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Wilmington Trust, West End Neighborhood House, and Others Join to Launch New Short-Term Loan Program
Program aims to provide alternative to high-cost payday lending in Delaware

Wilmington, DE, October 15, 2007 - Wilmington Trust, West End Neighborhood House, and other organizations have joined to launch a new loan program that offers an alternative to the high-cost practice known as payday lending.

The new Worker's Loan Program will provide small, short-term loans at low interest rates, financial education, and referrals to support services, if needed. This stands in contrast to payday loans, which provide short-term financing, often at exorbitant interest rates and with automatic rollovers that can perpetuate indebtedness.

"The Worker's Loan Program offers a sensible, consumer-friendly alternative to payday lending for low- to moderate-income families in need of short-term financial help," said Robert V.A. Harra Jr., President and Chief Operating Officer of Wilmington Trust. "We are proud to continue to work with West End Neighborhood House to bring financial soundness and education to the communities and neighborhoods we serve."

With payday lending, borrowers typically write a post-dated personal check in the amount of the loan plus a finance fee, in exchange for cash in the amount of the loan. On or after the check date, the lender cashes the check, then pays off the loan and retains the finance fee as compensation for making the loan. Because these loans have such short terms to maturity, the cost of borrowing, expressed as an annual percentage rate (APR), can reach an average of 400%, according to a recent study by the Center for Responsible Lending, a nonprofit research and policy organization. If borrowers are unable to pay the loan at the due date, the loan is often renewed for another term and for an additional fee. This cycle may last for months or even years, sometimes making it nearly impossible for borrowers to get on solid financial footing.

The maximum loan available from the Worker's Loan Program is $500. Qualified applicants will receive Wilmington Trust's regular personal loan rate, which currently has an APR of 13.49%. Loans can be paid in a lump sum or a payment plan may be established, whichever fits the applicant's financial ability.

Funding, support, and commitment are being provided from AIG, Citi Foundation, Speer Trust, and the Federal Home Loan Bank of Pittsburgh. Marketing assistance and funding is being provided by United Way of Delaware. Available loans will be provided by and processed through Wilmington Trust. West End Neighborhood House will administer the program and serve as the contact point for those interested in learning more about the program or applying for a loan.

"One of the main goals of the Worker's Loan Program is to help individuals to become financially self-sufficient by providing education and teaching responsible borrowing to help break the cycle of chronic poverty," said Barbara Reed, Director of Housing and Financial Management at West End Neighborhood House. "The program is a terrific and important example of a public/private initiative working to improve the lives of people in our communities."

West End Neighborhood House, founded in 1883, is dedicated to helping individuals achieve self-sufficiency, reach and maintain their maximum potential, and live responsibly and harmoniously in a healthy community and complex world. West End has a long and rich tradition of providing innovative solutions to complex and dynamic social challenges throughout the Delaware community including two financial service programs in conjunction with Wilmington Trust: the Statewide Security Deposit Loan program and the Job Start Program. By helping families and individuals achieve independence through a host of education, housing, employment, and recreation programs, West End has been changing lives, building communities, and making a difference for 125 years. West End Neighborhood House is located at 710 North Lincoln Street, Wilmington, Delaware. For more information about the Worker's Loan Program, please call 302-658-4171 or visit www.westendnh.org.

Wilmington Trust Corporation (NYSE: WL) is a financial services holding company that provides Regional Banking services throughout the Delaware Valley region, Wealth Advisory Services for high-net-worth clients in 36 countries, and Corporate Client Services for institutional clients in 86 countries. Its wholly owned bank subsidiary, Wilmington Trust Company, which was founded in 1903, is one of the largest personal trust providers in the United States and the leading retail and commercial bank in Delaware. Wilmington Trust Corporation and its affiliates have offices in California, Connecticut, Delaware, Florida, Georgia, Maryland, Massachusetts, Minnesota, Nevada, New Jersey, New York, Pennsylvania, South Carolina, Vermont, the Cayman Islands, the Channel Islands, London, Dublin, Frankfurt, and Luxembourg.