this report.

~~Wilmington~~• ~~Trust~~Item ~~Corporation~~7A, a“Quantitative ~~financial holding company headquartered in Delaware, is a relationship management company that helps individual~~ and ~~institutional~~Qualitative ~~clients~~Disclosures ~~increase~~about ~~and preserve~~Market ~~their wealth. Our company was founded by members of the du Pont family in 1903. Since then~~Risk,” ~~we have been~~ in ~~the~~this ~~business of building long-term relationships with clients, investing in long-term growth for our company, and creating long-term value for shareholders~~report.

•Wilmington ~~Regional~~Trust ~~Banking~~Corporation ~~Services.~~2010 ~~This~~Form ~~business serves commercial clients throughout the mid~~10-~~Atlantic~~K ~~region and consumer clients in the state of Delaware.~~18

~~• Wealth Advisory Services (WAS)~~Item 1B. ~~This~~Unresolved ~~business~~Staff ~~serves high-net-worth clients throughout the United States and in 35 other countries.~~Comments

•We ~~Corporate~~currently ~~Client~~have ~~Services~~an ~~(CCS)~~open comment letter in which the Securities and Exchange Commission’s staff has inquired about certain matters regarding our Form 10-K for 2009 and our Forms 10-Q filed during 2010 relating to credit review, substandard and nonperforming loans, impaired loans, collateral values, goodwill, and our deferred tax asset valuation allowance. ~~This~~We ~~business~~have ~~serves~~responded ~~institutional~~to the ~~clients~~SEC comments and although we have not formally resolved this matter with the SEC, we believe that our responses addressed their comments in 89all ~~countries~~material respects and we have incorporated the applicable responses to the SEC comments into our filings.

~~Each of these businesses benefits from the expertise of the other two~~Item 2. ~~Separately, they provide~~Properties different kinds of services, have different geographic scopes, and target specific kinds of clients. Collectively, our three businesses generate a diversified mix of revenue that helps us withstand the effects of changing economic cycles.

Our ~~company’s~~largest ~~mission~~properties isare toin ~~help~~downtown ~~our~~Wilmington, ~~clients~~Delaware: ~~succeed~~the Wilmington Trust Center (1100 North Market Street) and the Wilmington Trust Plaza (301 West Eleventh Street). WeOur headquarters are ~~driven~~in the Wilmington Trust Center, which is owned by ~~the~~Rodney ~~desire~~Square toInvestors, ~~achieve~~L.P., one of our ~~sustainable~~subsidiaries. ~~earnings~~At ~~growth~~the ~~and~~end ~~consistent~~of ~~profitability~~2010, ~~with~~the ~~low~~outstanding ~~volatility.~~mortgage ~~Our~~on ~~strategy~~this isbuilding towas $31.5 million. ~~deliver~~There ~~consistent~~is ~~results~~no mortgage on the Wilmington Trust Plaza, an operations facility owned by: one of our subsidiaries.

•At ~~Investing~~December 31, in2010, ~~businesses~~our ~~that~~branch ~~have~~office ~~the~~(as ~~most~~defined ~~potential~~by ~~for~~banking ~~long-term~~regulators) ~~growth~~and orother ~~high~~office locations ~~operating~~were ~~profit~~as ~~margins.~~follows:

• ~~Being~~Arizona: ~~the~~One ~~market~~office ~~leader~~ in ~~each of our businesses~~Phoenix.

• ~~Increasing~~California: ~~profitability~~One ~~without~~office ~~compromising~~each ~~our~~in ~~overall~~Los ~~risk~~Angeles ~~profile~~and Costa Mesa.

~~Our~~• ~~company~~Connecticut: ~~has~~One ~~succeeded~~office ~~throughout~~each ~~106 years~~in ofGuilford ~~economic~~and ~~cycles because we:~~ Stamford.

• ~~Have~~Delaware: ~~multiple~~48 ~~sources~~branch ofoffices ~~revenue~~throughout the state (24 in New Castle County, including one each at the Wilmington Trust Center and Wilmington Trust Plaza; 8 in Kent County; and 16 in Sussex County), plus 1 retirement services administrative office in Wilmington.

• ~~Manage~~Florida: ~~risk~~One branch office in North Palm Beach and one office each in Palm Beach, Stuart, and Vero Beach.

• ~~Regularly~~Georgia: ~~invest~~One ~~our~~office ~~capital~~in ~~for future growth~~Atlanta.

• ~~Take~~Maryland: aOne ~~long-term~~branch ~~view~~office in Baltimore and one office in Bel Air.

In• ~~the~~Massachusetts: ~~pages~~One ~~that~~office ~~follow, we summarize our 2009 performance and discuss each of our businesses~~ in ~~more~~ ~~detail~~Boston. Throughout this report, we use “net (loss)/income” to mean “net (loss)/income attributable to Wilmington Trust Corporation.” Our comments in this report reflect our best estimates of the trends we know about, anticipate, and believe are relevant to future operations. In the future, however, actual results may differ from our estimates.

~~EXECUTIVE~~• ~~SUMMARY~~ Michigan: One office in Birmingham.

~~There~~• ~~were~~Minnesota: ~~many~~One ~~positive~~office ~~developments at our company~~ in ~~2009~~Minneapolis. Our capital position remained strong, we continued to attract new clients as well as more business from existing clients, and we kept a tight rein on expenses. CCS had its best year ever, and core deposit balances at year-end 2009 were $7.1 billion, a record high.

~~These~~• ~~successes~~Nevada: ~~were~~One ~~not~~office ~~strong enough, however, to counter the recessionary pressures that affected all of our businesses, reduced revenue, and resulted~~ in aLas ~~net loss for the year of $4~~Vegas.4 million. After dividends and accretion on the preferred stock we issued to the U.S. Department of the Treasury in conjunction with our participation in the Capital Purchase Program (CPP), the 2009 net loss available to common shareholders was $22.7 million. The chief factors in this loss were:

• AnNew ~~increase~~Jersey: inOne ~~the~~office ~~provision~~each for loan losses, which reduced net interest income. This increase reflected higher levels of nonperforming loans and loan losses, as sluggish economic conditions continued to pressure commercial borrowers, especially in ~~Delaware.~~Jersey ~~The provision was $205.0 million for 2009~~City, ~~up from $115~~Mt.5 ~~million for 2008. For more information about this~~Laurel, ~~read the credit risk discussion~~ and ~~Note 8, “Reserve for loan losses,” in this report~~Princeton.

• ~~Losses~~New onYork: ~~securities~~Two ~~that~~offices ~~were~~in ~~determined~~New toYork ~~be other-than-temporarily impaired (OTTI) under U~~City.S. generally accepted accounting principles (GAAP). Losses on OTTI securities reduced 2009 net income by approximately $49.8 million and earnings per diluted common share by approximately $0.72. For more information about this, read the investment securities portfolio discussion and Note 6, “Investment securities,” in this report.

~~Part~~• IIPennsylvania: —One ~~Item~~branch 7office ~~(continued)~~each 19in Bethlehem, Doylestown, Philadelphia, Villanova, and West Chester.

In• ~~addition,~~South ~~there~~Carolina: ~~were~~One ~~other~~office contributing factors. The low level of market interest rates compressed the net interest margin and reduced the fees we earn on money market mutual funds. Financial market volatility lowered the valuations of assets in ~~client portfolios and depressed WAS revenue~~Charleston. ~~Our Federal Deposit Insurance Corporation (FDIC) insurance premium expense rose to $22.5 million, up from $4.6 million for 2008.~~

~~Economic~~• ~~conditions~~Vermont: inOne ~~the~~office ~~mid-Atlantic~~in ~~region remained challenging~~Burlington. ~~There were pockets of improvement, but they were uneven, and there were few indications that a broad recovery was underway.~~

~~Loan~~• ~~demand~~Europe: ~~dropped~~One ~~sharply,~~office aseach in the ~~regional~~Channel ~~economy~~Islands ~~challenged borrowers. In 2008~~(Jersey), ~~our~~England ~~loan balances rose by nearly $1 billion on an average-balance basis~~(London), ~~and~~Ireland ~~by more than $1 billion on a period-end basis. In comparison~~(Dublin), ~~the~~Germany ~~2009 increase in loan balances~~(Frankfurt), ~~on average~~Luxembourg, ~~was~~and ~~$43.5 million. On~~The aNetherlands ~~period-end basis, loan balances at year-end 2009 were $651~~(Amsterdam).~~9 million lower than at year-end 2008.~~

~~Our~~• ~~regulatory~~Caribbean: ~~capital~~One ~~ratios~~office ~~continued to exceed the Federal Reserve’s minimums to be considered a well-capitalized institution. Given the economic environment, however, and the lack of earnings~~ in ~~2009,~~ weGrand ~~took steps to further enhance our capital position. We lowered assets by reducing our investment securities portfolio. The slower pace of loan growth also affected asset levels. In addition~~Cayman, weCayman ~~reduced our quarterly cash dividend twice in 2009~~Islands.

~~Additional~~Wilmington ~~details~~Trust ~~about~~Corporation ~~each~~2010 ofForm ~~our~~10-K ~~three businesses and our 2009 performance are in the following sections of this report.~~ 19

~~CHANGES~~We INown ~~FINANCIAL~~29 ~~CONDITION~~of these offices. We lease space for the others. We believe these offices are suitable and adequate for our needs, and that we could accommodate further growth by utilizing existing capacity or by acquiring or renting additional space. More information about our lease obligations is in the discussion of contractual obligations, which is in the MD&A and in Note 14, “Commitments and contingencies,” in this report.

Our ~~capital~~Regional ~~position~~Banking ~~remained strong in 2009~~ and ~~2008.~~CCS ~~All~~businesses ofoperate ~~our~~principally ~~regulatory capital ratios were higher~~ at ~~year-end~~the ~~2009~~Wilmington ~~than~~Trust atCenter ~~year-end 2008,~~ and ~~all continued to exceed the amounts required by~~ ~~the~~Wilmington ~~Federal~~Trust ~~Reserve~~Plaza. toCCS bealso ~~considered~~leases a ~~well-capitalized~~substantial ~~institution.~~portion ~~This~~of ~~was~~a ~~true~~facility ~~both~~across ~~including and excluding~~ the ~~$330 million~~street ~~in CPP funds we received in December 2008. Discussing regulatory~~from ~~capital ratios without~~ the ~~CPP~~Wilmington ~~funds~~Trust ~~is a non-GAAP disclosure~~Center. WeThe ~~believe~~WAS ~~this~~business ~~information~~operates ~~is useful,~~principally ~~and~~at wethe ~~include~~Wilmington itTrust ~~here to provide a more complete picture of our capital position~~Center.

~~The~~Regional ~~decline~~Banking inoperates ~~loan~~our ~~demand~~branch ~~and~~offices, except for the ~~reduction~~one in ~~investment~~Florida, ~~securities~~which ~~balances~~WAS ~~brought total assets~~operates. atRegional ~~year-end~~Banking ~~2009~~and toWAS ~~$11.1 billion,~~operate ~~which~~our ~~was~~offices ~~10%~~in ~~lower~~Maryland, ~~than~~New atJersey, ~~year-end~~and ~~2008~~Pennsylvania. ~~An increase in the~~WAS ~~reserve~~operates ~~for~~our ~~loan~~offices ~~losses~~in ~~also~~California, ~~affected~~Connecticut, ~~assets.~~Florida, ~~The reserve~~Georgia, ~~which~~and isMassachusetts. ~~recorded~~WAS asand aCCS operate ~~reduction~~our offices in ~~assets,~~ ~~was~~New ~~$251~~York.~~5 million~~ atCCS ~~year-end~~operates ~~2009,~~our upoffices ~~from~~in ~~$157.1 million~~Arizona, atMichigan, ~~year-end~~Minnesota, ~~2008. Loans~~Nevada, ~~continued~~South toCarolina, ~~account~~Vermont, ~~for~~Europe, and the ~~majority of earning assets~~Caribbean.

~~Earning~~Our ~~assets~~fourth ~~totaled~~reporting ~~$10.0 billion~~segment at— ~~year-end~~Affiliate ~~2009,~~Money ~~down~~Managers ~~11%~~— ~~from~~comprises ~~$11.3 billion~~our atinvestments ~~year-end~~in Cramer ~~2008.~~Rosenthal ~~Our~~McGlynn ~~earning~~(CRM) and ~~assets~~Roxbury ~~consist~~Capital ofManagement ~~loans,~~(RCM). ~~investment~~CRM ~~securities,~~leases ~~interest-bearing~~office ~~deposits~~space in ~~other~~ ~~banks~~New York, New ~~federal~~York. ~~funds~~RCM ~~sold~~leases ~~and~~office ~~securities~~space ~~purchased~~in ~~under~~Minneapolis, ~~agreements to resell~~Minnesota, and ~~Federal Home~~Santa ~~Loan~~Monica, ~~Bank and Federal Reserve Bank stock~~California.

~~Our assets at December~~Item ~~31, 2009, included $66~~3.~~1 million~~ inLegal ~~pre-paid FDIC deposit insurance~~Proceedings ~~premiums. For more information about this, read the expense discussion in this report.~~

~~Strong~~We ~~growth~~and inour ~~core~~subsidiaries ~~deposits~~are insubject ~~2009,~~to ~~coupled~~various ~~with~~legal ~~the~~proceedings ~~decline~~that inarise ~~investment~~from ~~securities~~time ~~balances,~~to time ~~reduced~~in ~~our~~the ~~need~~ordinary ~~for~~course ~~non-core~~of ~~funding~~business. ~~and~~Some ~~changed~~of ~~the~~these ~~mix~~proceedings ofmay ~~liabilities~~seek onrelief ~~our~~or ~~balance~~damages ~~sheet. Core~~in ~~deposits~~amounts ~~were~~that $7may be substantial.~~1 billion~~ atBecause ~~year-end~~these ~~2009~~proceedings are complex, upmany ~~19%~~years ~~from~~may ~~year-end~~pass ~~2008.~~before they Onare anresolved, ~~average~~and ~~daily~~it ~~balance basis,~~is ~~core~~not ~~deposits~~feasible ~~provided~~to ~~71%~~predict their outcomes. Some of ~~our~~these ~~funding~~proceedings involve inclaims ~~2009~~that we believe may be covered by insurance, upand ~~from~~we ~~53%~~have inadvised ~~2008~~our insurance carriers accordingly.

~~Stockholders’~~On ~~equity~~November 5, at2010, ~~year-end~~two ~~2009~~purported ~~was~~stockholders $1of Wilmington Trust Corporation filed lawsuits in the Delaware Court of Chancery, captioned Medich v.3 Wilmington Trust Corporation, et al., C.A. No. 5958 (Del. Ch.) and Yi v. Wilmington Trust Corporation, et al., C.A. No. ~~billion~~5959 (Del. Ch.). On November 9, 2010, a ~~decrease~~third purported stockholder of ~~$27~~Wilmington Trust Corporation filed a lawsuit in the Delaware Court of Chancery captioned Burie v. Foley, et al., C.A. No. ~~million~~5970 ~~from~~(Del. ~~year~~Ch.). On December 8, 2010, these complaints were consolidated under the caption In re Wilmington Trust Corporation Shareholders Litigation, C.A. No. 5958-~~end~~VCL (Del. Ch.). On December 10, 2010, ~~2008~~plaintiffs filed an amended and consolidated complaint (Consolidated Complaint). ~~The~~On ~~main~~December 20, 2010, ~~factors~~the indefendants ~~this~~moved ~~decrease~~to ~~were:~~dismiss the Consolidated Complaint.

• The ~~net~~Consolidated ~~loss~~Complaint names as defendants us, each of $4the current members of our Board of Directors (Director Defendants), M&T, and MTB One, Inc (Merger Sub).4 ~~million~~It is brought on behalf of a putative class of our common stockholders and seeks a declaration that it is properly maintainable as a class action. The Consolidated Complaint alleges that the director defendants breached their fiduciary duties by failing to maximize stockholder value in connection with the merger, and also alleges that M&T

20 Wilmington Trust Corporation ~~2009~~2010 Form- 10-K 20

~~For~~and ~~more~~Merger Sub aided and abetted those breaches of fiduciary duty. It further alleges that the Director Defendants improperly favored M&T and discouraged alternative bids by agreeing to the merger agreement’s no-solicitation provision, termination fee provision, and notification clause. In addition, the Consolidated Complaint claims that the consideration to be received by our common stockholders is inadequate and unfair. Finally, the Consolidated Complaint claims that the Form S-4 filed by the defendants in connection with the merger omits material information. ~~about~~It ~~changes~~alleges deficiencies in ~~our~~the descriptions of negotiations with interested parties, failure to disclose the identity of one financial ~~condition~~advisor and the fees payable to all financial advisors, ~~read~~and failure to adequately explain the ~~following~~financial ~~sections~~advisors’ ofvaluation analyses. The Consolidated Complaint claims that, without this information, our stockholders cannot meaningfully determine whether or not to ~~report:~~approve the merger.

• The ~~Regional~~Consolidated ~~Banking~~Complaint ~~discussion~~seeks declaratory and injunctive relief to prevent the consummation of the merger, a constructive trust over any benefits improperly received by the defendants, and costs, including plaintiffs’ attorneys’ and experts’ fees.

•We ~~The~~and ~~investment~~M&T ~~securities~~believe ~~discussion~~that the claims asserted are without merit and ~~Note~~intend 6,to ~~“Investment~~defend ~~securities~~vigorously against this lawsuit.”

•Securities ~~The capital resources discussion and Note 16, “Capital.”~~litigation

•Between November 18, 2010, and December 10, 2010, four purported purchasers of our common stock filed lawsuits in the United States District Court for the District of Delaware captioned Pipefitters Local 537 Annuity Fund v. Wilmington Trust Corporation, et al., C.A. No. 10-990-LPS (D. Del.), Rooney v. Wilmington Trust Corporation, et al., C.A. No. 10-995-LPS (D. Del.), Elzagha v. Wilmington Trust Corporation, et al., C.A. No. 10-1020-LPS (D. Del.), and Lynch v. Wilmington Trust Corporation, et al., C.A. No. 10-1086 (D. Del.), which we refer to as the Lynch Lawsuit. One or more of the lawsuits asserted claims against us, certain of our current and former executive officers and directors, J.P. Morgan, and Keefe, Bruyette & Woods. All four lawsuits allege violations of Sections 10(b) and 20(a) of the 1934 Securities Exchange Act and Rule 10b-5 thereunder. One of the lawsuits also alleges violations of Section 11 of the 1933 Securities Act. All of the lawsuits allege that the defendants knowingly made materially false and misleading statements and omissions in press releases and securities filings regarding our loan loss provisions, reserves, and loan charge-offs. The ~~Consolidated~~complaints ~~Statements~~allege that these actions artificially inflated the price of ~~Changes~~our common stock, and that the stock price fell as a result of certain disclosures that allegedly revealed the purported misrepresentations. One of the lawsuits alleges that the defendants made false and materially misleading statements in ~~Stockholders~~the materials used in our February 23, 2010, offering of common stock. All of the lawsuits seek compensatory damages, interest, and costs, including attorneys’ ~~Equity~~and experts’ fees. On February 7, 2011, the plaintiff in the Lynch Lawsuit filed a Notice of Voluntary Dismissal voluntarily dismissing all claims against the defendants asserted in the Lynch Lawsuit.

~~INVESTMENT~~On ~~SECURITIES~~January 18, ~~PORTFOLIO~~2011, four groups of purported purchasers of our common stock filed motions in the United States District Court for the District of Delaware seeking to consolidate these four lawsuits and be appointed lead plaintiffs. As of the filing date of this report, the Court had not yet ruled on these motions.

We ~~maintain~~believe anthe ~~investment~~claims ~~securities~~asserted ~~portfolio~~in tothese ~~generate~~lawsuits ~~cash~~are ~~flow,~~without ~~help~~merit ~~manage interest rate risk,~~ and ~~provide~~intend ~~collateral~~to ~~for~~defend ~~deposits and other liabilities. We do not acquire or hold~~vigorously ~~investment~~against ~~securities for trading purposes~~them. ~~There are no client funds in this portfolio.~~

~~INVESTMENT~~Wilmington ~~SECURITIES~~Trust ~~PORTFOLIO~~Corporation ~~COMPOSITION~~ 2010 Form 10-K 21

	2009					2008
			Percent of					Percent of
At year-end (dollars in millions)	Amount		portfolio			Amount		portfolio
U.S. Treasury securities	$	232.8		27	%	$	41.4		3	%
Government agency securities1		225.1		26			463.5		34
Obligations of state and political subdivisions		5.7		1			6.9		1
Collateralized mortgage obligations		51.2		6			189.8		14
Mortgage-backed debt securities		203.4		23			470.7		34
Trust-preferred securities:
Single-issue trust-preferred securities		57.7		7			57.0		4
Pooled trust-preferred securities		53.3		6			103.2		8
Total trust-preferred securities		111.0		13			160.2		12
Other preferred stock		23.9		3			17.1		1
Other marketable equity and debt securities		7.4		1			23.7		1
Total investment securities	$	860.5		100	%	$	1,373.3		100	%
Amount invested in fixed rate instruments	$	723.6		84	%	$	1,189.0		87	%

ERISA litigation

1On ~~Includes~~December 20, $02010, participants in the Wilmington Trust Thrift Savings Plan (the Plan) filed a lawsuit in the United States District Court for the District of Delaware captioned Outten, et al.5, v. ~~million~~Wilmington Trust Corporation, et al., C.A. No. 10-1114-SD (D. Del.) (Outten Lawsuit). On January 31, 2011, another participant in the Plan filed a lawsuit in the United States District Court for the District of ~~non~~Delaware captioned Gray v. Wilmington Trust Corporation, et al., C.A. No. 11-Ucv-00101-SD (D.S Del.) ~~government~~(Gray ~~agency~~Lawsuit). ~~securities~~Both lawsuits name as defendants Wilmington Trust, Wilmington Trust Company, the Wilmington Trust Corporation Employee Benefits Committee (the Committee), and certain executive officers and employees who are alleged to have served on the Committee at some time from January 1, 2008, to the present for the Outten Lawsuit, and from December 31, 2006 to December 31, 2010 for the Gray Lawsuit (the Class Periods). The Gray Lawsuit also names as a defendant a former director and executive officer of Wilmington Trust.

WeThese ~~reduced~~lawsuits ~~the~~are ~~size~~brought on behalf of a purported class of all participants and beneficiaries of the ~~portfolio~~Plan whose Plan accounts were invested in ~~2009~~our stock during the Class Periods. The complaints allege that the defendants violated the Employee Retirement Income Security Act (ERISA) by failing to act solely in ~~order~~the interest of the Plan’s participants and beneficiaries, and by failing to exercise ~~improve~~the ~~our~~required ~~liquidity~~skill and ~~because~~care wein ~~had~~administering the Plan and its assets during the Class ~~fewer~~Periods. ~~deposits~~The complaints claim that ~~required~~the ~~securities~~defendants asallowed ~~collateral.~~investment Toof ~~achieve~~the ~~this~~Plan’s ~~reduction~~assets in our common stock throughout the Class Periods, wedespite ~~sold~~the ~~some~~fact that the defendants knew, or should ~~securities~~have known, ~~and~~that wesuch ~~did~~investment was not ~~replace~~a ~~others~~suitable asinvestment ~~they~~for ~~matured~~the orPlan. ~~were~~The ~~prepaid.~~complaints further ~~Most~~allege that the defendants failed to provide them with necessary information regarding Wilmington Trust’s financial condition, and that the defendants placed their own pecuniary interests above the interests of ~~these~~the ~~securities~~Plan’s participants. The defendants also are alleged to have ~~were~~failed ~~mortgage-backed~~to share information regarding Wilmington Trust with the fiduciaries of the Plan and ~~government~~failed to ~~agency~~monitor ~~securities~~the fiduciaries.

~~While~~These ~~total~~lawsuits ~~investment~~seek ~~securities~~declaratory ~~balances~~and ~~decreased~~injunctive ~~in 2009~~relief, ~~investments~~damages in ~~short-term~~the ~~U.S. Treasury~~form ~~securities increased. Most~~ of ~~this~~Plan ~~increase occurred in December 2009~~losses, ~~when~~and ~~we opted to~~an ~~invest~~award ~~some~~ of ~~the~~attorneys’ ~~cash held at the Corporation (holding company) level~~fees.

~~Write-downs~~We onbelieve ~~OTTI securities in 2009 also contributed to~~ the ~~portfolio~~claims ~~shrinkage.~~asserted Inare ~~2009,~~without ~~we recorded~~merit ~~write-downs of $147.4 million~~ and ~~losses~~intend ofto ~~$77.5 million~~defend onvigorously ~~OTTI~~against ~~securities. In 2008, we~~these ~~recorded write-downs and losses of $130~~lawsuits.~~7 million on OTTI securities.~~

~~Most~~As of ~~the~~March 1, ~~write-downs~~2011, ~~and~~other ~~losses~~than wethe ~~recorded~~matters indiscussed ~~2009~~above, ~~and~~we ~~2008~~believed there were onno ~~pooled trust-preferred~~other ~~securities~~outstanding ~~(TruPS).~~legal Amatters ~~pooled trust-preferred security is a security~~ that ~~aggregates groups~~, ~~or pools,~~upon oftheir ~~trust-preferred~~ultimate ~~securities issued by banks~~resolution, ~~insurance~~would ~~companies,~~have ~~and~~a ~~other~~materially ~~financial~~adverse ~~institutions~~effect ~~into~~on aour ~~single~~consolidated ~~instrument.~~financial ~~Many pooled TruPS declined in value in 2009 and 2008, mainly~~condition. ~~because economic conditions:~~

•Item 4. ~~Rendered~~Submission ~~some~~ of ~~the~~Matters ~~underlying~~to ~~issuers~~a inVote ~~these pools incapable~~ of ~~meeting~~Security ~~their associated cash flow obligations.~~Holders

•No ~~Created~~matter ~~illiquidity~~was insubmitted ~~the~~to ~~market~~security holders for ~~these~~a ~~securities~~vote during the fourth quarter of 2010.

AtWilmington ~~December 31,~~Trust ~~2009,~~Corporation ~~the~~2010 ~~amortized~~Form ~~cost~~10-K ~~of the pooled TruPS portfolio was $141.3 million; its carrying value was $53.3 million and its estimated fair value was $51.4 million.~~ 22

~~All~~PART ~~of our TruPS had investment-grade credit ratings when we initially purchased them, but were~~II downgraded subsequently as their valuations declined. At December 31, 2009, 33 of the 38 pooled TruPS and two of the nine single-issue TruPS in our portfolio had below-investment-grade credit ratings from either Fitch Ratings or Moody’s Investors Service.

~~For~~Item 5. ~~more~~Market ~~information~~for ~~about~~the ~~our~~Registrant’s ~~TruPS~~Common ~~portfolio~~Equity, ~~read~~related ~~Note~~Stockholder 6Matters, ~~“Investment~~and ~~securities,”~~Issuer Purchases inof ~~this~~Equity Securities ~~report.~~

~~Although~~Our ~~investment~~common ~~securities~~stock ~~balances~~is ~~decreased~~listed inand ~~2009,~~traded ~~the~~principally ~~cash~~on ~~flow generated by~~ the ~~portfolio increased,~~New ~~due~~York toStock ~~higher~~Exchange ~~levels~~under ~~of maturities within~~ the ~~portfolio and increases in short-term~~ ~~investments~~symbol WL.

~~INVESTMENT~~Statistical ~~SECURITIES CASH FLOWS~~information

							Change 2009			Change 2008
As of and for the year ended December 31	2010		2009		2008
For the year ended December 31 (dollars in millions, on average)	2009		2008		2007		vs. 2008			vs. 2007
Stockholders of record (approximate)		7,379		7,278		7,534
Approximate cash flow generated	$	916.6	$	565.2	$	528.5		62	%		7	%
Diluted shares outstanding (average)		87,367,435		68,965,938		67,453,648
Basic shares outstanding (period end)		91,430,365		69,396,986		69,113,448
Market capitalization (period end)	$0.40 billion		$0.86 billion		$1.54 billion

~~Maturities~~As ~~in the portfolio, the historically low level~~ of ~~market interest rates~~ February 25, ~~and depressed valuations~~2011, ~~primarily~~we ofhad ~~OTTI~~approximately ~~TruPS~~7,279 ~~caused~~stockholders ~~changes~~of inrecord ~~the~~of ~~portfolio’s~~our ~~average~~common ~~life~~stock and ~~duration.~~ ~~Excluding~~one ~~the~~shareholder ~~TruPS,~~of ~~duration~~record atof ~~December~~our Series 31A ~~would~~preferred ~~have been 1~~stock.~~38 for 2009 and 2008.~~

~~AVERAGE~~We ~~LIFE~~have ~~AND~~agreed ~~DURATION~~not to repurchase our stock without prior written approval from our regulators. In addition, until December 12, 2011, or until the U.S. Treasury no longer holds any of the Series A preferred stock we issued to it under the CPP, whichever is earlier, we are not permitted to repurchase any of our common stock, subject to certain exceptions, without the prior approval of our regulators. Our merger agreement with M&T also restricts our ability to repurchase any of our stock without M&T’s consent.

As of December 31	2009			2008
Average life (in years)		6.23			6.32
Duration		(0.49	)		(0.93	)

COMMON STOCK PRICE PERFORMANCE AND DIVIDENDS

~~For~~The ~~more~~graph ~~information~~below ~~about~~compares the cumulative total stockholder return (including price appreciation and dividend reinvestments) on our ~~investment~~common ~~securities,~~stock ~~valuations,~~with all companies in the Standard & Poor’s 500 Index (S&P 500) and ~~write-downs,~~companies ~~read~~in ~~Note~~the 6Keefe, Bruyette & Woods (KBW) Regional Banking Index (ticker ~~“Investment~~symbol: ~~securities,”~~KRXTR) ~~and~~over ~~Note~~the 14past five years, ~~“Fair~~assuming ~~value~~an ~~measurement~~initial investment of ~~assets~~$100 ~~and~~at ~~liabilities~~the close of business on December 31,” in2005. ~~this~~The KBW Regional Banking Index includes most major regional banks, ~~report~~weighted by market capitalization. We regard it as a proxy for the stock price performance of large banks throughout the United States.

~~RESULTS~~total OFreturn ~~OPERATIONS~~on Wilmington trust common stock

WeAs ~~reported a net loss~~ of ~~$4.4~~December ~~million for 2009, compared with a net loss of $23.6 million for~~31 2008. These losses were a function of recessionary pressures that led to increases in securities losses and the provision for loan losses. The net loss available to common shareholders was affected by adjustments for dividends and accretion on the shares of Wilmington Trust Series A preferred stock issued to the U.S. Department of the Treasury in conjunction with the CPP.

For the year ended December 31 (in millions, except share amounts)	2009			2008			2007
Net (loss)/income	$	(4.4	)	$	(23.6	)	$	182.0
Dividends and accretion on preferred stock	$	18.3		$	0.9		$	—
Net (loss)/income available to common shareholders	$	(22.7	)	$	(24.5	)	$	182.0
Net (loss)/income available to common shareholders per fully diluted share	$	(0.33	)	$	(0.36	)	$	2.64



Wilmington Trust Corporation 2010 Form 10-K		23

~~The~~cumulative ~~dividends~~total ~~and~~stockholder ~~accretion on the preferred stock increased in 2009 because the preferred stock~~return was outstanding for the full year, versus only a few weeks in 2008 (we sold the preferred stock to the U.S. Treasury on December 12, 2008). While the 2009 adjustment for dividends and accretion was higher, the net loss available to common shareholders was more favorable than for 2008, because our reported net loss for 2009 was lower. In 2008, the net loss included a $66.9 million impairment charge against the value of our investment in affiliate money manager Roxbury Capital Management (RCM).

22 Wilmington Trust Corporation 2009 Form-10-K


As of December 31	2005		2006		2007		2008		2009		2010

WL	$	100.0	$	109.9	$	95.2	$	63.9	$	36.5	$	12.9
S&P 500 Index	$	100.0	$	115.8	$	122.1	$	76.9	$	97.3	$	112.0
KBW Regional Bank Index	$	100.0	$	108.6	$	84.7	$	69.0	$	53.7	$	64.7

~~Despite~~common ~~the~~stock ~~recessionary~~price ~~pressures,~~performance1 ~~there~~and ~~were~~per-share ~~many~~dividends ~~positive developments in 2009. For example:~~paid

• We gained new clients and strengthened relationships with existing clients. Our focus on client relationships distinguished us amid difficult economic conditions and disruption in the financial services industry.


	2010						2009						2008
					Dividend						Dividend						Dividend
Period	High		Low		paid		High		Low		paid		High		Low		paid

First quarter	$	17.03	$	11.71	$	0.01	$	22.53	$	6.76	$	0.1725	$	35.50	$	27.78	$	0.335
Second quarter	$	20.23	$	10.72	$	0.01	$	18.66	$	9.03	$	0.1725	$	35.17	$	26.26	$	0.345
Third quarter	$	12.78	$	8.35	$	0.01	$	15.82	$	9.75	$	0.0100	$	46.75	$	20.50	$	0.345
Fourth quarter	$	9.64	$	3.88	$	—	$	15.90	$	11.45	$	0.0100	$	31.07	$	19.49	$	0.345
Full year	$	20.23	$	3.88	$	0.03	$	22.53	$	6.76	$	0.3650	$	46.75	$	19.49	$	1.370

•1 ~~CCS~~Intraday ~~achieved~~trading ~~its best results ever~~prices. CCS revenue and sales surpassed prior records in both 2009 and 2008. The retirement services acquisitions we completed in 2008 contributed to this growth, as did strong global corporate trust sales in a weak capital markets environment.

•At ~~Our~~the ~~diversified~~direction ~~mix~~ of ~~businesses~~our ~~and~~regulators, ~~revenue~~we ~~streams~~did ~~helped~~not usdeclare ~~withstand~~a dividend on our common stock for the third ~~effects~~or fourth quarters of 2010. These dividends would have been paid in the ~~recession~~2010 fourth quarter and the 2011 first quarter, respectively. ~~Noninterest~~Prior ~~income~~to this, ~~most~~we ofreduced ~~which~~our quarterly dividend on our common stock to $0.01 per share on July 22, 2009. Our ability to pay dividends on our common stock is ~~generated~~limited by ~~WAS~~our ~~and~~participation ~~CCS~~in the CPP, ~~continued~~other regulatory restrictions, our merger agreement with M&T, and our own prudent capital management policies. Our policy is not to ~~increase~~pay dividends that would reduce our regulatory capital ratios below the level required for us to qualify as a ~~percentage~~well-capitalized offinancial institution. ~~our~~For ~~total~~more ~~revenue~~information about these regulatory capital ratios, read the capital resources section in this report.

~~Unfortunately,~~Wilmington ~~these~~Trust ~~positives~~Company ~~were~~may ~~offset~~not bypay ~~changes~~any individends to us that would cause its regulatory capital ratios to fall below the ~~economic~~minimum ~~landscape~~levels ~~that~~required ~~reduced~~for it to remain a well-capitalized institution, ~~revenue~~under the applicable regulatory capital standards, or the minimum levels required under its internal capital plan, whichever are higher, without prior written approval from its regulators. We ~~The~~also ~~factors~~agreed with the OTS that ~~had~~WTFSB ~~the~~will ~~most~~not ~~significant~~pay ~~effect~~dividends to us without OTS approval. For more information about our dividends and restrictions on our ~~operating~~ability ~~results~~to inpay ~~2009~~them, read the capital resources discussion, Item 1-A, “Risk factors,” and ~~2008~~Note 17, “Capital,” in this report. ~~included:~~

•per-share ~~The~~price ~~extent, depth,~~ and ~~prolonged~~book nature of the recession. The downturn that began in 2008 and persisted throughout 2009 affected all three of our businesses negatively, but its most profound effect was on our Regional Banking business. Our net interest income decreased as new loan demand declined, and as an escalation in loan repayment problems led us to increase the provision and reserve for loan losses. The provision was $205.0 million for 2009, compared with $115.5 million for 2008, and $28.2 million for 2007. On an average-balance basis, total loan balances increased less than 1% in 2009. In comparison, strong demand generated record-high loan growth in 2008. On average, loan balances for 2008 were 12% higher than for 2007.value

• Changes in the market interest rate environment. Market interest rates reached historic lows at the end of 2008 and remained there throughout 2009. This caused declines in net interest income and compression in our net interest margin. At 3.08%, the margin for 2009 was 20 basis points lower than for 2008. In addition to reducing net interest income, the interest rate environment reduced the management fees we earn on money market mutual funds. In the 2009 second quarter, as yields on our money market mutual funds fell, we began to waive our management fees on these funds. These waivers reduced 2009 revenue by approximately $10.6 million.


	2010				2009				2008
At quarter end	Closing price		Book value ¹		Closing price		Book value ¹		Closing price		Book value

First	$	16.57	$	13.49	$	9.69	$	14.64	$	31.10	$	16.99
Second	$	11.09	$	12.20	$	13.66	$	14.26	$	26.44	$	15.84
Third	$	8.98	$	8.13	$	14.20	$	14.29	$	28.83	$	15.60
Fourth	$	4.34	$	5.76	$	12.34	$	14.17	$	22.24	$	14.65

•1 ~~Volatility~~Does ~~and~~not ~~disruption~~include inpreferred ~~the~~stock ~~financial markets. Conditions in the financial markets negatively affected the valuations of assets in client portfolios~~ and innoncontrolling ~~our own investment securities portfolio, which affected our results in several ways~~interest. Most of our WAS revenue comes from fees that are based on the valuations of assets in client portfolios. When those valuations decrease, there is a corresponding decrease in the associated fees. Compounding the lower asset valuations was the fact that volatility in the equity markets prompted many clients to invest a larger portion of their assets into fixed income instruments. This shift reduced WAS revenue because, in general, the pricing on our fixed income and cash management services is lower than our pricing on equity investment management services.

InWilmington ~~our~~Trust ~~investment~~Corporation ~~securities~~2010 ~~portfolio,~~Form ~~market conditions and valuation declines led us to determine that some of our investment securities were OTTI, which increased securities losses. On an after~~10-~~tax~~K ~~basis, OTTI securities losses reduced 2009 net income by approximately $49.8 million and earnings by approximately $0.72 per common share.~~24

Wesecurities ~~discuss~~authorized ~~these~~for ~~dynamics~~issuance inunder ~~greater~~equity ~~detail~~compensation ~~in the following sections of this report.~~plans

NET INTEREST INCOME

(a)

(b)

(c)

Number of securities to

Weighted average

Number of securities remaining

be issued upon exercise

exercise price of

available for future issuance under

of outstanding options,

outstanding options,

equity compensation plans (excluding

Plan category

warrants, and rights

securities reflected in column a)

Equity compensation plans approved by security holders

7,196,109

30.33

1,774,983

Equity compensation plans not approved by security holders

—

Total

7,196,109

30.33

1,774,983

~~Net~~SHARE ~~interest income is the difference between the interest we earn on earning assets (such as loans~~REPURCHASES and investment securities) and the interest we pay on interest-bearing liabilities (such as deposits and other borrowings). Most of our net interest income is generated by loan and deposit activity in our Regional Banking business. The WAS and CCS businesses also generate net interest income, because they have clients who use our banking services.

~~NET~~Our ~~INTEREST~~current ~~INCOME~~share repurchase plan, which our Board of Directors authorized in April 2002, permits us to buy back up to 8 million shares of Wilmington Trust common stock. Our share repurchase activity reflects how we choose to deploy capital, and our decisions are not driven solely by share price.

										Change 2009			Change 2008
For the year ended December 31 (dollars in millions)	2009			2008			2007			vs. 2008			vs. 2007
Interest income	$	437.2		$	611.4		$	722.2			(28	)%		(15	)%
Interest expense		119.0			253.7			353.3			(53	)%		(28	)%
Net interest income	$	318.2		$	357.7		$	368.9			(11	)%		(3	)%
Provision for loan losses		(205.0	)		(115.5	)		(28.2	)		77	%		310	%
Net interest income after the provision for loan losses	$	113.2		$	242.2		$	340.7			(53	)%		(29	)%

We did not repurchase any of our shares under this program during 2010, 2009, or 2008. We have agreed not to repurchase our stock without prior written approval from our regulators, and any such repurchase would be subject to the restrictions contained in our merger agreement with M&T. In addition, until December 12, 2011, or until the U.S. Treasury no longer holds any of the Series A preferred stock we issued under the CPP, whichever is earlier, we are not permitted to repurchase any of our common stock, subject to certain exceptions, without prior approval of our regulators.

~~Part~~share IIrepurchase —plan ~~Item 7 (continued) 23~~activity

The main factors in the 2009 and 2008 decreases in net interest income were:


As of and for the year ended December 31	2010		2009		2008

Number of shares repurchased		—		—		—
Average price per share repurchased	$	—	$	—	$	—
Total cost of shares repurchased (in millions)	$	—	$	—	$	—
Total shares purchased under current plan		3,043,796		3,043,796		3,043,796
Shares available for repurchase		4,956,204		4,956,204		4,956,204

•Share ~~The~~repurchase ~~market~~amounts ~~interest~~in ~~rate~~the ~~environment~~table below may not match share repurchase amounts in the table above, ~~which~~because ~~compressed~~the amounts in the ~~net~~table ~~interest~~below ~~margin~~include shares we receive when recipients of stock-based compensation tender shares to exercise their options or to cover payroll taxes on restricted stock vesting. We consider these types of share acquisitions to be outside the parameters of our authorized share repurchase plan, because these shares are not trading on the open market when we acquire them.

•share ~~The~~repurchase ~~reduction~~activity induring ~~investment~~the ~~securities~~fourth quarter ~~balances.~~of 2010

• The increase in the provision for loan losses, which is recorded as a reduction in net interest income.


					Total number of shares		Maximum number of shares
	Total number of		Average price		purchased as part of publicly		that may yet be purchased
Period	shares repurchased		paid per share		announced plans or programs		under the plans or programs ¹

October		—		—		—		15,178,705
November		—		—		—		15,175,055
December		—		—		—		15,300,225
Total		—		—		—		15,300,225

•1 ~~Higher~~In ~~levels~~April of2002, ~~nonaccruing~~our ~~loans,~~Board ~~which~~of ~~reduced~~Directors authorized the ~~interest~~repurchase ~~income~~of weup ~~expected~~ to ~~receive~~8 inmillion ~~2009~~shares byof ~~$8.6~~our ~~million~~common stock.

For the year ended December 31 (in millions)	2009		2008		2007
Nonaccruing loans at December 31	$	455.6	$	196.4	$	52.5
Interest income that would have been recognized under original terms	$	11.5	$	5.0	$	3.4
Interest income actually received	$	2.9	$	4.3	$	2.1



Wilmington Trust Corporation 2010 Form 10-K		25

~~NET~~Item 6. ~~INTEREST~~Selected ~~MARGIN~~Financial Data

The net interest margin measures the difference, or “spread,” between the yields we earn on earning assets and the rates we pay on interest-bearing liabilities. Our net interest margin is affected by the magnitude of changes in market interest rates and the pace at which those changes occur.


As of and for the year ended December 31

(dollars in millions, except per-share amounts)	2010 ^3,4			2009 ⁴			2008 ^3,4			2007			2006 ³

INCOME STATEMENT
Interest income	$	366.6		$	437.2		$	611.4		$	722.2		$	674.8
Net interest income		277.1			318.2			357.7			368.9			363.1
Provision for loan losses		699.7			205.0			115.5			28.2			21.3
Noninterest income		396.7			362.7			294.0			386.3			346.1
Noninterest expense		641.7			515.6			561.3			444.4			471.6
Net (loss)/income attributable to Wilmington Trust Corporation		(720.1	)		(4.4	)		(23.6	)		182.0			143.8
Dividends and accretion on preferred stock		18.2			18.3			0.9			—			—

Net (loss)/income available to common stockholders	$	(738.3	)	$	(22.7	)	$	(24.5	)	$	182.0		$	143.8

SELECTED PER-SHARE DATA
Total basic common shares issued and outstanding (in millions)		87.4			69.0			67.5			67.9			68.4
Total diluted common shares issued and outstanding (in millions)		87.4			69.0			67.5			68.9			69.7
Basic (loss)/income per common share	$	(8.45	)	$	(0.33	)	$	(0.36	)	$	2.68		$	2.10
Diluted (loss)/income per common share		(8.45	)		(0.33	)		(0.36	)		2.64			2.06
Cash dividends paid per common share		0.03			0.365			1.370			1.320			1.245
Book value^{1, 2}		5.76			14.17			14.65			16.70			15.47
Stock price²		4.34			12.34			22.24			35.20			42.17
Price/earnings multiple		N/M			N/M			N/M			13.13			20.08

BALANCE SHEET²
Total assets	$	10,932.6		$	11,097.1		$	12,318.9		$	11,485.7		$	11,157.0
Long-term debt		595.0			442.9			468.8			267.8			388.5

SELECTED BALANCES, ON AVERAGE
Investment securities	$	747.0		$	855.8		$	1,561.2		$	1,863.5		$	1,884.0
Loans		8,419.6			9,243.5			9,200.0			8,212.0			7,699.8
Reserve for loan losses		(350.4	)		(175.5	)		(108.1	)		(95.5	)		(91.8	)
Earning assets		9,893.6			10,358.9			10,910.1			10,126.3			9,645.7
Total assets		10,765.5			11,349.2			11,881.2			10,997.4			10,495.1
Core deposits		6,992.9			6,490.3			5,333.6			5,045.5			4,936.7
Stockholders’ equity		1,372.7			1,331.6			1,103.3			1,091.2			1,059.4

SELECTED FINANCIAL RATIOS
(Loss)/return on average common stockholders’ equity¹		(68.67	)%		(0.44	)%		(2.17	)%		16.68	%		13.58	%
(Loss)/return on average assets		(6.69	)		(0.04	)		(0.20	)		1.65			1.37
Average common equity to asset ratio		9.74			8.89			9.13			9.92			10.09
Net interest margin		2.81			3.08			3.28			3.67			3.79
Nonperforming asset ratio (including OREO⁵ and loans held for sale)		15.02			5.76			2.19			0.95			0.44
Loan loss reserve ratio²		5.86			2.80			1.63			1.19			1.16
Net charge-off ratio		6.06			1.21			0.57			0.26			0.24

CAPTIAL RATIOS
Risk-based capital ratio		12.29	%		14.31	%		13.97	%		11.21	%		12.10	%
Tier 1 risk-based capital ratio		7.51			9.86			9.24			7.73			8.25
Tier 1 leverage capital ratio		6.02			10.10			8.77			7.18			7.39
Tangible common equity to asset ratio		1.53			5.42			5.12			6.76			6.76

SELECTED STATISTICS
Assets under management⁶	$	43,640.7		$	42,136.2		$	36,504.3		$	35,934.7		$	31,222.9
Staff members (full-time-equivalent)²		2,793			2,898			2,946			2,672			2,574

In 2009, our margin benefited from growth in core deposit balances, which lowered our funding costs because it reduced our need for national brokered CDs and other non-core funding. In addition, we implemented interest rate minimums for new and renewing loans. These positives, however, were unable to offset the effects of the near-zero interest rate environment.


¹		Does not include preferred stock and noncontrolling interest.

²		At year-end.

³		2010, 2008, and 2006 results included non-cash goodwill impairment write-downs of $24.5 million, $66.9 million, and $72.3 million, respectively.

⁴		2010, 2009, and 2008 results included securities write-downs of $37.9 million, $77.5 million, and $130.7 million, respectively.

⁵		Other real estate owned.

⁶		At Wilmington Trust. Excludes Cramer Rosenthal McGlynn and Roxbury Capital Management.

For the year ended December 31		2009				2008				2007
Net interest margin			3.08	%			3.28	%			3.67	%



Wilmington Trust Corporation 2010 Form 10-K		26

~~The~~Item 7. ~~primary~~Management’s ~~pressures~~Discussion onand ~~the~~Analysis ~~margin~~of inFinancial ~~2009~~Condition and ~~2008~~Results ~~were:~~of Operations

•Wilmington ~~The~~Trust ~~historically low level of market interest rates. The target federal funds rate was stable at 5.25% between June 2006 and August 2007~~Corporation, a ~~period~~financial ofholding 14company ~~months.~~headquartered ~~Then,~~ in ~~August 2007~~Delaware, ~~the~~is ~~Federal~~a relationship ~~Open~~management ~~Market~~company ~~Committee~~that ~~(FOMC)~~helps ~~began~~individual toand ~~reduce~~institutional ~~rates.~~clients Byincrease ~~year-end~~and preserve ~~2007,~~their ~~the FOMC had lowered the target federal funds rate to 4~~wealth.~~25%.~~ ~~The~~Our ~~FOMC~~company ~~made~~was ~~seven~~founded ~~more~~by ~~rate~~members ~~reductions~~of ~~in 2008, ultimately setting~~ the ~~target~~du ~~rate~~Pont atfamily ain ~~range of 0~~1903.~~00%~~ ~~to 0.25%~~Since then, awe ~~historic~~have ~~low.~~been ~~The~~in ~~target~~the ~~rate~~business ~~remained~~of atbuilding ~~this~~long-term ~~level~~relationships ~~throughout~~with ~~2009~~clients.

~~This~~We ~~lowered~~offer ~~our~~diversified ~~interest~~financial ~~expense,~~services ~~but~~through it also reduced our interest income. The average yield on earning assets for 2009 fell to 4.22%, a decrease of 136 basis points from 2008. The average rate on the cost of funds decreased to 1.14%, a decrease of 116 basis points from 2008. Consequently, our margin for 2009 declined 20 basis points to 3.08%. Our margin for 2008 did not reflect the full extent of the 2008 rate cuts, because three ~~of the seven cuts the FOMC made that year did not occur until the 2008 fourth quarter.~~businesses:

• ~~Our~~Regional ~~asset-sensitive~~Banking ~~interest rate risk position~~Services. ~~For~~This ~~more~~business ~~information~~serves ~~about~~commercial ~~this,~~clients ~~read~~throughout ~~Item~~the ~~7A,~~mid-Atlantic ~~“Quantitative~~region and ~~Qualitative~~consumer ~~Disclosures~~clients ~~about~~in ~~Market~~the ~~Risk,”~~state inof ~~this report~~Delaware.

~~WILMINGTON~~• ~~TRUST~~Wealth ~~PRIME~~Advisory ~~LENDING~~Services ~~RATE~~ (WAS). This business serves high-net-worth clients throughout the United States and in 32 other countries.

As of and for the year ended December 31	2009			2008			2007
At year-end		4.00	%		4.00	%		7.50	%
On average		4.00	%		5.15	%		8.07	%

•

Corporate Client Services (CCS). This business serves institutional clients in 90 countries.

~~Our~~Collectively, ~~prime~~our ~~lending~~three ~~rate~~businesses ~~serves~~generate as a ~~point~~diversified ofmix ~~reference for a substantial number~~ of ~~our commercial floating rate loans~~revenue.

24In the pages that follow, we summarize our 2010 performance and discuss each of our businesses in more detail. Throughout this report, we use “net (loss)/income” to mean “net (loss)/income attributable to Wilmington Trust Corporation.” ~~2009~~Our ~~Form-10-K~~comments in this report reflect our best estimates of the trends we know about, anticipate, and believe are relevant to future operations. In the future, however, actual results may differ from our estimates.

~~FIVE-YEAR~~EXECUTIVE SUMMARY ~~OF NET INTEREST INCOME~~

	2009
	Average			Income/			Average
(dollars in millions; rates on a tax-equivalent basis)	balance			expense			rate
ASSETS
Interest-bearing deposits in other banks	$	212.4		$	0.6			0.27	%
Federal funds sold and securities purchased under agreements to resell		22.4			0.1			0.50
Total short-term investments		234.8			0.7			0.30
U.S. Treasury securities		54.4			0.3			0.64
Government agency securities		247.1			8.2			3.30
Obligations of state and political subdivisions1		6.2			0.5			8.77
Preferred stock1		20.5			1.9			9.03
Mortgage-backed securities		354.2			15.7			4.44
Other securities1		211.8			10.0			4.71
Total investment securities		894.2			36.6			4.09
Federal Home Loan Bank and Federal Reserve Bank stock, at cost		24.8			0.4			1.72
Commercial, financial, and agricultural loans		2,732.0			116.4			4.26
Real estate – construction loans		1,958.3			69.4			3.54
Commercial mortgage loans		2,007.8			87.5			4.36
Total commercial loans		6,698.1			273.3			4.08
Residential mortgage loans		501.0			27.6			5.50
Consumer loans		1,565.2			87.9			5.61
Loans secured with investments		479.2			12.5			2.62
Total retail loans		2,545.4			128.0			5.03
Total loans1,2		9,243.5			401.3			4.34
Total earning assets at historical cost		10,397.3
Fair value adjustment on securities available for sale		(38.4	)
Total earning assets		10,358.9			439.0			4.22
Other assets		990.3
Total assets	$	11,349.2
LIABILITIES AND STOCKHOLDERS’ EQUITY
Savings deposits	$	908.3			11.8			1.30	%
Interest-bearing demand deposits		3,164.9			11.8			0.37
Certificates under $100,000		1,072.5			30.0			2.80
Local certificates $100,000 and over		176.7			4.4			2.49
Core interest-bearing deposits		5,322.4			58.0			1.09
National brokered certificates		1,333.2			24.0			1.80
Total interest-bearing deposits		6,655.6			82.0			1.23
Federal funds purchased and securities sold under agreements to repurchase		1,311.9			3.5			0.27
U.S. Treasury demand deposits		3.7			–			–
Line of credit and other debt		7.6			0.5			6.17
Total short-term borrowings		1,323.2			4.0			0.30
Long-term debt		463.0			33.0			7.13
Total interest-bearing liabilities		8,441.8			119.0			1.41
Demand deposits		1,167.9
Other noninterest funds		787.6
Total funds used to support earning assets		10,397.3			119.0			1.14
Noncontrolling interest		0.3
Wilmington Trust stockholders’ equity		1,331.3
Equity used to support earning assets		(787.6	)
Other liabilities		407.9
Total liabilities and stockholders’ equity	$	11,349.2
Net interest income/margin3					320.0			3.08	%
Tax-equivalent adjustment					(1.8	)
Net interest income				$	318.2

We reported a $720.1 million net loss for 2010. After dividends and accretion on preferred stock, the net loss available to common stockholders was $738.3 million, or $8.45 per share.

1		Tax-advantaged income has been adjusted to a tax-equivalent basis using an income tax rate of 35% for all years.
2		Loan balances include nonaccruing loans. Interest income includes amortization of deferred loan fees.
3		To compute the net interest margin, we divide net interest income on a fully tax-equivalent basis by total earning assets, on average.
		Note: Average rates are calculated using average balances based on historical cost, and do not reflect market valuation adjustments.

The primary causes of this loss were:

~~Part~~• IIA —$699.7 ~~Item~~million 7provision (for loan losses. In comparison, the 2009 provision was $205.0 million. The 2010 increase reflected the pressures of the protracted recessionary environment in Delaware, which continued) 25to intensify commercial loan repayment problems, particularly in the commercial construction loan portfolio, the financial conditions of many of our borrowers weakened, and appraisals revealed significant declines in collateral valuations. As a result, we downgraded the risk ratings of more loans, transferred more loans to nonaccruing status, charged off more loans, and increased the reserve for loan losses. If these economic conditions continue in the future, we could have additional increases in nonaccruing loans, risk rating downgrades, charge-offs, and our reserve for loan losses.

2008									2007									2006									2005
Average			Income/			Average			Average			Income/			Average			Average			Income/			Average			Average			Income/			Average
balance			expense			rate			balance			expense			rate			balance			expense			rate			balance			expense			rate
$	94.0		$	1.4			1.51	%	$	4.4		$	0.3			6.95	%	$	2.9		$	0.1			4.16	%	$	1.0		$	0.1			6.44	%
	32.7			0.5			1.67			34.0			1.7			5.01			49.9			2.6			5.09			32.7			1.0			3.30
	126.7			1.9			1.55			38.4			2.0			5.23			52.8			2.7			5.04			33.7			1.1			3.39
	60.7			1.8			2.97			103.8			4.0			3.82			159.1			6.0			3.76			125.7			3.9			3.05
	485.6			23.0			4.73			659.5			31.3			4.75			485.9			20.4			4.20			366.8			14.1			3.85
	8.8			0.7			8.10			14.5			1.1			7.48			9.8			0.9			8.80			11.2			1.0			8.75
	41.8			3.2			7.60			68.5			5.3			7.76			90.6			6.9			7.65			93.1			6.9			7.50
	705.5			31.7			4.50			668.3			28.4			4.25			792.7			32.9			4.15			942.0			38.4			4.07
	355.5			16.9			4.74			377.5			24.1			6.36			386.1			23.6			6.14			344.3			16.5			4.79
	1,657.9			77.3			4.66			1,892.1			94.2			4.97			1,924.2			90.7			4.72			1,883.1			80.8			4.29
	22.2			0.7			3.28			12.4			0.4			3.59			9.1			0.6			6.23			13.3			0.4			3.28
	2,814.6			165.4			5.88			2,485.7			194.0			7.81			2,437.4			189.6			7.78			2,462.1			152.2			6.19
	1,860.6			102.3			5.50			1,731.9			144.4			8.34			1,516.8			128.5			8.47			982.3			67.4			6.87
	1,694.1			100.2			5.91			1,382.2			109.6			7.93			1,240.8			97.6			7.87			1,229.1			79.3			6.46
	6,369.3			367.9			5.77			5,599.8			448.0			8.00			5,195.0			415.7			8.00			4,673.5			298.9			6.40
	562.0			32.0			5.70			556.3			32.5			5.84			495.2			28.7			5.80			438.6			25.9			5.89
	1,728.7			110.9			6.42			1,526.6			113.2			7.41			1,458.2			104.6			7.18			1,329.3			84.8			6.38
	540.0			23.5			4.35			529.3			35.8			6.76			551.4			36.1			6.54			605.7			28.6			4.72
	2,830.7			166.4			5.88			2,612.2			181.5			6.95			2,504.8			169.4			6.76			2,373.6			139.3			5.86
	9,200.0			534.3			5.81			8,212.0			629.5			7.67			7,699.8			585.1			7.60			7,047.1			438.2			6.22
	11,006.8									10,154.9									9,685.9									8,977.2
	(96.7	)								(28.6	)								(40.2	)								(19.8	)
	10,910.1			614.2			5.58			10,126.3			726.1			7.15			9,645.7			679.1			7.01			8,957.4			520.5			5.80
	971.1									871.1									849.4									845.6
$	11,881.2								$	10,997.4								$	10,495.1								$	9,803.0
$	779.3			17.7			2.28	%	$	500.1			11.8			2.35	%	$	311.4			1.3			0.41	%	$	344.9			0.9			0.27	%
	2,470.4			18.9			0.77			2,400.2			33.7			1.40			2,365.1			26.5			1.12			2,303.8			19.9			0.86
	1,006.3			35.2			3.49			1,010.1			43.6			4.32			979.4			36.5			3.73			824.4			21.1			2.56
	299.5			10.9			3.63			412.7			19.8			4.80			521.7			23.3			4.48			401.5			12.1			3.01
	4,555.5			82.7			1.81			4,323.1			108.9			2.52			4,177.6			87.6			2.10			3,874.6			54.0			1.39
	2,846.3			100.0			3.51			2,756.7			148.1			5.37			2,803.9			143.7			5.12			2,306.6			77.4			3.36
	7,401.8			182.7			2.47			7,079.8			257.0			3.63			6,981.5			231.3			3.31			6,181.2			131.4			2.13
	1,810.5			38.0			2.10			1,465.0			68.4			4.67			1,116.2			53.2			4.77			1,096.3			35.1			3.20
	18.5			0.2			1.28			9.8			0.5			4.77			11.1			0.5			4.77			11.5			0.3			3.04
	54.5			3.5			6.52			93.4			7.9			8.45			8.5			0.5			5.95			–			–			–
	1,883.5			41.7			2.22			1,568.2			76.8			4.90			1,135.8			54.2			4.77			1,107.8			35.4			3.20
	418.3			29.3			7.01			307.3			19.5			6.33			394.4			26.2			6.65			405.5			20.9			5.15
	9,703.6			253.7			2.61			8,955.3			353.3			3.95			8,511.7			311.7			3.66			7,694.5			187.7			2.44
	778.1									722.4									759.1									992.0
	525.1									477.2									415.1									290.7
	11,006.8			253.7			2.30			10,154.9			353.3			3.48			9,685.9			311.7			3.22			8,977.2			187.7			2.09
	0.2									0.2									0.3									0.2
	1,103.1									1,091.0									1,059.1									949.3
	(525.1	)								(477.2	)								(415.1	)								(290.7	)
	296.2									228.5									164.9									167.0
$	11,881.2								$	10,997.4								$	10,495.1								$	9,803.0
				360.5			3.28	%					372.8			3.67	%					367.4			3.79	%					332.8			3.71	%
				(2.8	)								(3.9	)								(4.3	)								(3.9	)
			$	357.7								$	368.9								$	363.1								$	328.9

26 Wilmington Trust Corporation ~~2009~~2010 Form- 10-K 27

~~CHANGES~~• INA ~~NET~~significant ~~INTEREST~~increase ~~INCOME~~in ~~DUE~~income TOtax ~~VOLUME~~expense, ~~AND~~following ~~RATE~~ the establishment of a $292.2 million valuation allowance against our net deferred tax asset during 2010. We recorded this valuation allowance because we no longer believe it is more likely than not that tax benefits recorded previously will be realizable in the future.

	2009/2008									2008/2007
	Increase/(decrease) due to change in									Increase/(decrease) due to change in
(in millions)	Volume2			Rate3			Total			Volume2			Rate3			Total
Interest income:
Time deposits in other banks	$	1.8		$	(2.6	)	$	(0.8	)	$	6.2		$	(5.1	)	$	1.1
Federal funds sold and securities purchased under agreements to resell		(0.2	)		(0.2	)		(0.4	)		(0.1	)		(1.1	)		(1.2	)
Total short-term investments		1.6			(2.8	)		(1.2	)		6.1			(6.2	)		(0.1	)
U.S. Treasury securities		(0.2	)		(1.3	)		(1.5	)		(1.6	)		(0.6	)		(2.2	)
Government agency securities		(11.3	)		(3.5	)		(14.8	)		(8.3	)		–			(8.3	)
State and municipal securities1		(0.2	)		–			(0.2	)		(0.4	)		–			(0.4	)
Preferred stock1		(1.6	)		0.3			(1.3	)		(2.1	)		–			(2.1	)
Mortgage-backed securities		(15.8	)		(0.2	)		(16.0	)		1.6			1.7			3.3
Other securities1		(6.8	)		(0.1	)		(6.9	)		(1.4	)		(5.8	)		(7.2	)
Total investment securities		(35.9	)		(4.8	)		(40.7	)		(12.2	)		(4.7	)		(16.9	)
Federal Home Loan Bank and Federal Reserve Bank stock, at cost		0.1			(0.4	)		(0.3	)		0.4			(0.1	)		0.3
Commercial, financial, and agricultural loans1		(4.9	)		(44.1	)		(49.0	)		25.7			(54.3	)		(28.6	)
Real estate-construction loans		5.4			(38.3	)		(32.9	)		10.7			(52.8	)		(42.1	)
Commercial mortgage loans1		18.5			(31.2	)		(12.7	)		24.7			(34.1	)		(9.4	)
Total commercial loans		19.0			(113.6	)		(94.6	)		61.1			(141.2	)		(80.1	)
Residential mortgage loans		(3.5	)		(0.9	)		(4.4	)		0.3			(0.8	)		(0.5	)
Consumer loans		(10.5	)		(12.5	)		(23.0	)		15.0			(17.3	)		(2.3	)
Loans secured with investments		(2.6	)		(8.4	)		(11.0	)		0.7			(13.0	)		(12.3	)
Total retail loans		(16.6	)		(21.8	)		(38.4	)		16.0			(31.1	)		(15.1	)
Total loans net of unearned income		2.4			(135.4	)		(133.0	)		77.1			(172.3	)		(95.2	)
Total interest income	$	(31.8	)	$	(143.4	)	$	(175.2	)	$	71.4		$	(183.3	)	$	(111.9	)
Interest expense:
Savings deposits	$	2.9		$	(8.8	)	$	(5.9	)	$	6.6		$	(0.7	)	$	5.9
Interest-bearing demand deposits		5.3			(12.4	)		(7.1	)		1.0			(15.8	)		(14.8	)
Certificates under $100,000		2.3			(7.5	)		(5.2	)		(0.2	)		(8.2	)		(8.4	)
Local certificates $100,000 and over		(4.5	)		(2.0	)		(6.5	)		(5.4	)		(3.5	)		(8.9	)
Total core interest-bearing deposits		6.0			(30.7	)		(24.7	)		2.0			(28.2	)		(26.2	)
National brokered certificates		(53.1	)		(22.9	)		(76.0	)		4.8			(52.9	)		(48.1	)
Total interest-bearing deposits		(47.1	)		(53.6	)		(100.7	)		6.8			(81.1	)		(74.3	)
Federal funds purchased and securities sold under agreements to repurchase		(10.5	)		(24.0	)		(34.5	)		16.1			(46.5	)		(30.4	)
U.S. Treasury demand deposits		(0.2	)		–			(0.2	)		0.4			(0.7	)		(0.3	)
Line of credit and other debt		(3.1	)		0.1			(3.0	)		(3.3	)		(1.1	)		(4.4	)
Total short-term borrowings		(13.8	)		(23.9	)		(37.7	)		13.2			(48.3	)		(35.1	)
Long-term debt		3.1			0.6			3.7			7.0			2.8			9.8
Total interest expense	$	(57.8	)	$	(76.9	)	$	(134.7	)	$	27.0		$	(126.6	)	$	(99.6	)
Changes in net interest income	$	26.0		$	(66.5	)	$	(40.5	)	$	44.4		$	(56.7	)	$	(12.3	)

•

Approximately $74.8 million of costs related to credit problems. This included write-downs and losses on other real estate owned, the reserve for unfunded lending commitments, and legal and other expenses associated with loan recoveries, workouts, and dispositions.

1		We calculate variances on a fully tax-equivalent basis, which includes the effects of any disallowed interest expense deduction.
2		We define changes attributable to volume as changes in average balances multiplied by the prior year’s rate.
3		We define changes attributable to rate as changes in rate multiplied by the average balances in the applicable period of the prior year. A change in rate/volume (change in rate multiplied by change in volume) has been allocated to the change in rate.

•

A $24.5 million goodwill impairment write-down on our affiliate money manager Roxbury Capital Management (RCM) and our Regional Banking segment.

~~Part~~These IIitems —overshadowed ~~Item~~the 7strong performance of our CCS business, which contributed $199.2 million of noninterest income. Total noninterest income accounted for 61% of total revenue (~~continued)~~net interest 27income before the provision for loan losses, plus noninterest income, excluding securities gains and losses and OTTI securities charges).

~~NONINTEREST~~Because ~~INCOME~~of the 2010 net loss, our capital and regulatory capital ratios declined from December 31, 2009, even though we raised additional capital in a common stock issuance during the 2010 first quarter. Our regulatory capital ratios at December 31, 2010, although lower than at year-end 2009, continued to exceed the minimums required by regulators for banks and bank holding companies to be considered well-capitalized. Subsequent to year-end, the OTS deemed Wilmington Trust FSB to be adequately capitalized and set targets for its future capital ratios. At the direction of our regulators, our Board of Directors did not declare a dividend on our common stock for the 2010 third and fourth quarters.

~~Noninterest~~We ~~income~~improved isour ~~income~~credit ~~that~~risk ismanagement ~~generated~~practices byin ~~fees~~2010, weand ~~charge for services~~ we ~~provide~~added $189.3 million ~~The~~to the ~~pricing~~reserve onfor ~~these~~loans ~~fees~~losses, ~~can~~which bebrought ~~based~~it onto ~~the~~$440.8 million. ~~valuations~~Nonperforming ofasset ~~assets~~levels incontinued to ~~client~~trend ~~portfolios~~higher, ~~the level and complexity of services we provide~~however, ~~and~~to ~~other factors~~$1.1 billion Inat ~~some~~year-end ~~cases~~2010, ~~such~~compared ~~as with money market mutual fund fees, the pricing can be related~~ to ~~market~~$518.7 million ~~interest~~at ~~rates~~year-end 2009.

~~The~~Since ~~WAS~~there ~~and~~is ~~CCS~~no ~~businesses~~significant ~~generate~~economic ~~most~~or ofreal ~~our~~estate ~~noninterest~~recovery ~~income.~~on ~~The~~the ~~Regional~~horizon ~~Banking~~in ~~business~~Delaware, there is ~~also~~little ~~generates~~assurance ~~non-interest~~our ~~income~~loan portfolio will strengthen significantly in the ~~form~~near term or that our capital position will not erode further. Current conditions increase the possibility of ~~service~~further downgrades ~~charges,~~by ~~loan~~the ~~fees~~credit rating agencies or adverse regulatory actions, ~~and~~either ~~other~~or ~~types~~both of which ~~fees.~~could Incompromise ~~addition~~our businesses, ~~all~~including ofCCS ~~the~~and ~~revenue~~WAS. weThese ~~receive~~two ~~from~~fee-based ~~our~~businesses ~~investments~~continue to perform well, are established leaders in ~~CRM~~their markets, and ~~RCM~~have ispositive ~~noninterest income~~long-term prospects. ~~Noninterest~~We believe ~~income~~it ~~also~~is ~~includes~~important ~~securities~~to ~~gains~~do all we can to protect and ~~losses~~nourish those businesses as well as address the issues in our banking franchise.

~~Noninterest~~For ~~income~~these ~~increased~~reasons, inmanagement ~~2009~~and asthe Board of Directors carefully studied the company’s strategic options during 2010. In the process, we reviewed a ~~percentage~~wide range of ~~total~~alternatives. ~~net~~Based ~~interest~~on discussions ~~and~~we ~~noninterest~~had ~~revenue~~with our regulators, we believed that, without a change-of-control transaction ~~because:~~acceptable to them, we likely would face imminent significant regulatory actions, which likely would result in a dramatic worsening of our business prospects.

•Wilmington ~~CCS~~Trust ~~and~~Corporation ~~WAS~~2010 ~~expansion~~Form ~~initiatives~~10-K ~~we have undertaken in recent years generated additional business.~~28

~~NONINTEREST~~Ultimately, ~~INCOME~~the Board determined that the best option for our stockholders, as well as our clients and staff members, was a merger with M&T Bank Corporation. On November 1, 2010, we announced that we signed a definitive merger agreement with M&T. If the merger is completed, we will become a wholly-owned subsidiary of M&T. Completion of the merger is subject to certain conditions, including, approval by our stockholders and regulators.

									Change 2009			Change 2008
For the year ended December 31 (dollars in millions)	2009			2008			2007		vs. 2008			vs. 2007
Noninterest income before securities (losses)/gains	$	423.5		$	423.0		$	385.9		—	%		10	%
Securities gains, net of losses		13.6			0.1			0.1		N/M			—	%
Net other-than-temporary impairment losses recognized in income		(77.5	)		(130.7	)		—		41	%		N/M
Noninterest income	$	359.6		$	292.4		$	386.0		23	%		(24	)%

M&T intends to hold our WAS and CCS businesses as distinct divisions within its corporate structure, and to continue to operate them under the Wilmington Trust brand, with expanded access to M&T’s clients and markets. M&T expects to combine our commercial bank with its own banking footprint under the M&T name.

~~Record-high~~Additional ~~revenue~~details ~~from~~about ~~CCS~~each inof ~~2009~~our ~~was~~businesses ~~offset~~and byour ~~negative~~2010 ~~market~~performance ~~effects~~are ondiscussed ~~WAS~~in ~~revenue, which is~~greater ~~why~~detail ~~2009~~in ~~noninterest~~the ~~income~~following ~~before~~sections ~~securities~~of ~~losses~~this ~~was relatively unchanged from 2008~~report. ~~Noninterest~~ ~~income~~For ~~after~~more ~~securities~~information ~~losses~~about ~~was~~the ~~higher~~merger, ~~for~~read ~~2009~~Note 1, ~~than~~“Adverse ~~for~~financial ~~2008,~~condition ~~because~~and ~~losses on~~the ~~investment~~proposed ~~securities~~merger ~~that~~with ~~were~~M&T ~~determined~~Bank toCorporation,” bein ~~OTTI~~the ~~were~~consolidated ~~lower~~financial instatements ~~2009 than~~ in ~~2008~~this report.

~~Noninterest~~CHANGES ~~income~~IN ~~for~~FINANCIAL ~~2008 included $5.5 million for Visa Inc.’s repurchase of shares owned by its~~CONDITION ~~U.S. member banks. For more information about this, read Note 13, “Commitments and contingencies,” in this report.~~

~~EXPENSES~~At December 31, 2010, our assets totaled $10.93 billion, which was a $164.5 million decrease from year-end 2009. This decline was the result of:

We• ~~continued~~A to$1.44 ~~manage~~billion, ~~expenses~~or ~~carefully.~~16%, ~~Our~~decrease ~~total~~in ~~noninterest~~loan ~~expense~~balances. ~~for~~Decreases ~~2008~~occurred ~~included~~throughout athe ~~$66.9 million~~portfolio, ~~goodwill~~due ~~impairment~~to ~~write~~charge-~~down~~offs, onloan ~~the~~pay ~~value~~downs, ofand ~~our~~weak ~~investment~~demand infor ~~affiliate~~new ~~money~~loans. ~~manager RCM~~In addition, $52.5 ~~For~~million ~~more~~of ~~information~~loans ~~about~~were ~~this,~~reclassified ~~read~~as ~~Note~~loans 4,held ~~“Affiliates~~for ~~and~~sale ~~acquisitions,”~~at inyear-end ~~this~~2010. ~~report~~This brought total loan balances at period-end to $7. 53 billion.

We• ~~believe~~A ~~that~~$189.3 ~~comparing~~million ~~amounts~~increase ~~that~~in ~~exclude~~ the ~~RCM~~reserve ~~write-down~~for isloan alosses, ~~more~~which ~~relevant~~brought ~~measure~~the reserve to $440.8 million, or 5.9% of ~~expense~~ ~~trends~~total loans outstanding.

~~SELECTED~~• ~~NONINTEREST~~A ~~EXPENSES~~ $271.8 million decline in investment securities balances, primarily due to calls, maturities, and sales of securities as well as other-than-temporary impairment charges.

							Change 2009			Change 2008
For the year ended December 31 (dollars in millions)	2009		2008		2007		vs. 2008			vs. 2007
Full-time-equivalent staff members		2,898		2,946		2,672		(2	)%		10	%
Staffing-related expenses	$	287.4	$	296.1	$	270.6		(3	)%		9	%
Retirement services subadvisor expense	$	29.5	$	9.6	$	0.1		207	%		N/M
Insurance expense	$	26.1	$	8.4	$	4.4		211	%		91	%
Total noninterest expense before impairment	$	512.5	$	492.8	$	444.1		4	%		11	%
Goodwill impairment write-down	$	—	$	66.9	$	—		(100)	%		N/M
Total noninterest expense	$	512.5	$	559.7	$	444.1		(8	)%		26	%

Partially offsetting these declines was a $1.93 billion increase in interest-bearing deposits in other banks, which reflected an increase in our liquidity. This increased liquidity resulted from decreases in loan and investment balances and increases in national brokered certificates of deposit and long-term debt. In accordance with our contingency funding plan, we enhanced liquidity during 2010 because of the potential negative impact from our loan credit quality problems and our net losses.

28At ~~Wilmington~~December 31, ~~Trust~~2010, ~~Corporation~~liabilities ~~2009~~totaled ~~Form-~~$10.08 billion, a $290.9 million increase from year-Kend 2009. This change was the result of:

~~Excluding~~• A change in the ~~RCM~~funding ~~write~~mix between national brokered CDs and short-~~down~~term borrowings. National brokered CD balances increased 44% to $1,832.0 ~~noninterest~~million, ~~expense~~while ~~for~~short-term ~~2009~~borrowings decreased 80% to $123.2 million. On a combined basis, however, the increase in national brokered CDs and short-term borrowings was 4%, ~~higher~~or ~~than~~$80.8 ~~for 2008~~million. ~~Two~~We ~~items accounted~~typically ~~for~~adjust ~~most~~the mix of ~~this~~these ~~increase:~~ two funding sources according to our maturity and pricing preferences.

• ~~Higher~~A ~~retirement services subadvisor expense, which is associated with the retirement services acquisitions we completed in 2008~~$152.1 ~~The~~million ~~percentage~~ increase in ~~this~~long-term ~~expense~~debt, ~~line~~primarily isdue ~~skewed~~to ~~because~~advances ~~our~~from ~~2008~~the ~~results~~Federal ~~did~~Home ~~not~~Loan ~~reflect~~Bank ataken ~~full~~during 122010. ~~months~~For ofmore ~~expense~~information ~~from~~about these ~~acquisitions.~~advances, ~~(We~~read ~~completed~~Note ~~one~~13, in“Borrowings,” ~~April 2008 and one~~ in ~~October~~the ~~2008).~~consolidated ~~This~~financial ~~expense~~statements ~~growth was offset by revenue growth~~ in ~~CCS~~this ~~retirement services revenue~~report.

•Wilmington AnTrust ~~industry-wide~~Corporation ~~increase~~2010 inForm ~~premiums,~~10-K which the FDIC instituted in January 2009. • A revision in the methodology the FDIC uses to calculate premiums. • A special assessment the FDIC levied on all banks in the 2009 second quarter. • The growth in our deposit balances.29

InStockholders’ ~~November 2009,~~equity ~~the~~declined ~~FDIC~~$455.4 million ~~issued~~from ~~a rule that required all insured depository institutions~~December 31, ~~with limited exceptions~~2009, tomainly ~~prepay~~because ~~their~~of ~~estimated quarterly risk-based assessments for~~ the ~~fourth~~net loss ~~quarter~~that ofwe ~~2009~~experienced ~~and~~during ~~for all of~~ 2010, ~~2011,~~but ~~and~~was ~~2012.~~partially ~~The~~offset ~~FDIC~~by ~~also~~the ~~adopted~~21.7 million ashare ~~uniform~~common ~~3-basis-point~~stock ~~increase~~issuance incompleted ~~assessment rates that will take effect~~ on ~~January~~March 1, ~~2011~~2010. InThis ~~December 2009,~~issuance wenetted ~~paid~~ proceeds of $~~70.8~~274 million ~~in prepaid risk-based assessments~~, which qualified ~~included~~as ~~$4.7 million~~both ~~related~~tangible tocommon ~~the~~equity ~~fourth quarter~~and ofregulatory ~~2009~~Tier ~~that~~1 ~~otherwise~~capital. ~~would~~We ~~have~~used ~~been payable in~~ the ~~first~~proceeds ~~quarter~~for general ofcorporate ~~2010~~purposes. ~~This~~Since ~~amount~~the ~~is included~~offering, inwe ~~our~~have ~~deposit~~contributed ~~insurance expense for 2009. The remaining~~ $~~66.1~~400 million inof ~~pre-paid~~capital ~~deposit insurance~~to ~~is included in other assets on~~ our wholly-owned ~~balance~~bank ~~sheet as of December 31, 2009~~subsidiaries.

~~Staffing-related~~At ~~expenses~~December 31, 2010, all of our regulatory capital ratios continued to ~~represent~~exceed ~~our~~the ~~largest~~minimums required ~~concentration~~by ofregulators ~~costs~~for banks and bank holding companies to be considered well-capitalized. However, ~~(Interest~~banking regulators make qualitative judgments about the components of our capital, risk ~~expense~~weightings, isand other factors. Their views of our ~~second~~financial ~~largest~~condition ~~expense~~and ~~item~~circumstances could cause them to adjust their well-capitalized minimum standards.) ~~Staffing~~Subsequent to year-~~related~~end, ~~expenses~~the ~~were~~OTS deemed ~~lower~~Wilmington ~~for~~Trust ~~2009~~FSB ~~than~~to be adequately capitalized and set targets for its future capital ~~2008~~ratios. For additional information about this, ~~primarily~~read ~~because:~~Note 26, “Subsequent events,” in the consolidated financial statements in this report. Further declines in our regulatory capital ratios could result in formal regulatory actions that could compromise our ability to conduct businesses.

•For ~~Incentive~~more ~~and~~information ~~bonus~~about ~~expense~~changes ~~was~~in ~~lower,~~our asfinancial ~~accrued~~condition, ~~amounts~~read ~~were~~the ~~adjusted~~following tosections ~~reflect~~of ~~actual and expected payments.~~this report:

• The ~~number~~Regional ofBanking ~~staff members decreased~~discussion. ~~Most of this decrease resulted from attrition and the closure in March 2009 of our conduit services business.~~

We• ~~recorded~~The aninvestment ~~income~~securities ~~tax~~discussion ~~benefit for 2009 that reflected reconciliations between our estimates of taxes due~~ and ~~amounts we actually paid. For more information about this, read~~ Note 207, “~~Income taxes,”~~Investment ~~in this report~~securities. ”

~~INCOME~~• ~~TAXES~~The ~~AND~~capital ~~TAX~~resources ~~RATE~~ discussion and Note 17, “Capital.”

For the year ended December 31 (dollars in millions)	2009			2008			2007
Pre-tax (loss)/income before noncontrolling interest	$	(39.7	)	$	(25.1	)	$	282.6
Income tax (benefit)/expense	$	(36.5	)	$	(2.0	)	$	99.7
Effective tax rate		91.94	%		7.97	%		35.28	%

•

The Consolidated Statement of Changes in Stockholders’ Equity.

~~Income~~INVESTMENT ~~tax~~SECURITIES ~~expense and the effective tax rate in 2009 changed from 2008 mainly because:~~PORTFOLIO

•We ~~Taxes~~maintain wean ~~paid~~investment ~~were~~securities ~~lower~~portfolio ~~than~~to ~~the~~generate ~~estimated~~cash ~~amounts~~flow, wehelp ~~previously~~manage ~~recorded~~interest rate risk, ~~which~~and ~~reduced~~provide ~~tax~~collateral ~~expense~~for bydeposits ~~approximately~~and $7other liabilities.9 ~~million~~Our policy is to invest in securities that have, at the time of purchase, investment-grade ratings of A or better from Standard & Poor’s or Moody’s Investors Service. We do not hold investment securities for trading purposes. There are no client funds in this portfolio.

•Our ~~Changes~~investment insecurities ~~state~~balances ~~rates~~were ~~provided~~$588.7 million aat ~~tax~~December 31, ~~benefit~~2010, ofwhich ~~approximately~~was $1271.7 8 million lower than at the end of 2009. This decline was caused primarily by:

• ~~The~~$390.3 ~~expectation~~million ~~that more~~ of amaturities ~~subsidiary’s~~and ~~deferred~~sales ~~state tax asset will be recognized in the future resulted in a valuation allowance reduction~~ of ~~approximately $2~~U.3S. ~~million~~Treasury securities.

• ~~Approximately~~ $4700.04 million of amaturities ~~deferred~~and ~~tax~~calls ~~asset we wrote off in 2008 was restored, because~~ of ~~the~~government ~~decline~~agency ~~in the uncertainty surrounding the deductibility of executive compensation as a result of our participation in the CPP~~securities.

• ~~Approximately~~ $320.06 million of ~~tax~~sales ~~reserves~~and ~~was~~calls ~~released, due to completion~~ of ~~tax~~preferred ~~audits~~stock, orwhich ~~the~~resulted ~~expiration~~in ofnet ~~the~~securities ~~statute~~gains of ~~limitations~~$3.8 million.

~~Income~~• ~~tax~~$57.3 ~~expense~~million of security write-downs that were deemed OTTI under GAAP. Of this amount, $37.9 million was credit-related and was recorded as an other-than-temporary impairment loss in the ~~effective~~statement ~~tax~~of ~~rate~~income. For additional information about other-than-temporary impairments, read Note 11, “Investment securities,” in ~~2008~~the ~~reflected:~~ consolidated financial statements in this report.

•There Anwas ~~impairment~~significant ~~charge~~turnover ~~for~~in ~~RCM,~~the ~~which~~portfolio ~~generated~~during a2010. ~~tax~~The ~~benefit~~declines ofdiscussed ~~approximately~~above were partially offset by $26933.5 2 million of U.S. Treasury and government agency securities purchases during 2010. As calls and maturities occurred during 2010, we purchased these additional securities for ~~the~~collateral ~~subsidiary~~purposes. ~~that~~These ~~holds~~changes ~~our~~caused the mix of investment insecurities, ~~RCM~~on a percentage basis, to shift.

~~Part~~Wilmington IITrust —Corporation ~~Item~~2010 7Form ~~(continued)~~10-K 2930

~~OPERATING~~investment ~~RESULTS~~securities portfolio composition

WeAs ~~reported a net loss for 2009 largely because~~ of ~~the~~December OTTI securities losses we recorded during the year. On an operating basis (excluding losses on OTTI securities), we were profitable for the 2009 full year. Operating net income was $45.4 million and operating earnings were $0.39 per diluted common share. Except for the securities losses, the dynamics that affected operating results for the year were the same as the factors that affected reported results. 31

OPERATING RESULTS


	2010					2009
			Percent of					Percent of
(dollars in millions)	Amount		portfolio			Amount		portfolio

U.S. Treasury securities	$	48.9		8	%	$	232.8		27	%
Government agency securities ¹		245.9		42			225.1		26
Obligations of state and political subdivisions		9.5		1			5.7		1
Collateralized mortgage obligations		27.2		5			51.2		6
Mortgage-backed debt securities		145.4		25			203.4		23
Trust-preferred securities:
Single-issue trust-preferred securities		58.5		10			57.7		7
Pooled trust-preferred securities		41.8		7			53.3		6

Total trust-preferred securities		100.3		17			111.0		13
Preferred stock		4.5		1			23.9		3
Other marketable equity securities		7.0		1			7.4		1

Total investment securities	$	588.7		100	%	$	860.5		100	%

Amount invested in fixed rate instruments	$	476.2		81	%	$	723.6		84	%

For the year ended December 31 (in millions)	2009			2008			2007
Net (loss)/income	$	(4.4	)	$	(23.6	)	$	182.0
Impairments		77.5			197.6			—
Applicable income tax (benefit)/expense		(27.7	)		(74.6	)		—
Operating results	$	45.4		$	99.4		$	182.0


¹		Includes $0.5 million of non-U.S. government agency securities.

~~OPERATING~~average ~~PER-SHARE~~life ~~RESULTS~~and duration

(on a fully diluted basis)	2009			2008			2007
Per-share (loss)/income	$	(0.33	)	$	(0.36	)	$	2.64
Per-share loss of impairments, after tax		(0.72	)		(1.82	)		—
Per-share earnings applicable to operating results	$	0.39		$	1.46		$	2.64

As of December 31

We believe our operating results demonstrate the core earnings potential inherent in our diversified business mix. Because we have the CCS and WAS businesses, we were able to absorb a $205.0 million loan loss provision and still record an operating profit.

~~Operating~~Attrition ~~results~~and dodepressed ~~not~~TruPS ~~conform~~valuations ~~with~~caused Uthe portfolio’s average life and duration to change.S The negative duration of the portfolio in total was caused by the lower TruPS valuations and historically low market interest rates. ~~generally~~Excluding ~~accepted~~trust ~~accounting~~preferred ~~principles~~securities (~~GAAP~~TruPS), ~~but we~~duration ~~believe~~would ~~that~~have ~~these~~been ~~non-GAAP~~1.28 years ~~measures:~~at December 31, 2010, and 1.38 years at December 31, 2009.

•For ~~Provide~~additional ainformation ~~more~~about ~~relevant~~our investment securities, their valuations, and ~~comparative~~related write-downs, ~~basis~~read onthe ~~which~~Consolidated toStatements ~~measure~~of ~~ongoing~~Cash ~~business~~Flows, ~~activities~~Note 15, “Fair value measurement of assets and ~~evaluate~~liabilities,” ~~our~~and ~~performance~~Note 7, “Investment securities,” in this report.

~~Some~~Wilmington ~~limitations~~Trust ~~are~~Corporation ~~inherent~~2010 inForm ~~presenting~~10-K operating results. While we believe these disclosures help investors understand the dynamics of the company, these disclosures may not offer relevant comparisons to the operating results of other companies. Other companies might use different measures and/or calculate them differently. 31

WeRESULTS ~~compensate~~OF ~~for these limitations by providing a detailed reconciliation between GAAP reported~~OPERATIONS results and non-GAAP operating results. The presentation of non-GAAP financial measures should be viewed as supplemental information and not as a substitute for financial results determined in accordance with GAAP.

~~REGIONAL~~We ~~BANKING~~reported a $720.1 million net loss for 2010, compared to a $4.4 million net loss for 2009. Highlights of our 2010 net loss, compared to 2009, include:

~~OVERVIEW~~ • A $41.1 million decline in net interest income, caused mainly by a decline in loan and investment balances and an increase in nonaccruing loans;

~~Our~~• ~~Regional~~A ~~Banking~~$494.7 ~~business~~million ~~serves~~increase ~~clients~~ in the ~~mid-Atlantic~~provision ~~region.~~for Weloan ~~define~~losses ~~this region as the state of Delaware and the parts of Pennsylvania, New Jersey, and Maryland~~ that ~~are~~stemmed ~~within approximately~~from ~~150~~an ~~miles~~increase ofin ~~our~~problem ~~Wilmington~~loans ~~headquarters.~~ during 2010;

We• ~~provide~~A ~~consumer~~$126.1 ~~banking~~million ~~services~~increase ~~to,~~in ~~and~~noninterest ~~gather~~expense, ~~most~~which ofincluded ~~our~~write-downs ~~core~~and ~~deposits~~losses ~~from,~~on ~~clients~~other ~~in Delaware.~~real Weestate ~~have~~owned, 48the ~~branch~~reserve ~~offices~~for inunfunded ~~Delaware.~~lending Wecommitments, ~~make~~and ~~the~~legal ~~public~~and ~~aware~~other ofexpenses ~~our~~associated ~~consumer~~with ~~banking products~~loan ~~mainly~~recoveries, ~~through~~workouts, ~~newspaper advertising~~ and ~~direct mail.~~ dispositions;

We• ~~provide~~An ~~commercial banking services to clients throughout the mid-Atlantic region, principally in areas adjacent to the I-95 corridor between Princeton, New Jersey, and Baltimore, Maryland~~$88.1 ~~We target~~million ~~our~~increase ~~commercial banking services to family-owned or closely held businesses~~ in ~~this~~tax ~~region with annual sales of up to $250 million~~expense, ~~and~~caused ~~with~~mainly ~~whom~~by ~~we can develop long-term banking and wealth management relationships. In addition to~~ our ~~branch~~deferred ~~offices~~tax inasset ~~Delaware,~~valuation weallowance; ~~have five commercial banking offices in southeastern Pennsylvania, two in New Jersey,~~ and ~~two in Maryland.~~

30• ~~Wilmington~~A ~~Trust~~$34.0 ~~Corporation~~million ~~2009~~increase ~~Form-10-K~~in noninterest income, attributable primarily to an increase in CCS revenue, partially offset by a decrease in WAS revenue.

~~The~~We ~~majority~~discuss each of ~~our~~these ~~commercial~~topics ~~loans are~~ in ~~amounts~~greater ofdetail ~~$10 million~~in orother ~~less.~~sections ~~This reflects our focus on privately held and family owned business clients, and the loan amounts they tend to need. In general, most~~ of ~~our~~this ~~commercial borrowers concentrate their banking relationships with us~~report.

~~Our~~After ~~commercial~~adjusting ~~banking~~for ~~offices~~dividends ~~outside~~on ofpreferred ~~Delaware~~shares, ~~are~~the ~~primarily~~net ~~sales~~loss ~~offices.~~available Into ~~these~~common ~~offices,~~stockholders ~~commercial~~was ~~banking and WAS staff members work together in teams~~$738.3 million ~~Many~~for of2010, ~~our~~or ~~commercial banking clients are also WAS clients~~$8.45 Weper ~~have~~common ~~no traditional bank branch offices outside of Delaware~~share.

~~Because~~weighted weaverage ~~offer~~common ~~commercial~~shares ~~banking services in a four-state region, but focus our consumer banking~~outstanding ~~activities in just one:~~

•For ~~Most~~the ofyears ~~our~~ended ~~loans~~December ~~are commercial loans.~~31

• Most of our core deposits are from clients in Delaware.

Our ~~Regional~~net ~~Banking~~loss ~~business~~per ~~benefits~~common ~~from~~share awas ~~number~~affected ofby ~~competitive~~the ~~advantages.~~increase ~~Chief~~in ~~among~~common ~~these is~~shares ~~our focus on long-term client relationships~~outstanding, ~~not~~compared to ~~transactions~~2009. InThis ~~addition,~~increase wewas ~~are~~due ~~among~~to ~~a dwindling~~the ~~number~~issuance of ~~banks~~21.7 million ~~headquartered~~shares inon ~~the~~March 1, ~~mid-Atlantic~~2010. ~~region,~~For additional ~~and~~information weabout ~~are~~this ~~one~~common ofstock ~~only~~issuance, ~~three Delaware-headquartered~~read ~~banks~~the ~~that~~capital ~~offer~~resources ~~services~~discussion ~~statewide~~in this report.

WeTHE ~~prefer~~REGIONAL toBANKING ~~originate loans ourselves, rather than purchase loans from brokers or other banks. In~~BUSINESS ~~general, we do not pursue syndicated lending opportunities.~~

~~We consider average loan and deposit balances, rather than period-end balances, to be the better~~OVERVIEW indicator of trends in the Regional Banking business. This is because average balances represent client activity over the longer term. This is especially true of core deposit balances, which can be skewed by large short-term deposits that Corporate Client Services clients may make at the ends of reporting periods.

~~Most~~Our ~~of the income our~~ Regional Banking business ~~generates~~serves isclients ~~net~~in ~~interest~~the ~~income~~mid-Atlantic region. ~~Regional~~We ~~Banking~~define this ~~also~~region ~~generates~~as ~~noninterest~~the ~~income~~state inof Delaware and the ~~form~~parts of ~~loan~~Pennsylvania, New Jersey, and ~~deposit~~Maryland ~~service~~that ~~charges~~are within approximately 150 miles of our Wilmington headquarters.

~~THE~~We ~~MID-ATLANTIC~~provide ~~ECONOMY~~consumer banking services to, and gather most of our core deposits from, clients in Delaware. We have 48 branch offices in Delaware. We make the public aware of our consumer banking products mainly through newspaper advertising and direct mail.

~~The~~Wilmington ~~unemployment~~Trust ~~rate~~Corporation in2010 ~~both~~Form ~~Delaware and Pennsylvania was 9% in December 2009, better than the U.S. national average of~~ 10%,-K but economic conditions overall remained challenging, due to the protracted nature of the recession. These conditions affected our loan balances and credit metrics in 2009 and 2008. For more information about this, read the rest of this Regional Banking discussion and the credit quality discussion in this report. 32

~~Delaware’s~~We ~~economy~~provide ~~has~~commercial ~~benefited~~banking ~~from~~services ~~population~~to ~~growth~~clients throughout the mid-Atlantic region, principally in ~~recent~~areas ~~years.~~adjacent ~~For~~to the ~~12 months~~I-95 ~~ended July 1~~corridor between Princeton, ~~the~~New ~~U.S.~~Jersey, ~~Census~~and ~~Bureau~~Baltimore, ~~ranked~~Maryland. ~~Delaware~~We target asour ~~the~~commercial ~~19th~~banking ~~fastest~~services to family-~~growing~~owned ~~state~~or inclosely ~~2009,~~held ~~the~~businesses ~~13th~~in this region ~~fastest-growing~~with inannual ~~2008~~sales of up to $250 million, and ~~the~~with ~~14th~~whom we can develop long-~~fastest~~term ~~growing~~banking inand ~~2007~~wealth management relationships. ~~Many~~In ~~residents~~addition ~~have~~to ~~been~~our ~~attracted by~~branch offices in Delaware’s, ~~real~~we ~~estate~~have ~~taxes,~~five ~~which~~commercial banking ~~are~~offices ~~considerably~~in ~~lower~~southeastern ~~than~~Pennsylvania, ~~those~~two ofin ~~surrounding~~New ~~states~~Jersey, and ~~lack~~ oftwo ~~sales~~in ~~tax~~Maryland.

WeThe ~~expect~~majority ~~the~~of ~~regional~~our ~~economy~~commercial toloans ~~benefit~~are ~~from~~in ~~the~~amounts ~~U.S.~~of ~~military’s~~$10 million ~~Base~~or ~~Realignment and Closure (BRAC) initiative~~less. ~~Part~~This ofreflects ~~this~~our focus ~~initiative~~on ~~will~~privately ~~increase~~held ~~operations~~ and ~~add~~family ~~jobs~~owned atbusiness ~~military bases in Maryland. One of these bases is Aberdeen Proving Ground in Harford County~~clients, ~~Maryland, which is midway between Wilmington~~ and ~~Baltimore.~~the ~~Harford~~loan ~~County~~amounts ~~officials~~they ~~estimate~~tend ~~BRAC~~to ~~will~~need. In ~~add 8~~general,~~200 high-paying~~ ~~jobs~~most atof ~~the~~our ~~base~~commercial ~~and~~borrowers asconcentrate ~~many~~their asbanking ~~10,000~~relationships ~~additional~~with ~~off-base jobs over the next few years~~us.

~~Part~~Our IIcommercial —banking ~~Item~~offices 7outside ~~(continued)~~of 31Delaware are primarily sales offices. In these offices, commercial banking and WAS staff members work together in teams. Many of our commercial banking clients are also WAS clients. We have no traditional bank branch offices outside of Delaware.

~~2009~~Because ~~HIGHLIGHTS~~we offer commercial banking services in a four-state region, but focus our consumer banking activities in just one:

In• ~~2009,~~Most ~~the Regional Banking business experienced muted demand for new loans, strong growth in core deposit balances, and higher levels~~ of ~~nonperforming~~our loans ~~and~~are ~~loan~~commercial ~~charge-offs~~loans. ~~For more information about our credit quality metrics, read the credit risk discussion in this report.~~

~~CHANGES~~• INMost ~~AVERAGE~~of ~~BALANCES~~ our core deposits are from clients in Delaware.

							Change 2009			Change 2008
For the year ended December 31 (dollars in millions, on average)	2009		2008		2007		vs. 2008			vs. 2007
Commercial loans	$	6,698.1	$	6,369.3	$	5,599.8		5	%		14	%
Consumer and other retail loans		2,545.4		2,830.7		2,612.2		(10	)%		8	%
Total loans	$	9,243.5	$	9,200.0	$	8,212.0		—	%		12	%
Core deposits	$	6,490.3	$	5,333.6	$	5,045.5		22	%		6	%

We prefer to originate loans ourselves, rather than purchase loans from brokers or other banks. In general, we do not pursue syndicated lending opportunities.

~~Following~~We ~~12%~~consider ~~growth~~average inloan ~~2008,~~and ~~loan~~deposit balances, onrather ~~average~~than period-end balances, ~~increased~~to ~~less~~be ~~than~~the 1%better indicator of trends in ~~2009~~the Regional Banking business. OnThis ~~a period-end~~is ~~basis,~~because ~~loan~~average balances ~~were~~represent client ~~lower~~activity ~~than~~over atthe ~~year-end~~longer ~~2008~~term. ~~Loan~~This ~~balances~~is ~~were~~especially ~~affected~~true inof core deposit balances, which ~~2009~~often can be skewed by: movements of transactional deposits made by CCS clients.

•Most ~~New~~of ~~loan~~the ~~volumes~~income ~~that~~our ~~were~~Regional ~~too~~Banking ~~low~~business togenerates ~~offset~~is ~~maturing~~net ~~loans~~interest income. Regional Banking also generates noninterest income in the form of loan and deposit service charges.

•The ~~Net~~severity ~~charge-offs~~of the recession and ~~transfers~~lack of sustained economic recovery during 2010 continued to affect ~~other~~our ~~real~~Regional ~~estate~~Banking ~~owned~~business, and resulted in a higher provision for loan losses and lower net interest income for the year. Because of this, operating income from the Regional Banking segment declined in 2010.

•regional Abanking ~~decrease~~operating ~~in consumer loans, due mainly to a decline in indirect automobile loan balances.~~income

•For ~~Several~~the ~~large~~years ~~commercial~~ended ~~loan~~December ~~repayments.~~31

• Sales of residential mortgage loans.



(in millions)	2010			2009		2008

Segment operating net (loss)/income	$	(605.0	)	$	4.6	$	72.7

~~Commercial~~For ~~mortgage~~more ~~loans~~information ~~accounted~~about ~~for~~Regional ~~most~~Banking ofoperating ~~the~~income, ~~2009~~read ~~loan~~Note ~~growth. Commercial construction and commercial mortgage loans increased as a percentage of total loans outstanding in 2009~~24, ~~because retail~~“Segment ~~loan balances decreased. Approximately 79% of total loans outstanding at December 31~~reporting,” ~~2009,~~in ~~had~~this ~~floating rates, up from 74% at year-end 2008~~report.

At December 31 (in millions)	2009		2008		2007		2006		2005
Commercial, financial, and agricultural loans	$	2,627.0	$	2,966.3	$	2,594.9	$	2,533.5	$	2,461.3
Commercial real estate — construction loans		1,956.4		1,923.8		1,780.4		1,663.9		1,233.9
Commercial mortgage loans		2,102.3		1,870.2		1,463.4		1,296.1		1,223.9
Residential mortgage loans		431.0		571.2		562.0		536.9		455.5
Consumer loans		1,408.9		1,732.9		1,571.6		1,517.0		1,438.3
Loans secured with investments1		441.6		554.7		503.5		547.5		584.8
Total loans	$	8,967.2	$	9,619.1	$	8,475.8	$	8,094.9	$	7,397.7



Wilmington Trust Corporation 2010 Form 10-K		33

~~1 Loans secured with investments are mainly loans to WAS clients. They do not indicate trends in the Regional Banking business.~~LOANS

~~LOAN~~Our ~~PORTFOLIO~~discussion ~~COMPOSITION~~of ONloans Ain ~~PERCENTAGE~~this ~~BASIS~~section exclude loans held for sale, unless otherwise indicated. For details about loans held for sale, read Note 8, “Loans, loans held for sale, and OREO,” in this report.

At December 31	2009			2008			2007			2006			2005
Commercial, financial, and agricultural loans		29	%		31	%		31	%		31	%		33	%
Real estate — construction loans		22			20			21			21			17
Commercial mortgage loans		23			19			17			16			17
Residential mortgage loans		5			6			6			6			6
Consumer loans		16			18			19			19			19
Loans secured with investments		5			6			6			7			8
Total		100	%		100	%		100	%		100	%		100	%

Total loan balances declined $1.44 billion, or 16%, during 2010, due to weak demand for new loans, loans charge-offs, and loan pay downs. There were balance declines in all commercial loan categories, consumer loans, and loans secured with investments. Approximately 79% of total loans outstanding at December 31, 2010, were floating rate loans.

32total ~~Wilmington~~loans ~~Trust Corporation 2009 Form-10-K~~outstanding

~~GEOGRAPHIC~~As ~~SOURCES~~of OFDecember ~~LOANS~~ 31

As of December 31	2009			2008			2007
(in millions)	2010			2009			2008			2007		2006
Percent from Delaware market		54	%		54	%		57	%
Commercial loans:
Percent from Pennsylvania market		23	%		23	%		23	%
Commercial, financial, and agricultural	$	2,178.6		$	2,627.0		$	2,966.3		$	2,594.9	$	2,533.5
Percent from Maryland market		10	%		10	%		10	%
Commercial real estate — construction		1,429.1			1,956.4			1,923.8			1,780.4		1,663.9
Percent from New Jersey market		8	%		7	%		5	%
Commercial mortgage — owner occupied		1,041.8			1,095.3			982.2			724.1		547.2
Percent from other markets		5	%		6	%		5	%
Commercial mortgage — non-owner occupied		917.7			1,007.0			888.0			739.3		748.9
Total commercial loans		5,567.2			6,685.7			6,760.3			5,838.7		5,493.5
Retail loans:
Residential mortgage		434.6			431.0			571.2			562.0		536.9
Consumer loans:
Home equity		539.0			568.6			565.4			492.6		488.3
Indirect		411.6			613.4			891.5			748.2		687.0
Credit card		65.1			66.4			67.8			69.1		64.5
Other consumer		118.6			160.5			208.2			261.7		277.2
Total consumer loans		1,134.3			1,408.9			1,732.9			1,571.6		1,517.0
Secured with investments 1		389.8			441.6			554.7			503.5		547.5
Total retail loans	$	1,958.7		$	2,281.5		$	2,858.8		$	2,637.1	$	2,601.4

~~For~~1 ~~information~~Loans ~~about~~secured ~~Regional~~with ~~Banking~~investments ~~profitability,~~are ~~read~~mainly ~~Note~~loans ~~23,~~to ~~“Segment~~WAS ~~reporting,”~~clients. They do not indicate trends in ~~this report~~the Regional Banking business.

~~COMMERCIAL~~loan ~~LENDING~~portfolio composition on a percentage basis

~~Commercial~~As ~~loan balances, on average, were 5% higher for 2009 than for 2008. On a period-end basis, commercial loan balances were 1% lower at year-end 2009 than at year-end 2008. Balances~~ of ~~commercial~~ ~~construction~~December ~~and mortgage loans rose, but these increases were offset by:~~ 31

• A decrease in commercial, financial, and agricultural loans.


	2010			2009			2008			2007			2006

Commercial loans:
Commercial, financial, and agricultural		29	%		29	%		31	%		31	%		31	%
Commercial real estate — construction		19	%		22	%		20	%		21	%		21	%
Commercial mortgage — owner occupied		14	%		12	%		10	%		9	%		7	%
Commercial mortgage — non-owner occupied		12	%		12	%		9	%		9	%		9	%

Total commercial loans		74	%		75	%		70	%		69	%		68	%
Retail loans:
Residential mortgage		6	%		5	%		6	%		7	%		7	%
Consumer loans:
Home equity		7	%		6	%		6	%		6	%		6	%
Indirect		6	%		7	%		9	%		8	%		8	%
Credit card		1	%		1	%		1	%		1	%		1	%
Other consumer		1	%		1	%		2	%		3	%		3	%

Total consumer loans		15	%		15	%		18	%		18	%		18	%
Secured with investments¹		5	%		5	%		6	%		6	%		7	%
Total retail loans		26	%		25	%		30	%		31	%		32	%

•1 AnLoans ~~increase~~secured with investments are mainly loans to WAS clients. They do not indicate trends in ~~net~~the ~~charge-offs~~Regional Banking business.

•Wilmington ~~Several~~Trust ~~large~~Corporation ~~commercial~~2010 ~~loan~~Form ~~repayments.~~10-K 34

~~COMMERCIAL~~The ~~LOAN~~composition ~~BALANCES~~of the loan portfolio by loan type remained relatively similar to year-end 2009. The mix of loans by geographic market also remained relatively unchanged. The Delaware market accounted for 52% of total loans outstanding at December 31, 2010, compared with 54% at December 31, 2009.

							Change 2009			Change 2008
For the year ended December 31 (dollars in millions, on average)	2009		2008		2007		vs. 2008			vs. 2007
Commercial, financial, and agricultural loans	$	2,732.0	$	2,814.6	$	2,485.7		(3	)%		13	%
Commercial real estate — construction loans		1,958.3		1,860.6		1,731.9		5	%		7	%
Commercial mortgage loans		2,007.8		1,694.1		1,382.2		19	%		23	%
Total commercial loans	$	6,698.1	$	6,369.3	$	5,599.8		5	%		14	%

total loans by geographic market

~~Most~~As of ~~our~~December ~~commercial loans continued to come from clients in Delaware.~~ 31

GEOGRAPHIC SOURCES OF COMMERCIAL LOANS


	2010				2009				2008
			As a % of				As a % of				As a % of
(dollars in millions)	Amount		total loans		Amount		total loans		Amount		total loans

Delaware	$	3,936.8		52%	$	4,799.0		54%	$	5,162.9		54%
Pennsylvania		1,761.2		24%		2,105.0		23%		2,232.5		23%
Maryland		841.8		11%		933.2		10%		966.9		10%
New Jersey		611.3		8%		689.2		8%		694.5		7%
Other		374.8		5%		440.8		5%		562.4		6%

	$	7,525.9			$	8,967.2			$	9,619.2

As of December 31	2009			2008			2007
Percent from Delaware market		54	%		55	%		58	%
Percent from Pennsylvania market		25	%		26	%		27	%
Percent from Maryland market		10	%		9	%		8	%
Percent from New Jersey market		8	%		7	%		5	%
Percent from other markets		3	%		3	%		2	%

COMMERCIAL LENDING

Most of our commercial loans have floating rates, are secured by the borrower’s assets, and are supported by personal guarantees. Decreases occurred in all categories of commercial loans from year-end 2009, most notably in commercial, financial, and agricultural (CF&A) loans and commercial construction loans. At December 31, 2010, commercial loans made up approximately 74% of our total loan portfolio. Although this was down slightly from 75% at year-end 2009:, commercial loans continued to be the largest portion of our total loan portfolio.

•The ~~59%~~geographic distribution of commercial loans ~~were~~at ~~scheduled~~December 31, 2010, remained similar to ~~mature~~year-end 2009, ~~within~~with ~~five~~most ~~years~~of our commercial loans continuing to come from clients in Delaware.

~~• 73% of total~~ commercial loans ~~outstanding~~by ~~were~~geographic ~~for amounts of $10 million or less.~~market

•As ~~91%~~ of ~~commercial~~December ~~loans had floating rates.~~31

• Of commercial loans with floating rates, 53% were tied to a prime rate, and 39% were tied to the 30-day London interbank offered rate (Libor).


	2010				2009				2008
			As a % of total				As a % of total				As a % of total
(dollars in millions)	Amount		commercial loans		Amount		commercial loans		Amount		commercial loans

Delaware	$	2,854.5		51%	$	3,601.9		54%	$	3,707.9		55%
Pennsylvania		1,412.0		25%		1,696.4		25%		1,749.2		26%
Maryland		654.7		12%		684.2		10%		632.3		9%
New Jersey		484.7		9%		509.7		8%		490.6		7%
Other		161.3		3%		193.5		3%		180.3		3%

	$	5,567.2			$	6,685.7			$	6,760.3

~~Part~~On IIa —percentage ~~Item~~basis, 7the ~~(continued)~~mix 33of loans by size shifted slightly from year-end 2009, as the volume of loans in amounts of $10 million or less increased slightly. At December 31, 2010, approximately 74% of commercial loan balances were for amounts of $10 million or less, compared with 73% at year-end 2009.

	Less than		1 through		More than		Total gross
As of December 31, 2009 (in millions)	1 year		5 years		5 years		loans
Commercial, financial, and agricultural loans	$	1,099.4	$	867.9	$	659.7	$	2,627.0
Commercial real estate — construction loans		118.4		1,327.6		510.4		1,956.4
Commercial mortgage loans		5.1		512.0		1,585.2		2,102.3
Total	$	1,222.9	$	2,707.5	$	2,755.3	$	6,685.7
Commercial loans with fixed rates	$	16.6	$	151.4	$	461.9	$	629.9
Commercial loans with floating rates		1,206.3		2,556.1		2,293.4		6,055.8
Total	$	1,222.9	$	2,707.5	$	2,755.3	$	6,685.7



Wilmington Trust Corporation 2010 Form 10-K		35

~~COMMERCIAL~~commercial ~~LOANS~~loans BYby ~~LOAN~~loan ~~AMOUNT1~~amount 1

As of December 31	2009			2008			2007
Less than $250,000		3	%		3	%		3	%
$250,000 to $1 million		10	%		10	%		11	%
$1 million to $5 million		38	%		36	%		37	%
$5 million to $10 million		22	%		24	%		25	%
$10 million to $20 million		18	%		18	%		18	%
More than $20 million		9	%		9	%		6	%

As of December 31

1 Aggregated by Employer Identification Number or Social Security Number


	2010			2009			2008

Less than $250,000		3	%		3	%		3	%
$250,000 to $1 million		11	%		10	%		10	%
$1 million to $5 million		39	%		38	%		36	%
$5 million to $10 million		21	%		22	%		23	%
$10 million to $20 million		16	%		18	%		18	%
More than $20 million		10	%		9	%		10	%

~~COMMERCIAL~~1 ~~REAL~~Aggregated ~~ESTATE-RELATED~~by ~~LOANS~~ Employer Identification Number or Social Security Number

~~The~~At ~~commercial construction and commercial mortgage loans we make are to established~~December 31, ~~middle-market~~2010: business owners who have experienced a variety of economic cycles. Our commercial real estate borrowers are based – and their projects are located – in the mid-Atlantic region. In general, we do not lend to large developers who conduct business throughout the United States.

In• ~~general,~~Approximately we54% doof ~~not~~commercial ~~provide~~loans ~~financing~~were ~~for~~scheduled ~~high-rise~~to ~~once~~mature ~~buildings,~~within ~~regional~~5 ~~shopping malls, or speculative projects~~years. WeThis dois ~~very~~similar ~~little~~to ~~condominium~~59% ~~construction~~at orDecember ~~conversion~~31, ~~financing~~2009. ~~Very little of our portfolio is associated with beachfront property.~~

~~Office projects~~• weOf ~~finance~~the ~~are~~90% ~~typically~~of ~~warehouses,~~commercial ~~industrial~~loans ~~properties, or~~with ~~low-rise~~floating ~~office buildings for medical~~rates, ~~legal,~~43% ~~and~~were ~~other~~tied ~~professional~~to ~~services~~a ~~providers.~~prime ~~Retail~~rate, ~~projects~~and we38% ~~finance are~~were ~~typically~~tied ~~community~~to ~~shopping~~the ~~centers~~30-day ~~anchored~~London byinterbank ~~grocery~~offered orrate ~~drug stores~~(Libor).

~~Most~~For ofmore ~~our~~information ~~commercial~~about ~~mortgage~~the ~~loans~~pricing ~~are~~characteristics ~~for owner-occupied properties in Delaware. Most~~ of ~~our~~ commercial ~~construction~~ loans, ~~are~~read ~~for single-family housing developments in Delaware. Most of~~ the ~~growth~~ ininterest ~~commercial construction and commercial mortgage balances in recent years reflected the~~rate ~~need~~risk ~~for~~discussion ~~housing, services, and amenities to support population growth~~ in ~~Delaware~~this report.

~~For more information about our exposure to~~ commercial ~~real~~loan ~~estate-related~~maturities ~~loans, read the credit risk discussion~~ and ~~Note~~interest 7,rate ~~“Loan concentrations,” in this report.~~sensitivities

~~COMMERCIAL~~As ~~MORTGAGE~~of ~~LOANS~~ December 31, 2010

The 2009 increase in commercial mortgage balances reflected financing opportunities with strong income-producing properties in the mid-Atlantic region. In addition, we saw increased demand for commercial mortgages as changes in the credit markets minimized the competitive advantages formerly held by specialty commercial mortgage lenders, and as some commercial mortgage lenders exited the business. We typically do not offer the long-term structures that historically were provided by traditional commercial mortgage lenders.


	Less than		1 through		More than		Total gross
(in millions)	1 year		5 years		5 years		loans

Commercial, financial, and agricultural	$	943.9	$	624.4	$	610.3	$	2,178.6
Commercial real estate — construction		112.5		826.5		490.1		1,429.1
Commercial mortgage		1.3		501.7		1,456.5		1,959.5

Total	$	1,057.7	$	1,952.6	$	2,556.9	$	5,567.2

Commercial loans with fixed rates	$	12.6	$	125.1	$	411.9	$	549.6
Commercial loans with floating rates		1,045.1		1,827.5		2,145.0		5,017.6

Total	$	1,057.7	$	1,952.6	$	2,556.9	$	5,567.2

AtWilmington ~~December 31,~~Trust ~~2009:~~ Corporation 2010 Form 10-K 36

•COMMERCIAL, ~~More~~FINANCIAL, ~~than~~AND ~~half~~AGRICULTURAL ~~of our commercial mortgage loans were for owner-occupied properties.~~LOANS

•Weak ~~Approximately~~demand for new loans, caused by continued recessionary conditions, plus loan pay downs and $146.7 million of charge-offs, contributed to the decline in CF&A loan balances during 2010. Balances at December 31, 2010, were $2.18 billion, or 17%, ~~were~~lower ~~for~~than ~~community~~at ~~shopping~~year-end ~~centers~~2009.

•COMMERCIAL ~~The~~REAL ~~rest~~ESTATE ~~were for a variety of other types of commercial and industrial properties.~~LOANS

•The ~~Approximately~~commercial ~~57%~~construction ~~were~~and ~~for~~commercial ~~properties~~mortgage inloans ~~Delaware~~we make are to established, ~~with~~middle-market business ~~the~~owners ~~majority~~who have experienced a variety of economic cycles. Our commercial real estate borrowers are based — and their projects are located — in the ~~northern~~mid-Atlantic ~~part~~region. ofIn general, we do not lend to large developers who conduct business throughout the ~~state~~United States.

~~COMMERCIAL~~In ~~MORTGAGE~~general, ~~LOANS~~we do not provide financing for high-rise office buildings or regional shopping malls. We do very little condominium construction or conversion financing.

At December 31 (dollars in millions)	2009			2008			2007
Breakdown by project type:
Owner-occupied	$	1,096.5		$	983.0		$	724.6
Retail		368.8			205.4			156.5
Industrial		119.6			81.9			85.7
Office		156.8			73.0			66.9
Residential/land		90.3			7.7			12.8
Hotel		83.2			81.3			105.1
Other		187.1			437.9			311.8
Total commercial mortgage loans	$	2,102.3		$	1,870.2		$	1,463.4
Breakdown by geography:
Delaware		57	%		57	%		61	%
Pennsylvania		21	%		22	%		21	%
Maryland		14	%		14	%		13	%
New Jersey		6	%		5	%		4	%
Other		2	%		2	%		1	%

Office projects we finance are typically warehouses, industrial properties, or low-rise office buildings for medical, legal, and other professional services providers. Retail projects we finance are typically community shopping centers anchored by grocery or drug stores.

~~COMMERCIAL~~Most ~~CONSTRUCTION~~of ~~LOANS~~our commercial mortgage loans are for owner-occupied properties in Delaware. Most of our commercial construction loans are for single-family housing developments in Delaware. Most of the growth in commercial construction and commercial mortgage balances in recent years reflected the need for housing, services, and amenities to support population growth in Delaware.

InFor ~~2009,~~more ~~commercial~~information ~~construction~~about ~~loan~~our ~~balances~~exposure ~~increased~~to ~~$97.7 million,~~commercial onreal ~~average, and $32.6 million on a period~~estate-~~end~~related ~~basis~~loans, ~~largely~~read asthe ~~a result of draw-downs on prior commitments and inroads~~credit werisk ~~made~~discussion ~~in the Maryland~~ and ~~New~~Note ~~Jersey~~7, ~~markets. In general~~“Loans, ~~commercial construction~~ loans weheld ~~made in~~for ~~2009~~sale, ~~were~~and ~~related~~OREO,” toin ~~existing~~the ~~projects,~~consolidated ~~not~~financial statements ~~new~~in ~~projects~~this report.

~~One~~Commercial ~~of the largest commercial~~ construction loans ~~we added in 2009 was for the refinancing of a~~ successful strip shopping center in northern Delaware. Most of the rest of the commercial construction loans we added in 2009 were for land acquisition and development, primarily for residential projects in Delaware and southeastern Pennsylvania.

~~COMMERCIAL~~Commercial ~~REAL~~construction ~~ESTATE/CONSTRUCTION~~loan ~~LOANS~~balances decreased $527.3 million, or 27%, from year-end 2009, mainly due to $296.1 million of charge-offs. Also, during 2010, approximately $69.0 million of performing loans were transferred from the commercial construction portfolio to the commercial mortgage portfolio. Generally, when a commercial construction project is completed, we transfer the loan to the commercial mortgage portfolio. Pay downs and weak demand for new construction loans also contributed to the decrease.

At December 31 (dollars in millions)	2009			2008			2007
Breakdown by project type:
Residential	$	983.3		$	1,030.9		$	918.9
Land development		434.9			404.9			370.7
Retail and office		344.0			291.8			256.0
Owner-occupied		28.0			46.4			92.8
Multi-family		81.2			31.0			39.8
Other		85.0			118.8			102.2
Total commercial construction/real estate loans	$	1,956.4		$	1,923.8		$	1,780.4
Breakdown by geography:
Delaware		59	%		60	%		60	%
Pennsylvania		23	%		23	%		25	%
Maryland		7	%		6	%		7	%
New Jersey		9	%		7	%		5	%
Other		2	%		4	%		3	%

The breakdown of commercial construction loans by project type shifted slightly from year-end 2009. The percentage of commercial construction loans for residential projects and retail and office projects decreased, mainly due to charge-offs and projects that were completed in 2010. At December 31, 2010, the geographic breakdown of the commercial construction portfolio changed. We had a lower concentration of loans in Delaware, mainly because of charge-offs and the transfer of loans to loans held for sale.

~~RETAIL~~Wilmington ~~LENDING~~ Trust Corporation 2010 Form 10-K 37

~~Most~~commercial ofconstruction ~~our retail~~ loans ~~are~~by ~~consumer~~project ~~loans. We also make residential mortgage loans, primarily to~~type ~~clients in Delaware. Loans secured with investments are primarily loans to WAS clients, and they do not reflect trends in the Regional Banking business.~~

~~CONSUMER~~As ~~LENDING~~ of December 31

Most of the consumer loans we make are to clients in Delaware, where we focus our consumer banking activities. Consumer loan balances were lower for 2009 than for 2008 on both an average-balance and period-end basis. This was mainly due to a decline in indirect automobile loans.


(dollars in millions)	2010				2009				2008

Residential	$	659.7	46	%	$	983.3	51	%	$	1,030.9	54	%
Land development ¹		328.9	23	%		434.9	22	%		404.9	21	%
Retail and office		217.9	15	%		344.0	18	%		291.8	15	%
Owner-occupied		19.4	1	%		28.0	1	%		46.4	2	%
Multi-family		108.8	8	%		81.2	4	%		31.0	2	%
Other		94.4	7	%		85.0	4	%		118.8	6	%

Total commercial construction loans	$	1,429.1			$	1,956.4			$	1,923.8

~~Indirect~~1 ~~loans~~Land ~~involve~~development ~~three~~consists ~~parties: merchants who extend credit to customers, borrowers who seek credit, and financial institutions (like us) that provide credit. Most~~ of ~~the~~raw ~~indirect~~land ~~loans we make are for new~~ and ~~late-model~~improved ~~used~~land ~~cars. We make these loans through automobile dealers~~ in ~~the mid-Atlantic~~various ~~region~~stages ~~as an extension~~ of ~~the commercial banking relationships we have with them~~development.

~~CONSUMER~~commercial ~~LOANS,~~construction ONloans ~~AVERAGE~~by geographic market

							Change 2009			Change 2008
For the year ended December 31 (dollars in millions)	2009		2008		2007		vs. 2008			vs. 2007
Indirect loans	$	752.7	$	893.9	$	708.8		(16	)%		26	%
Home equity loans		571.2		523.5		486.6		9	%		8	%
Credit card loans		64.7		66.9		64.6		(3	)%		4	%
Other loans		176.6		244.4		266.6		(28	)%		(8	)%
Total consumer loans	$	1,565.2	$	1,728.7	$	1,526.6		(9	)%		13	%

As of December 31

CONSUMER LOANS AT PERIOD-END


	2010			2009			2008

Delaware		55	%		59	%		60	%
Pennsylvania		25	%		23	%		23	%
Maryland		6	%		7	%		6	%
New Jersey		12	%		9	%		7	%
Other		2	%		2	%		4	%

							Change 2009			Change 2008
As of December 31 (dollars in millions)	2009		2008		2007		vs. 2008			vs. 2007
Indirect loans	$	613.4	$	891.5	$	748.2		(31	)%		19	%
Home equity loans		568.6		565.4		492.6		1	%		15	%
Credit card loans		66.4		67.8		69.1		(2	)%		(2	)%
Other loans		160.5		208.2		261.7		(23	)%		(20	)%
Total consumer loans	$	1,408.9	$	1,732.9	$	1,571.6		(19	)%		10	%

Commercial mortgage loans

~~RESIDENTIAL~~Commercial ~~MORTGAGE~~mortgage ~~LENDING~~loan balances decreased $142.8 million, or 7%, from year-end 2009, mainly due to pay downs and weak demand for new loans, combined with $43.4 million of charge-offs. These decreases were offset partially by the transfer of approximately $69.0 million of commercial construction projects from the commercial construction portfolio to the commercial mortgage portfolio during 2010. The composition of the commercial mortgage portfolio by project type and its geographic distribution at December 31, 2010, remained similar to year-end 2009.

Wecommercial ~~focus our residential~~ mortgage ~~lending activities in the state of Delaware, where we are among the leading residential mortgage originators. Our residential mortgage portfolio includes low-income housing~~ loans weby ~~originate~~project ~~or purchase as part of our compliance with the Community~~type ~~Reinvestment Act (CRA). We do not engage in subprime residential mortgage lending.~~

~~Almost~~As ~~all~~ of ~~our~~December residential mortgages are for properties in Delaware. Most of the residential mortgages we originate are conventional, conforming first mortgage loans with fixed rates, typically with 15- or 30-year terms. We use a third-party provider to service our residential mortgage loans. 31

Our residential mortgage balances do not correlate directly with our origination volumes. This is because:


(dollars in millions)	2010				2009				2008

Owner-occupied	$	1,041.8	53	%	$	1,095.3	52	%	$	982.2	53	%
Retail		330.4	17	%		368.3	18	%		205.2	11	%
Industrial		105.8	5	%		119.5	6	%		81.9	4	%
Office		165.2	9	%		156.7	7	%		73.0	4	%
Residential/land		76.9	4	%		90.2	4	%		7.7	1	%
Hotel		85.4	4	%		83.1	4	%		81.3	4	%
Other		154.0	8	%		189.2	9	%		438.9	23	%

Total commercial mortgage loans	$	1,959.5			$	2,102.3			$	1,870.2

•Wilmington ~~Our~~Trust ~~origination~~Corporation ~~volumes~~2010 ~~include~~Form ~~refinancings.~~10-K 38

•commercial Wemortgage ~~do not include the CRA~~ loans weby ~~purchase in our origination volumes.~~geography

36As ~~Wilmington~~of ~~Trust~~December ~~Corporation 2009 Form-10-K~~31

RESIDENTIAL MORTGAGE LOAN ACTIVITY


	2010			2009			2008

Delaware		55	%		57	%		57	%
Pennsylvania		22	%		21	%		22	%
Maryland		15	%		14	%		14	%
New Jersey		6	%		6	%		5	%
Other		2	%		2	%		2	%

										Change 2009			Change 2008
As of and for the year ended December 31 (dollars in millions)	2009			2008			2007			vs. 2008			vs. 2007
Dollar amount of originations	$	317.4		$	166.7		$	205.8			90	%		(19	)%
Number of loans originated		1,450			739			867			96	%		(15	)%
Residential mortgage balances	$	431.0		$	571.2		$	562.0			(25	)%		2	%
Percent of originations at fixed rates		95	%		83	%		74	%

RETAIL LENDING

AtMost ~~the~~of ~~ends~~our ofretail ~~2009~~loans ~~and~~are ~~2008,~~consumer ~~our~~loans. We also make residential mortgage ~~portfolio~~loans, primarily ~~held:~~to clients in Delaware. Loans secured with investments are primarily loans to WAS clients, and they do not reflect trends in the Regional Banking business.

•CONSUMER ~~No payment option adjustable rate mortgages. • No negatively amortizing adjustable rate mortgages. • No other types of nontraditional mortgages. • One interest-only loan.~~LOANS

~~DEPOSITS~~Most of the consumer loans we make are to clients in Delaware, where we focus our consumer banking activities.

WeConsumer ~~record~~loan ~~two~~balances ~~types~~were $1.13 billion at December 31, 2010, a decline of ~~deposits~~$274.6 million from year-end 2009. Decreases occurred in all consumer loan categories, with the largest decline in the indirect lending category. Indirect loans involve three parties: merchants who extend credit to customers, borrowers who seek credit, and financial institutions (like us) that provide credit. Most of the indirect loans we make are for new and late-model used cars. We make these loans through automobile dealers in the mid-Atlantic region as an extension of the commercial banking relationships we have with them. Indirect loans decreased during 2010 mainly because pay downs on these loan balances exceeded new volume.

•In ~~Core deposits~~addition, ~~which~~$35.2 million ~~are~~of ~~deposits~~charge-offs ~~from~~contributed ~~our~~to ~~clients.~~the ~~Most~~decline ofin ~~our~~total ~~core~~consumer ~~deposits~~loans. While ~~come~~consumer ~~from~~loan ~~clients~~balances ~~in Delaware~~decreased, ~~where~~the wemix ~~focus~~of ~~our~~ consumer ~~banking~~loans ~~activities.~~by ~~Changes~~geographic inmarket ~~core~~remained similar ~~deposit~~to ~~balances~~year-end ~~primarily~~2009, ~~reflect~~with ~~trends~~approximately 57% of consumer loans in the ~~Regional~~Delaware ~~Banking~~market ~~business~~at December 31, 2010.

•consumer ~~Non-core~~loan deposits, which include national brokered CDs and short-term borrowings. Non-core deposits are not associated with client activity, and changes in their balances do not reflect Regional Banking business trends. We use non-core deposits to augment core deposits to fund earning asset growth.portfolio

WeAs ~~discuss core deposits in this section. For more information about our use~~ of ~~national~~December ~~brokered CDs, read the capital resources discussion and Item 7A, “Quantitative and Qualitative Disclosures about Market Risk,” in this report.~~ 31

Core deposit balances reached record highs in 2009 and 2008, on both an average-balance and period-end basis. At year-end 2009, core deposits were $7.1 billion. This was a 19% increase from year-end 2008, and it marked the first time our core deposits exceeded $7 billion.


							Change 2010			Change 2009
(dollars in millions)	2010		2009		2008		vs. 2009			vs. 2008

Indirect	$	411.6	$	613.4	$	891.5		(33	)%		(31	)%
Home equity		539.0		568.6		565.4		(5	)%		1	%
Credit card		65.1		66.4		67.8		(2	)%		(2	)%
Other consumer		118.6		160.5		208.2		(26	)%		(23	)%

Total consumer loans	$	1,134.3	$	1,408.9	$	1,732.9		(19	)%		(19	)%

~~CORE~~consumer ~~DEPOSIT~~loans ~~BALANCES~~by geography

							Change 2009			Change 2008
For the year ended December 31 (dollars in millions, on average)	2009		2008		2007		vs. 2008			vs. 2007
Noninterest-bearing demand deposits	$	1,167.9	$	778.1	$	722.4		50	%		8	%
Savings deposits		908.3		779.3		500.1		17	%		56	%
Interest-bearing demand deposits		3,164.9		2,470.4		2,400.2		28	%		3	%
CDs < $100,000		1,072.5		1,006.3		1,010.1		7	%		—	%
Local CDs ≥ $100,000		176.7		299.5		412.7		(41	)%		(27	)%
Total core deposits	$	6,490.3	$	5,333.6	$	5,045.5		22	%		6	%

As of December 31

Growth in interest-bearing demand deposit, noninterest-bearing demand deposit, and savings deposit balances significantly outpaced growth in CD balances. We attributed this to client preference for savings instruments with flexible terms in an uncertain economic environment.


	2010			2009			2008

Delaware		57	%		55	%		53	%
Pennsylvania		19	%		18	%		17	%
Maryland		12	%		14	%		16	%
New Jersey		8	%		9	%		9	%
Other		4	%		4	%		5	%

~~Most~~Wilmington ofTrust ~~the~~Corporation ~~increase~~2010 inForm ~~savings deposits came from WTDirect, our Internet~~10-~~only~~K delivery channel. At year-end 2009, WTDirect balances were $636.3 million, up from $536.8 million at year-end 2008. WTDirect offers high-interest savings accounts to depositors who maintain average daily balances of at least $10,000. Visit www.wtdirect.com for more information. 39

~~Part~~RESIDENTIAL IIMORTGAGE ~~— Item 7 (continued) 37~~LOANS

~~Most~~We offocus our ~~core~~residential ~~deposits~~mortgage ~~continued~~lending toactivities ~~come~~in ~~from~~the ~~Regional~~state ~~Banking~~of ~~clients in~~ Delaware, ~~but~~where ~~all~~we are among ~~three~~the ~~businesses~~leading ~~contributed~~residential tomortgage originators. Our residential mortgage portfolio includes low-income housing loans we originate or purchase as part of our compliance with the ~~2009~~Community Reinvestment ~~growth~~Act (CRA). We do not engage in ~~core~~subprime ~~deposit~~residential ~~balances~~mortgage lending.

WeAlmost ~~include~~all ~~balances~~ of ~~local~~our ~~CDs~~residential inmortgages ~~amounts~~are offor ~~$100,000~~properties ~~or more (local CDs)~~ in ~~core deposits because these CDs reflect client deposits, not national, wholesale, or brokered deposits~~Delaware. Most ~~local~~ ~~CDs~~of ~~are from clients in~~ the ~~mid-Atlantic~~residential mortgages ~~region,~~we ~~including~~originate ~~commercial~~are ~~banking clients and local municipalities~~conventional, ~~which~~conforming ~~frequently~~first ~~use~~mortgage ~~these~~loans ~~CDs~~with tofixed ~~generate~~rates, typically ~~returns~~with on15- ~~their~~or ~~excess~~30-year ~~cash~~terms. ~~Balances~~ ofWe ~~these~~use ~~CDs~~a ~~decreased~~third-party inprovider ~~2009~~to ~~and~~service ~~2008,~~our ~~as clients opted for savings instruments with~~residential ~~more~~mortgage ~~flexible terms~~loans.

~~For~~Our ~~more~~residential ~~information~~mortgage ~~about~~balances ~~our~~do ~~deposits,~~not ~~read~~correlate ~~the~~directly ~~following~~with ~~sections~~our inorigination ~~this~~volumes. ~~report~~This is because:

• ~~The~~We ~~capital~~sell ~~resources~~the ~~discussion.~~majority •of ~~The~~the ~~net~~fixed ~~interest~~rate ~~income~~residential ~~summary.~~mortgages •we ~~The~~originate ~~summary~~into the secondary market, instead of ~~changes~~retaining inthem ~~net~~on ~~interest~~our ~~income~~balance ~~due~~sheet. toThis ~~volume~~is ~~and~~one of our interest rate. •risk ~~Note~~management 11strategies, which we describe in more detail in Item 7A, “~~Deposits~~Quantitative and Qualitative Disclosures about Market Risk,” in this report.

~~CORPORATE~~• ~~CLIENT~~Our ~~SERVICES~~ origination volumes include refinancings.

~~OVERVIEW~~ • We do not include the CRA loans we purchase in our origination volumes.

~~The~~Residential ~~Corporate~~mortgage ~~Client~~loan ~~Services~~balances ~~(CCS)~~were $434.6 ~~business~~million ~~provides~~at aDecember 31, ~~variety~~2010, ofcompared ~~trustee,~~with ~~agency~~$431.0 million at year-end 2009. During 2010, ~~investment~~we sold $158.1 million of fixed-rate residential mortgages ~~management,~~into the secondary market and ~~administrative services~~realized ~~for~~a ~~investment~~gain ~~bankers,~~of ~~corporate~~approximately ~~tax,~~$2.7 million ~~finance~~on these sales, ~~and~~which we ~~legal~~recorded ~~executives,~~in ~~and~~the “other ~~institutional~~ ~~clients~~noninterest ~~who:~~income” line of our statement of income.

•Residential ~~Use~~mortgage ~~capital~~originations ~~markets~~during ~~financing~~2010 ~~structures.~~were •considerably ~~Seek~~lower tothan ~~establish and maintain legal residency (nexus) for special purpose entities~~ in ~~preferred jurisdictions~~2009. •Despite ~~Use~~a continuing ~~independent~~favorable ~~trustees~~interest torate ~~hold~~environment ~~retirement~~in ~~plan~~2010, ~~assets.~~demand •for ~~Need~~refinancing ~~investment~~was ~~and~~lower ~~cash~~than ~~management services~~in 2009.

Weresidential domortgage ~~not own the assets or entities for which we serve as trustee or administrator, nor are any of~~originations ~~these assets recorded on our balance sheet. In addition:~~

•For ~~In general, we do not make loans to CCS clients, and we have no credit exposure to capital markets transactions. • We do not issue, underwrite, set pricing, or establish valuations for~~ the ~~financing~~year ~~structures~~ended orDecember ~~entities we support. • We do not consolidate these entities in our financial statements. • We do not offer high-volume, back office processing services for capital markets transactions.~~31

Most of our CCS clients are multinational corporations and institutions, and we have CCS clients in 89 countries. In the United States, we have CCS offices in Arizona, Connecticut, Delaware, Michigan, Minnesota, Nevada, New Jersey, New York, South Carolina, and Vermont. In Europe, we have CCS offices in the Channel Islands, Dublin, Frankfurt, London, Luxembourg, and The Netherlands. In the Caribbean, we have a CCS office in Grand Cayman.



(dollars in millions)	2010			2009			2008

Dollar amount of originations	$	216.3		$	317.4		$	166.7
Number of loans originated		917			1,450			739

Percentage for home purchase		23	%		21	%		48	%
Percentage for refinancing		77	%		79	%		52	%

Percentage of originations at fixed rates		92	%		95	%		83	%

WeLOANS ~~group~~HELD ~~our~~FOR ~~CCS services into three categories:~~SALE

~~Global~~During ~~corporate~~the ~~trust~~fourth ~~services.~~quarter ~~This~~of ~~area~~2010, we transferred $52.5 million of ~~CCS~~loans ~~provides~~to the loans-held-for-sale category because we were actively engaged in a ~~variety~~plan ofto ~~services~~sell ~~that~~them ~~support~~in the ~~capital~~future. ~~markets~~We ~~transactions~~decided ~~and~~to ~~entity~~sell ~~management~~these ~~activities~~loans mainly to help us reduce the amount of nonperforming loans on our balance sheet. ~~The~~We ~~legal~~are ~~documents~~marketing ~~that~~these ~~govern~~loans ~~each~~using third-party brokers. For more ~~financing~~information ~~structure~~about loans held for sale, ~~entity~~read Note 8, ~~and~~“Loans, ~~trust~~loans ~~determine~~held ~~which~~for ~~services~~sale, weand ~~provide.~~OREO,” ~~These~~in ~~services~~the consolidated ~~include:~~financial statements in this report.

38 Wilmington Trust Corporation ~~2009~~2010 Form- 10-K 40

~~Retirement services. We provide trust, custody, accounting, benefit payment, collective~~DEPOSITS investment fund administration, and investment management services for retirement plans. We do not provide record-keeping services. A typical qualified U.S. retirement plan uses an investment manager, a record keeper, and a trustee. When a plan sponsor uses a single provider to perform all three functions, the plan is considered “bundled.” When a plan sponsor uses separate providers for each function, the plan is “unbundled.” We specialize in serving “unbundled plans,” and we work with leading record keepers and third-party administrators to market our services.

~~Institutional~~We ~~investment~~record ~~and~~two ~~cash~~types management services. Our institutional investment and cash management services help clients increase their returns on fixed income investments and residual cash. Commodity funds, community banks, and clients who use construction fund, escrow agent, and other services may place large sums of ~~cash with us for periods that range from as little as 24~~deposits: ~~hours to as long as several years.~~

~~Our~~• ~~primary~~Core ~~competitive~~deposits, ~~advantage~~which ~~in this business is the fact that we~~ are andeposits ~~independent, conflict-free~~from ~~service~~our ~~provider~~clients. WeMost ~~typically~~of doour ~~not~~core ~~lend~~deposits tocome ~~CCS~~from clients in Delaware, sowhere we ~~typically have~~focus noour ~~lending~~consumer ~~conflicts~~banking ~~of interest~~activities. ~~Since~~Changes wein ~~are~~core ~~not~~deposit anbalances, ~~investment~~on ~~bank~~average, weprimarily ~~have~~reflect ~~no securities~~trends ~~underwriting~~in ~~conflicts~~the ofRegional ~~interest~~Banking business.

~~HOW~~• WENon-core ~~REPORT~~deposits, ~~CCS~~which ~~REVENUE~~ include national brokered CDs. Non-core deposits are not associated with client activity, and changes in their balances do not reflect Regional Banking business trends. We have used non-core deposits to augment core deposits to fund earning asset growth.

WeCore ~~report~~deposits ~~CCS~~at ~~revenue~~December 31, 2010 were $7.14 billion, compared with $7.12 billion at year-end 2009. The marginal increase in ~~three~~core ~~categories~~deposits during 2010 was primarily due to:

• ~~Global~~A ~~corporate trust services revenue~~$487.6 ~~Fees~~million, ~~for~~or ~~these services are based on the complexity and duration of the services we provide~~14%, ~~not~~increase onin ~~asset~~interest-bearing ~~valuations.~~demand ~~We perform most of these services under multiyear contracts. (In December 2009~~deposits, wemainly ~~combined~~due ~~the~~to ~~formerly~~Regional ~~separate~~Banking ~~capital markets~~ and ~~entity~~WAS ~~management~~client ~~revenue lines into a single category called global corporate trust services~~activity. ~~We have adjusted amounts presented in this report to reflect this change.)~~

• ~~Retirement~~A ~~services revenue~~$378.0 Amillion, ~~portion~~or of26%, ~~this~~decrease ~~revenue~~in isnoninterest ~~based~~bearing ondemand ~~the~~deposits, ~~market~~which ~~valuations~~was ofdue ~~retirement~~mainly ~~plan~~to ~~assets~~CCS ~~and~~client ~~collective~~activity. ~~funds~~It is not unusual for ~~which~~CCS weclient ~~are~~deposit ~~trustee.~~levels ~~The~~to ~~remainder~~fluctuate issignificantly ~~based~~from onperiod ~~the~~to ~~level~~period, ofas ~~service~~CCS weclients ~~provide~~commonly make short-term transactional deposits.

• ~~Investment~~Declines ~~and~~in ~~cash~~retail ~~management~~certificate ~~services revenue. This revenue is based on money market fund balances and the market valuations~~ of ~~investment-grade~~deposit ~~fixed income instruments~~balances.

~~Almost~~The ~~all~~geographic ~~CCS~~distribution ~~revenue~~of iscore ~~noninterest~~deposits ~~income.~~remained ~~CCS~~relatively ~~generates~~similar ~~some~~to ~~net~~December 31, ~~interest~~2009, ~~income from~~with ~~deposit~~the ~~taking~~majority ~~and cash management services. We do not attribute any portion~~ of ~~the~~our ~~provision for~~deposits ~~loan~~coming ~~losses~~from ~~to CCS, because we typically do not lend to CCS~~ clients. ~~For more information about this, read Note 23, “Segment reporting,”~~ in ~~this report~~Delaware.

~~2009~~core ~~HIGHLIGHTS~~deposits

~~CCS~~As ~~set new sales and revenue records in 2009. Revenue for 2009 was $39.6 million higher than for 2008. Most~~ of ~~this~~December ~~growth came from retirement services, which contributed $30.1 million of the increase, and global corporate trust services, which contributed $8.5 million.~~ 31

The increase in retirement services revenue resulted from the two acquisitions we made in 2008 to increase our capacity and potential for growth in this business. Since we completed one of these acquisitions in April 2008 and the other in October 2008, our 2008 revenue did not reflect a full 12 months of revenue from these acquisitions.


										Change 2010			Change 2009
(dollars in millions)	2010			2009			2008			vs. 2009			vs. 2008

Noninterest-bearing demand	$	1,092.6		$	1,470.6		$	1,231.7			(26	)%		19	%
Savings		914.0			921.5			815.7			(1	)%		13	%
Interest-bearing demand		4,078.3			3,590.7			2,632.9			14	%		36	%
CDs < $100,000		961.7			1,000.6			1,072.5			(4	)%		(7	)%
Local CDs ³ $100,000		96.5			136.9			230.7			(30	)%		(41	)%

Total core deposits	$	7,143.1		$	7,120.3		$	5,983.5			—	%		19	%

Percent from Delaware clients		78	%		77	%		86	%
Percent from Pennsylvania clients		7	%		7	%		4	%
Percent from Maryland clients		11	%		11	%		10	%
Percent from New Jersey clients		1	%		1	%		—	%
Percent from clients in other markets		3	%		4	%		—	%

~~CCS~~Along ~~REVENUE~~with CDs under $100,000, we include balances of local CDs in amounts of $100,000 or more (local CDs) in core deposits because these CDs reflect client deposits. These deposits are not national, wholesale, or brokered deposits. Most local CDs are from clients in the mid-Atlantic region, including commercial banking clients and local municipalities, which frequently use these CDs to generate returns on their excess cash.

							Change 2009			Change 2008
For the year ended December 31 (dollars in millions)	2009		2008		2007		vs. 2008			vs. 2007
Global corporate trust services	$	89.0	$	80.5	$	72.9		11	%		10	%
Retirement services		67.5		37.4		12.9		80	%		190	%
Investment/cash management services		14.9		13.9		12.8		7	%		9	%
Total Corporate Client Services revenue	$	171.4	$	131.8	$	98.6		30	%		34	%

~~Part~~Wilmington IITrust —Corporation ~~Item~~2010 7Form ~~(continued)~~10-K 3941

~~The~~We ~~growth~~generally consider average core deposit balances to be a better indicator of trends in ~~global~~the Regional ~~corporate~~Banking ~~trust~~business ~~revenue~~than ~~far~~period-end ~~exceeded~~balances. ~~our~~On ~~expectations~~average, ~~especially~~core deposits were higher for 2010 ~~considering~~than for 2009, mainly because average interest-bearing demand deposits increased. The primary reason for this increase was higher Regional Banking and WAS client balances. On average, noninterest-bearing demand deposit balances were lower for 2010 than for 2009, primarily due to a decline in average CCS client deposit balances. For more detail on average core deposit balances, read the ~~lack~~five-year summary of ~~activity~~net interest income analysis that appears in the ~~capital~~“Net ~~markets~~interest ~~overall.~~income and ~~This~~margin” ~~growth~~section ~~demonstrated:~~in this report.

•core The advantages of being an independent provider with no lending or investment banking conflicts of interest. Many clients prefer service providers that do not have these types of conflicts. • How effectively CCS has been able to respond quickly to changing market needs. While the market for services that support asset-backed securitizations and other traditional financing structures remained at a near-standstilldeposits, ~~demand~~on rose for successor loan agency, bankruptcy, and other types of services. • How staff members we have added over the past 18 months have generated more business. For example, we hired a team of 12 seasoned capital markets experts in Minneapolis in 2008. This group has helped us garner additional successor loan agency, bankruptcy-related, and distressed debt business. In 2009, we hired a team of New York-based professionals to support global expansion of our project finance services. • How CCS is benefiting from industry consolidation. In February 2009, Bank of America, N.A. selected us to assume some of the corporate debt trustee services formerly performed by LaSalle Bank N.A., which Bank of America acquired in 2007. (This transfer did not affect Bank of America’s larger securitization trustee business, LaSalle Global Trust Services.) In July 2009, we hired a team of former LaSalle corporate trust professionals who specialize in trust administration for insurance products.average

WeFor ~~are serving as successor trustee, serving on~~ the ~~creditors’~~year ~~committee,~~ended ~~and/or~~December providing other services for most of the largest U.S. bankruptcies filed in 2009, including Lehman Brothers, General Motors, LyondellBasell Industries, General Growth Properties, Capmark Financial Group, Citadel Broadcasting Corporation, and others. 31

We continued to win institutional and cash management mandates in 2009. Fees tied to U.S. investment-grade fixed income securities accounted for approximately 42% of institutional investment and cash management revenue for 2009, up from approximately 33% for 2008.


							Change 2010			Change 2009
(dollars in millions)	2010		2009		2008		vs. 2009			vs. 2008

Noninterest-bearing demand	$	1,085.6	$	1,167.9	$	778.1		(7	)%		50	%
Savings		909.4		908.3		779.3		—	%		17	%
Interest-bearing demand		3,890.0		3,164.9		2,470.4		23	%		28	%
CDs < $100,000		991.4		1,072.5		1,006.3		(8	)%		7	%
Local CDs ³ $100,000		116.5		176.7		299.5		(34	)%		(41	)%

Total core deposits	$	6,992.9	$	6,490.3	$	5,333.6		8	%		22	%

~~CCS~~For ~~assets~~more ~~under~~information ~~management~~about ~~increased~~our ~~55% in 2009~~deposits, ~~mainly~~read ~~because of~~ the ~~additional~~following ~~investment management~~sections ~~mandates. The 2009 growth~~ in ~~CCS~~this ~~assets under administration reflected additional~~report: ~~retirement services business, increases in retirement plan asset valuations, and contributions from plan participants.~~

~~CCS~~• ~~CLIENT~~The ~~ASSETS~~capital ATresources ~~WILMINGTON~~discussion. ~~TRUST~~• 1 The net interest income summary. • The summary of changes in net interest income due to volume and rate. • Note 12, “Deposits,” in the consolidated financial statements in this report.

							Change 2009			Change 2008
At December 31 (dollars in millions)	2009		2008		2007		vs. 2008			vs. 2007
CCS assets under management	$	15,092.8	$	9,732.9	$	3,029.3		55	%		221	%
CCS assets under administration		81,654.1		79,550.8		73,582.7		3	%		8	%
Total CCS client assets	$	96,746.9	$	89,283.7	$	76,612.0		8	%		17	%

NET INTEREST INCOME AND MARGIN

1Net ~~Excludes~~interest ~~Cramer~~income ~~Rosenthal~~is ~~McGlynn~~the ~~and~~difference ~~Roxbury~~between ~~Capital~~the ~~Management.~~interest ~~Includes~~we ~~estimates~~earn ofon ~~asset~~earning ~~values~~assets ~~that~~(such ~~are~~as loans ~~not~~and ~~readily~~investment ~~available,~~securities) and the interest we pay on interest-bearing liabilities (such as deposits ~~those~~and ~~held~~other borrowings). Most of our net interest income is generated by loan and deposit activity in ~~limited~~our ~~partnerships~~Regional Banking business. The WAS and CCS businesses also generate net interest income, because they have clients who use our banking services. Net interest income for 2010 was lower than for 2009 because interest income that we earned on our assets declined more than interest expense that we paid on our liabilities.

~~For~~Our ~~information~~interest ~~about~~income ~~CCS~~declined ~~profitability,~~in ~~read~~2010 ~~Note~~mainly 23because, ~~“Segment~~in ~~reporting,”~~comparison into ~~this~~2009, ~~report.~~we had:

~~WEALTH~~• ~~ADVISORY~~Higher ~~SERVICES~~ levels of nonaccruing loans. • Lower average loan and investment securities balances. • Higher average balances in lower yielding short-term investments, which reflected actions we took to enhance our liquidity during 2010.

~~The~~Wilmington ~~Wealth~~Trust ~~Advisory~~Corporation ~~Services~~2010 ~~(WAS) business~~Form ~~helps high~~10-~~net-worth~~K clients grow their wealth, protect it, and transfer it to their heirs. We target our services to clients with liquid assets of $10 million or more. We have WAS clients throughout the United States and 35 other countries, and our client relationships often span multiple generations. We have WAS offices in California, Connecticut, Delaware, Florida, Georgia, Maryland, Massachusetts, New Jersey, New York, and Pennsylvania. 42

40The ~~Wilmington~~decline ~~Trust~~in ~~Corporation~~our ~~2009~~interest ~~Form~~expense partially offset the decline in interest income. This decline was mainly due to lower rates paid on our interest-10bearing liabilities, mainly because of the continuing low interest rate environment. During 2010, as higher-Kyielding CDs and national brokered certificates matured, they were replaced by lower-yielding CDs and national brokered certificates.

Wenet ~~offer~~interest ~~a comprehensive array of wealth management services, including:~~income

•For ~~Complete~~the ~~Asset~~year ~~ManagementSM.~~ended ToDecember our clients, managing risk is as important as increasing return. Our investment advisory firm, Wilmington Trust Investment Management, helps clients meet both objectives by focusing on portfolio construction, not stock-picking, and by:31

• Emphasizing diversification. • Applying forward-looking asset allocation. • Performing strategic and tactical rebalancing. • Employing a blend of active and passive funds.


										Change			Change
										2010 vs.			2009 vs.
(dollars in millions)	2010			2009			2008			2009			2008

Interest income	$	366.6		$	437.2		$	611.4			(16	)%		(28	)%
Interest expense		89.5			119.0			253.7			(25	)%		(53	)%

Net interest income	$	277.1		$	318.2		$	357.7			(13	)%		(11	)%

Percent generated by Regional Banking		91	%		92	%		94	%

WeFor ~~use~~more aninformation ~~open~~about ~~architecture~~the ~~approach to implement our asset~~ allocation ~~strategies. This means we use a mix~~ of ~~proprietary~~net ~~and~~interest ~~third-party investment managers. For fixed~~ income ~~and~~among core equity investing, we have in-house experts. For other asset classes and styles, we use independent investment managers. • Fiduciary services. Trust and estate attorneys and tax advisors throughout the ~~United~~three ~~States regard us as a premier provider of fiduciary services~~businesses, ~~which~~read Note ~~include trust management~~24, ~~trust~~“Segment ~~administration~~reporting,” ~~philanthropic services, estate settlement, and a variety of financial, retirement, and succession planning services. We specialize~~ in ~~helping~~this ~~clients employ the favorable trust laws in Delaware, which is considered the leading trust jurisdiction in the United States~~report. Many of the legal and tax advantages available for trusts domiciled in Delaware are not available in other states. • Family office services. We help family office clients identify, review, consolidate, and execute financial and lifestyle management needs. We specialize in the unique needs of these clients, including:

•effect ~~Family~~of ~~office~~nonaccruing ~~legal~~loans ~~structures.~~on •interest ~~Strategies for clients with inherited wealth. • Compensation strategies for corporate executives.~~income

~~The~~For ~~family~~the ~~office~~year ~~services~~ended weDecember provide include planning and governance, cash flow management and budgeting, tax planning and compliance, real estate acquisition and disposition, risk assessment and insurance oversight, bill payment and payroll management, family security, and other services. Many, but not all, of our family office clients also use our asset management services.31

Each WAS client has a relationship manager who coordinates a team of specialists. These specialists may include investment advisors, planning professionals, fiduciary advisors, tax professionals, and trust administrators, depending on each client’s individual needs.



(in millions)	2010		2009		2008

Nonaccruing loans at December 31	$	1,009.6	$	455.6	$	196.4
Interest income that would have been recognized under original terms	$	42.3	$	11.5	$	5.0
Interest income actually received	$	3.4	$	2.9	$	4.3

~~HOW~~net WEinterest ~~REPORT WAS REVENUE~~margin

WeFor ~~report~~the ~~WAS~~year ~~revenue~~ended inDecember ~~three categories:~~ 31

• Trust and investment advisory revenue. This category consists of fees for asset management, asset allocation, and trust management services. These fees are based on the market valuations of assets we manage, direct, or hold in custody for clients. These fees are affected by movements in financial markets such as the Dow Jones Industrial Average, the Standard & Poor’s 500 (S&P 500), NASDAQ, and others. Changes in trust and investment advisory revenue may or may not correlate directly with financial market movements, depending on the mix of assets in client accounts. We use the S&P 500 as a benchmark for comparison because its composition mirrors, to a large extent, the mix of equities in our clients’ portfolios. For more information about the mix of instruments in client portfolios, read the assets under management discussion in this report. • Planning and other services revenue. This category consists of fees from family office, financial planning, estate settlement, tax, and other services. These fees are based on the level and complexity of the services we provide, regardless of the value of any associated assets. In some cases, these fees are based on the client’s annual income. These fees can vary widely in amount, and portions may be nonrecurring. It is not unusual for revenue from these services to fluctuate from one reporting period to another. When family office clients use our asset management services, the associated fees are based on market valuations and recorded as trust and investment advisory revenue. • Mutual fund revenue. Most of our mutual fund fees are tied to money market mutual funds and cash balances. Consequently, equity market movements typically have little, if any, effect on this category of revenue.


	2010			2009			2008

Net interest margin		2.81	%		3.08	%		3.28	%

The ~~majority~~net ofinterest ~~WAS~~margin ~~revenue~~measures isthe ~~noninterest~~difference, ~~income.~~or ~~WAS~~“spread,” ~~also~~between ~~generates~~the ~~net~~yields ~~interest~~we ~~income~~earn ~~from~~on earning ~~private~~assets ~~banking~~ and ~~custom~~the ~~lending~~rates ~~services,~~we ~~and~~pay weon ~~attribute~~interest-bearing aliabilities. ~~portion~~Our ofnet ~~the~~interest ~~provision~~margin ~~for~~is ~~loan~~affected ~~losses~~by tothe ~~WAS.~~magnitude ~~For~~of ~~more~~changes ~~information~~in ~~about~~market ~~this,~~interest ~~read~~rates ~~Note~~and ~~23,~~the ~~“Segment~~pace ~~reporting,”~~at inwhich ~~this~~those ~~report~~changes occur.

~~Part~~During II2010, —our ~~Item~~net 7interest ~~(continued)~~margin 41declined primarily because we had higher levels of nonaccruing loans and low-yielding short-term investments.

WeMore ~~believe~~information ~~that~~about changes in ~~revenue,~~our ~~rather~~earning-asset ~~than~~yields ~~changes~~and cost of funds appears in ~~managed~~this ~~asset~~report in ~~levels,~~the ~~are~~analysis of net interest income, the ~~better indicator~~analysis of ~~trends~~changes in ~~the~~interest ~~WAS~~income ~~business.~~and ~~For~~expense ~~more~~due to ~~information~~volume ~~about~~and ~~this~~rate, ~~read~~and the ~~assets~~interest ~~under management~~rate risk discussion in ~~this~~the ~~report~~“Quantitative and Qualitative Disclosures about Market Risk” section.

~~WAS~~Wilmington ~~business~~Trust ~~development~~Corporation ~~was~~2010 ~~solid~~Form ~~throughout~~10-K 2009, from new and existing clients, but these new business gains could not counter market pressures that reduced revenue. Total WAS revenue was lower for 2009 than for 2008, with trust and investment advisory revenue and mutual fund revenue accounting for most of the decrease. 43

~~WAS~~five-year ~~REVENUE~~summary of net interest income

										Change 2009			Change 2008
	2010									2009
For the year ended December 31 (dollars in millions)	2009			2008			2007			vs. 2008			vs. 2007
	Average			Income/			Average			Average			Income/			Average
Trust and investment advisory fees	$	131.6		$	152.0		$	158.6			(13	)%		(4	)%
(dollar amounts in millions; rates on a tax-equivalent basis)	balance			expense			rate			balance			expense			rate
Planning and other services fees		42.0			45.5			40.1			(8	)%		13	%
ASSETS
Mutual fund fees		16.6			27.2			21.4			(39	)%		27	%
Interest-bearing deposits in other banks	$	683.0		$	1.7			0.24	%	$	212.4		$	0.6			0.27	%
Total Wealth Advisory Services revenue	$	190.2		$	224.7		$	220.1			(15	)%		2	%
Federal funds sold and securities purchased under agreements to resell		13.7			—			0.16			22.4			0.1			0.50
Total short-term investments		696.7			1.7			0.24			234.8			0.7			0.30
U.S. Treasury securities		189.2			0.5			0.26			54.4			0.3			0.64
Government agency securities		207.6			2.6			1.24			247.1			8.2			3.30
Obligations of state and political subdivisions 1		6.1			0.5			8.37			6.2			0.5			8.77
Preferred stock 1		15.3			1.2			7.85			20.5			1.9			9.03
Mortgage-backed securities		203.6			8.7			4.29			354.2			15.7			4.44
Other securities 1		132.1			8.0			6.08			211.8			10.0			4.71
Total investment securities		753.9			21.5			2.86			894.2			36.6			4.09
Federal Home Loan Bank and Federal Reserve Bank stock, at cost		30.3			0.5			1.78			24.8			0.4			1.72
Commercial, financial, and agricultural loans		2,459.8			99.9			4.06			2,732.0			116.4			4.26
Real estate — construction loans		1,782.0			57.7			3.24			1,958.3			69.4			3.54
Commercial mortgage loans		2,077.0			85.4			4.11			2,007.8			87.5			4.36
Total commercial loans		6,318.8			243.0			3.85			6,698.1			273.3			4.08
Residential mortgage loans		423.4			20.8			4.91			501.0			27.6			5.50
Consumer loans		1,258.3			68.8			5.46			1,565.2			87.9			5.61
Loans secured with investments		419.1			11.8			2.81			479.2			12.5			2.62
Total retail loans		2,100.8			101.4			4.82			2,545.4			128.0			5.03
Total loans 1,2		8,419.6			344.4			4.09			9,243.5			401.3			4.34
Total earning assets at historical cost		9,900.5									10,397.3
Fair value adjustment on investment securities available for sale		(6.9	)								(38.4	)
Total earning assets		9,893.6			368.1			3.72			10,358.9			439.0			4.22
Other assets		871.9									990.3
Total assets	$	10,765.5								$	11,349.2
LIABILITIES AND STOCKHOLDERS’ EQUITY
Savings deposits	$	909.4		$	7.9			0.86	%	$	908.3		$	11.8			1.30	%
Interest-bearing demand deposits		3,890.0			10.8			0.28			3,164.9			11.8			0.37
Certificates under $100,000		991.4			21.6			2.18			1,072.5			30.0			2.80
Local certificates $100,000 and over		116.5			2.4			2.08			176.7			4.4			2.49
Total core interest-bearing deposits		5,907.3			42.7			0.72			5,322.4			58.0			1.09
National brokered certificates		1,288.9			12.8			0.99			1,333.2			24.0			1.80
Total interest-bearing deposits		7,196.2			55.5			0.77			6,655.6			82.0			1.23
Federal funds purchased and securities sold under agreements to repurchase		257.9			0.5			0.21			1,310.8			3.4			0.26
U.S. Treasury demand deposits		—			—			—			3.7			—			—
Line of credit and other debt		22.1			1.5			6.54			8.7			0.6			6.08
Total short-term borrowings		280.0			2.0			0.71			1,323.2			4.0			0.30
Long-term debt		488.1			32.0			6.55			463.0			33.0			7.13
Total interest-bearing liabilities		7,964.3			89.5			1.12			8,441.8			119.0			1.41
Demand deposits		1,085.6									1,167.9
Other noninterest funds		850.6									787.6
Total funds used to support earning assets		9,900.5			89.5			0.91			10,397.3			119.0			1.14
Noncontrolling interest		—									0.3
Wilmington Trust stockholders’ equity		1,372.7									1,331.3
Equity used to support earning assets		(850.6	)								(787.6	)
Other liabilities		342.9									407.9
Total liabilities and stockholders’ equity	$	10,765.5								$	11,349.2
Net interest income/margin 3					278.6			2.81	%					320.0			3.08	%
Tax-equivalent adjustment 1					(1.5	)								(1.8	)
Net interest income				$	277.1								$	318.2

Two factors caused the decrease in trust and investment advisory revenue: the decline of client asset valuations and a shift in client investment preferences.



¹		Tax-advantaged income has been adjusted to a tax-equivalent basis using an income tax rate of 35% for all periods presented.

²		Loan balances include nonaccruing loans and loans held for sale. Interest income includes amortization of deferred loan fees.

³		To compute the net interest margin, we divide net interest income on a fully tax-equivalent basis by total earning assets, on average.

~~Volatility~~Note: inAverage ~~the~~rates ~~financial~~are ~~markets~~calculated ~~drove~~using ~~asset~~average ~~valuations~~balances ~~lower~~based ~~throughout~~on ~~2008~~historical ~~and most of 2009. As noted earlier~~cost, ~~we base our fees for trust~~ and ~~investment~~do ~~advisory~~not ~~services~~reflect onmarket ~~asset~~valuation ~~valuations~~adjustments. ~~When those valuations decrease, there is a corresponding decrease in the associated fees.~~

~~Even~~Wilmington ~~though~~Trust ~~equity~~Corporation ~~markets~~2010 ~~improved~~Form ~~during~~10-K the 2009 fourth quarter, many clients opted to remain on the sidelines. These dynamics reduced trust and investment advisory revenue because, in general, the pricing on our fixed income and cash management services is lower than our pricing on equity investment management services. 44

Mutual fund revenue was affected negatively in 2009 by the low level of market interest rates. As yields on our money market mutual funds fell, we began to waive our management fees on these funds. These waivers reduced 2009 WAS revenue by approximately $10.6 million.


2008										2007									2006
	Average			Income/			Average			Average			Income/			Average			Average			Income/			Average
	balance			expense			rate			balance			expense			rate			balance			expense			rate


	$	94.0		$	1.4			1.51	%	$	4.4		$	0.3			6.95	%	$	2.9		$	0.1			4.16	%
		32.7			0.5			1.67			34.0			1.7			5.01			49.9			2.6			5.09

		126.7			1.9			1.55			38.4			2.0			5.23			52.8			2.7			5.04

		60.7			1.8			2.97			103.8			4.0			3.82			159.1			6.0			3.76
		485.6			23.0			4.73			659.5			31.3			4.75			485.9			20.4			4.20
		8.8			0.7			8.10			14.5			1.1			7.48			9.8			0.9			8.80
		41.8			3.2			7.60			68.5			5.3			7.76			90.6			6.9			7.65
		705.5			31.7			4.50			668.3			28.4			4.25			792.7			32.9			4.15
		355.5			16.9			4.74			377.5			24.1			6.36			386.1			23.6			6.14

		1,657.9			77.3			4.66			1,892.1			94.2			4.97			1,924.2			90.7			4.72

		22.2			0.7			3.28			12.4			0.4			3.59			9.1			0.6			6.23
		2,814.6			165.4			5.88			2,485.7			194.0			7.81			2,437.4			189.6			7.78
		1,860.6			102.3			5.50			1,731.9			144.4			8.34			1,516.8			128.5			8.47
		1,694.1			100.2			5.91			1,382.2			109.6			7.93			1,240.8			97.6			7.87

		6,369.3			367.9			5.77			5,599.8			448.0			8.00			5,195.0			415.7			8.00

		562.0			32.0			5.70			556.3			32.5			5.84			495.2			28.7			5.80
		1,728.7			110.9			6.42			1,526.6			113.2			7.41			1,458.2			104.6			7.18
		540.0			23.5			4.35			529.3			35.8			6.76			551.4			36.1			6.54

		2,830.7			166.4			5.88			2,612.2			181.5			6.95			2,504.8			169.4			6.76

		9,200.0			534.3			5.81			8,212.0			629.5			7.67			7,699.8			585.1			7.60

		11,006.8									10,154.9									9,685.9
		(96.7	)								(28.6	)								(40.2	)
		10,910.1			614.2			5.58			10,126.3			726.1			7.15			9,645.7			679.1			7.01
		971.1									871.1									849.4

	$	11,881.2								$	10,997.4								$	10,495.1



	$	779.3		$	17.7			2.28	%	$	500.1		$	11.8			2.35	%	$	311.4		$	1.3			0.41	%
		2,470.4			18.9			0.77			2,400.2			33.7			1.40			2,365.1			26.5			1.12
		1,006.3			35.2			3.49			1,010.1			43.6			4.32			979.4			36.5			3.73
		299.5			10.9			3.63			412.7			19.8			4.80			521.7			23.3			4.48

		4,555.5			82.7			1.81			4,323.1			108.9			2.52			4,177.6			87.6			2.10
		2,846.3			100.0			3.51			2,756.7			148.1			5.37			2,803.9			143.7			5.12

		7,401.8			182.7			2.47			7,079.8			257.0			3.63			6,981.5			231.3			3.31

		1,810.4			38.0			2.10			1,465.0			68.4			4.67			1,116.2			53.2			4.77
		18.5			0.2			1.28			9.8			0.5			4.77			11.1			0.5			4.77
		54.6			3.5			6.52			93.4			7.9			8.45			8.5			0.5			5.95

		1,883.5			41.7			2.22			1,568.2			76.8			4.90			1,135.8			54.2			4.77

		418.3			29.3			7.01			307.3			19.5			6.33			394.4			26.2			6.65

		9,703.6			253.7			2.61			8,955.3			353.3			3.95			8,511.7			311.7			3.66
		778.1									722.4									759.1
		525.1									477.2									415.1

		11,006.8			253.7			2.30			10,154.9			353.3			3.48			9,685.9			311.7			3.22
		0.2									0.2									0.3
		1,103.1									1,091.0									1,059.1
		(525.1	)								(477.2	)								(415.1	)
		296.2									228.5									164.9

	$	11,881.2								$	10,997.4								$	10,495.1
					360.5			3.28	%					372.8			3.67	%					367.4			3.79	%
					(2.8	)								(3.9	)								(4.3	)

				$	357.7								$	368.9								$	363.1

~~WAS~~Wilmington ~~added~~Trust ~~$13.5 billion~~Corporation of2010 ~~client~~Form ~~assets~~10-K ~~in 2009. Most of this increase was in assets under administration, and more than half was associated with a family wealth client relationship.~~ 45

~~WAS~~changes ~~CLIENT~~in ~~ASSETS~~interest ATincome ~~WILMINGTON~~and ~~TRUST~~expense 1due to volume and rate

										Change 2009			Change 2008
	2010 vs. 2009									2009 vs. 2008
At December 31 (dollars in millions)	2009			2008			2007			vs. 2008			vs. 2007
	Increase/(decrease) due to changes in									Increase/(decrease) due to changes in
WAS assets under management	$	27,043.4		$	26,771.4		$	32,905.4			1	%		(19	)%
(in millions)	Volume 2			Rate 3			Total			Volume 2			Rate 3			Total
WAS assets under administration		24,818.9			11,584.7			14,765.4			114	%		(22	)%
Interest income:
Total WAS client assets	$	51,862.3		$	38,356.1		$	47,670.8			35	%		(20	)%
Interest-bearing deposits in other banks	$	1.3		$	(0.2	)	$	1.1		$	1.8		$	(2.6	)	$	(0.8	)
Federal funds sold and securities purchased under agreements to resell		—			(0.1	)		(0.1	)		(0.2	)		(0.2	)		(0.4	)
Total short-term investments		1.3			(0.3	)		1.0			1.6			(2.8	)		(1.2	)
U.S. Treasury securities		0.9			(0.7	)		0.2			(0.2	)		(1.3	)		(1.5	)
Government agency securities		(1.3	)		(4.3	)		(5.6	)		(11.3	)		(3.5	)		(14.8	)
Obligations of state and political subdivisions 1		—			—			—			(0.2	)		—			(0.2	)
Preferred stock 1		(0.5	)		(0.2	)		(0.7	)		(1.6	)		0.3			(1.3	)
Mortgage-backed securities		(6.7	)		(0.3	)		(7.0	)		(15.8	)		(0.2	)		(16.0	)
Other securities 1		(3.8	)		1.8			(2.0	)		(6.8	)		(0.1	)		(6.9	)
Total investment securities		(11.4	)		(3.7	)		(15.1	)		(35.9	)		(4.8	)		(40.7	)
Federal Home Loan Bank and Federal Reserve Bank stock, at cost		0.1			—			0.1			0.1			(0.4	)		(0.3	)
Commercial, financial, and agricultural loans		(11.6	)		(4.9	)		(16.5	)		(4.9	)		(44.1	)		(49.0	)
Real estate — construction loans		(6.2	)		(5.5	)		(11.7	)		5.4			(38.3	)		(32.9	)
Commercial mortgage loans		3.0			(5.1	)		(2.1	)		18.5			(31.2	)		(12.7	)
Total commercial loans		(14.8	)		(15.5	)		(30.3	)		19.0			(113.6	)		(94.6	)
Residential mortgage loans		(4.3	)		(2.5	)		(6.8	)		(3.5	)		(0.9	)		(4.4	)
Consumer loans		(17.2	)		(1.9	)		(19.1	)		(10.5	)		(12.5	)		(23.0	)
Loans secured with investments		(1.6	)		0.9			(0.7	)		(2.6	)		(8.4	)		(11.0	)
Total retail loans		(23.1	)		(3.5	)		(26.6	)		(16.6	)		(21.8	)		(38.4	)
Total loans net of unearned income		(37.9	)		(19.0	)		(56.9	)		2.4			(135.4	)		(133.0	)
Total interest income	$	(47.9	)	$	(23.0	)	$	(70.9	)	$	(31.8	)	$	(143.4	)	$	(175.2	)
Interest expense:
Savings deposits	$	—		$	(3.9	)	$	(3.9	)	$	2.9		$	(8.8	)	$	(5.9	)
Interest-bearing demand deposits		2.7			(3.7	)		(1.0	)		5.3			(12.4	)		(7.1	)
Certificates under $100,000		(2.3	)		(6.1	)		(8.4	)		2.3			(7.5	)		(5.2	)
Local certificates $100,000 and over		(1.5	)		(0.5	)		(2.0	)		(4.5	)		(2.0	)		(6.5	)
Total core interest-bearing deposits		(1.1	)		(14.2	)		(15.3	)		6.0			(30.7	)		(24.7	)
National brokered certificates		(0.8	)		(10.4	)		(11.2	)		(53.1	)		(22.9	)		(76.0	)
Total interest-bearing deposits		(1.9	)		(24.6	)		(26.5	)		(47.1	)		(53.6	)		(100.7	)
Federal funds purchased and securities sold under agreements to repurchase		(2.7	)		(0.2	)		(2.9	)		(10.5	)		(24.1	)		(34.6	)
U.S. Treasury demand deposits		—			—			—			(0.2	)		—			(0.2	)
Line of credit and other debt		0.8			0.1			0.9			(3.0	)		0.1			(2.9	)
Total short-term borrowings		(1.9	)		(0.1	)		(2.0	)		(13.7	)		(24.0	)		(37.7	)
Long-term debt		1.8			(2.8	)		(1.0	)		3.1			0.6			3.7
Total interest expense		(2.0	)		(27.5	)		(29.5	)		(57.7	)		(77.0	)		(134.7	)
Change in net interest income	$	(45.9	)	$	4.5		$	(41.4	)	$	25.9		$	(66.4	)	$	(40.5	)

1 Excludes Cramer Rosenthal McGlynn and Roxbury Capital Management. Includes estimates of asset values that are not readily available, such as those held in limited partnerships.



¹		We calculate variances on a fully tax-equivalent basis, which includes the effects of any disallowed interest expense deduction.

²		We define changes attributable to volume as changes in average balances multiplied by the prior year’s rate.

³		We define changes attributable to rate as changes in rate multiplied by the average balances in the applicable period of the prior year. A change in rate/volume (change in rate multiplied by change in volume) has been allocated to the change in rate.

~~The~~Wilmington ~~increase~~Trust inCorporation ~~the~~2010 ~~percentage~~Form ~~of WAS sales from markets outside of the mid~~10-~~Atlantic~~K region illustrated the success we are having in the newer markets in which we have invested in recent years. Although we added clients in 2009, the dollar amount of sales declined, due to lower market valuations and the preference for fixed income and cash investment services. 46

~~WAS~~NONINTEREST ~~SALES1 BY MARKET~~INCOME

For the year ended December 31 (dollars in millions)	2009			2008
Mid-Atlantic market sales		21	%		24	%
National market sales		46	%		33	%
Family wealth sales		33	%		43	%
Total WAS sales (in millions)	$	18.3		$	23.4

Noninterest income is income that is generated by fees we charge for services we provide. The pricing on these fees can be based on the valuations of assets in client portfolios, the level and complexity of services we provide, and other factors. In some cases, such as with money market mutual fund fees, the pricing can be related to market interest rates.

1The ~~New~~WAS and CCS businesses generate most of our noninterest income. The Regional Banking business also generates noninterest income in the form of service charges, loan fees, ~~annualized~~and other types of fees. In addition, all of the revenue we receive from our investments in CRM and RCM is noninterest income. Noninterest income also includes securities gains and losses and OTTI securities charges.

~~For~~Noninterest ~~information~~income ~~about~~was ~~WAS~~$396.7 million ~~profitability~~for 2010, ~~read~~or ~~Note~~$34.0 million ~~23,~~higher ~~“Segment~~than ~~reporting,”~~the in$362.7 million ~~this~~we reported ~~report~~for 2009. The main causes of this increase included:

ASSETS UNDER MANAGEMENT AND ADMINISTRATION

	•		Higher CCS revenue. CCS revenue was $199.2 million for 2010, up 16% from 2009.

	•		Lower other-than-temporary impairment charges on investment securities in 2010. These charges were $37.9 million in 2010, compared with $77.5 million in 2009.

WePartially ~~report~~offsetting ~~two~~these ~~types~~increases ofwas ~~client~~a ~~assets:~~decrease in WAS revenue, which was $165.6 million for 2010, compared with $189.5 million for 2009.

•Noninterest ~~Assets~~income ~~under~~increased ~~management~~as ~~(AUM).~~a ~~These~~percentage ~~are~~of ~~assets~~total ~~for~~revenue. ~~which~~CCS weand ~~make~~WAS ~~investment~~advisory ~~decisions~~fees oncontinued to ~~behalf~~account offor ~~clients.~~the ~~Most~~majority of our ~~AUM~~noninterest ~~are associated with WAS clients~~income. •For ~~Assets~~more ~~under~~information ~~administration~~about ~~(AUA).~~CCS ~~These~~and ~~are assets we hold in custody~~WAS fees, orread ~~for~~the ~~which~~discussions ~~we serve as fiduciary, on behalf~~ of ~~clients.~~CCS ~~Most~~and ofWAS ~~our~~businesses ~~AUA~~in ~~are~~this ~~associated with CCS retirement services clients~~report.

~~Changes~~noninterest inincome ~~our~~as ~~AUM~~a orpercentage ~~AUA levels do not necessarily reflect new or lost business, nor do they always correlate with financial market movements. This is because most~~ of ~~the assets we manage or~~total ~~administer for clients are held in trusts. Trust asset levels can be decreased by fund~~revenue distributions for tax payments, philanthropic obligations, discretionary spending, trust terminations, and other purposes. Asset levels also are affected by the duration of trust agreements, which can range from a few months to 99 years or more.

WeFor ~~believe that changes in revenue, rather than changes in AUM or AUA levels, are better indicators of trends in~~ the ~~WAS~~year ~~and~~ended ~~CCS~~December ~~businesses, because:~~ 31

• The pricing on many of our services is not based on asset valuations. • WAS and CCS revenue may include fees for direction trust services, but direction trust assets are not included in our AUM amounts. Direction trusts, which are permitted in Delaware, allow clients to have their assets and fiduciary matters managed separately and by different providers. Trust laws in many other states do not permit direction trusts. • Monetary assets we manage or administer for CCS clients can fluctuate by hundreds of millions of dollars from one reporting period to the next, depending on the cash management needs of these clients.



(dollars in millions)	2010			2009			2008

Noninterest income ¹	$	430.8		$	426.6		$	424.6
Noninterest income ¹ as a percentage of total revenue ²		61	%		57	%		54	%

For more information about the portion of our revenue that is based on asset valuations, read Item 7A, “Quantitative and Qualitative Disclosures about Market Risk,” in this report. For more information about the asset management and administration services offered by CCS and WAS, read the discussions of those two businesses in this report.



¹		Excluding securities gains/losses and OTTI securities charges

²		Total revenue is the combination of net interest income (before the provision for loan losses) and total noninterest income (excluding other-than-temporary impairment losses and securities gains/losses).

~~Part~~Revenue IIfrom —service ~~Item~~charges on deposit accounts, which included overdraft fees, was $29.7 million ~~(continued)~~in 432010. As a result of recent changes in the Federal Reserve’s Regulation E, we expect our overdraft fees to be lower in 2011. Regulation E requires consumer clients to consent before banks may charge overdraft fees on ATM and one-time debit card transactions that overdraw accounts. The amount of the decrease in our overdraft fees will depend largely on how many clients consent to the fees. Based on current client consent information, we estimate that service charges on deposit accounts will be approximately $2.0 million lower on an annualized basis.

							Change 2009			Change 2008
At December 31 (dollars in millions)	2009		2008		2007		vs. 2008			vs. 2007
Assets under management:
WAS assets under management	$	27,043.4	$	26,771.4	$	32,905.4		1	%		(19	)%
CCS assets under management		15,092.8		9,732.9		3,029.3		55	%		221	%
Total Wilmington Trust assets under management	$	42,136.2	$	36,504.3	$	35,934.7		15	%		2	%
Assets under administration:
WAS assets under administration	$	24,818.9	$	11,584.7	$	14,765.4		114	%		(22	)%
CCS assets under administration		81,654.1		79,550.8		73,582.7		3	%		8	%
Total Wilmington Trust assets under administration		106,473.0		91,135.5		88,348.1		17	%		3	%
Combined AUM and AUA at Wilmington Trust	$	148,609.2	$	127,639.8	$	124,282.8		16	%		3	%



Wilmington Trust Corporation 2010 Form 10-K		47

1Our ~~Excludes~~debit ~~Cramer~~card ~~Rosenthal~~interchange ~~McGlynn~~income, which is included in the “Card fees” line of our statement of income, was $8.0 million for 2010. The Dodd-Frank Wall Street Reform and ~~Roxbury~~Consumer ~~Capital~~Protection ~~Management~~Act (the Dodd-Frank Act) was signed into law on July 21, 2010, and includes the Durbin amendment, which allows the Federal Reserve to set a maximum rate that banks may charge for electronic debit card transactions. ~~Includes~~Under ~~estimates~~this oflaw, ~~asset~~the ~~values~~Federal Reserve has until April 2011 to finalize rules that ~~are~~will set ~~not~~the ~~readily~~maximum ~~available~~rate, ~~such~~and asthe ~~those~~rules ~~held~~are to become effective in ~~limited~~July 2011. ~~partnerships~~As a result, we expect our debit card interchange fee income to decrease. If the proposed maximum rates remain at current levels, this income could decrease by as much as 75%.

~~CCS~~THE ~~client~~CORPORATE ~~assets~~CLIENT ~~accounted~~SERVICES ~~for most of the 2009 growth in total AUM at Wilmington~~BUSINESS

Average life