Daily News | Under pressure: Financial struggles in Philly and an SEC settlement in Wilmington
Financial companies in the region are under pressure as interest rates rise and the economy slows — though a federal court settlement reminded us things were worse in this key sector not so many years ago.Lincoln National Corp.
It’s not news that Lincoln National, like other large insurers that invest premiums and sell annuities and other investments to millions of clients, is sensitive to market downturns, like this year’s stock and bond market slides. In the 2008-2009 financial crisis, Lincoln was one of several insurance giants to qualify for federal TARP bailout funds, which it used to boost its sales force. The companyWall Street analysts scrambled to pronounce Lincoln sound despite the accounting write-downs.
The stock is trading at a two-year low, in contrast with other area banks such as WSFS and Univest, which, like Republic, have been hurt by the slowing economy but have still gained value over that period. Hill’s critics had said the bank should be sold. While the Federal Reserve keeps raising interest rates, the slowing economy has depressed bank stock valuations, making deals more expensive and less attractive to the risk-averse.The fight over who was to blame for one of the many big-bank meltdowns from the Great Recession — and one of a very few that led toLast Wednesday, Robert V.A. Harra Jr., the last president of the former Wilmington Trust Corp.
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