Delaware Bankers Association : Spotlight

The incorporation destination of choice for corporations worldwide, Delaware has earned its place as the preeminent hub of American business – a status reinforced by a sophisticated financial ecosystem anchored by major banks, trust companies, and a broad range of financial services firms.

DELAWARE BANKING SPOTLIGHT

Over the years, Delaware has refined its status as a premier hub for banking, wealth management, and financial services generally, marked by a series of historic moments.

In 1981, for example, the Financial Center Development Act (FCDA) permitted the establishment of out-of-state holding companies, ushering in the state’s modern era of banking and increasing jobs in the sector by over 740 percent.

Fast forward 45 years to March 2026, the state’s lawmakers have unveiled a major update to the banking code to modernize the infrastructure, setting the regulatory stage for digital assets, including stablecoins.

As such, Delaware today is undoubtedly a leading financial center, alongside being the administrative headquarters of major banking institutions such as JPMorgan Chase and Barclays.

The wider economic landscape in the state is transitioning from being historically centered around manufacturing and agriculture toward a more service-oriented landscape, largely driven by financial services, including FinTech firms, and life sciences, including BioTech firms.

In this way, the financial services sector, especially with the advance of FinTech players, is considered a major contributor to the local economy, experiencing explosive growth well beyond the realms of traditional banking.

Thus, Delaware has long been a first-choice destination for many modern corporations, with more than 60 percent of Fortune 500 companies incorporated in the state. GDP has climbed as a result, showing a steady upward trend over the past decade.

In addition, the Delaware Court of Chancery – which is built on more than 200 years of experience in corporate law – offers specialized resolutions of complex corporate, fiduciary, and business disputes.

As a court of equity, cases at the Court of Chancery are heard by chancellors rather than a jury, each well-versed in handling complex corporate litigation, offering a predictable legal environment and swift decision-making.

To continue growing both its banking sector and the wider economy, the state is actively fostering an environment that champions start-ups and small to medium-sized enterprises (SMEs) – particularly in high-growth sectors – offering attractive investment and venture capital opportunities.

With a continued focus on regulatory adaptability and its growing FinTech ecosystem, Delaware seeks to remain an ideal environment for corporations to grow their businesses.

Q&A WITH KARYN POLAK, CEO AND TREASURER, DELAWARE BANKERS ASSOCIATION

Karyn Polak, President, CEO, and Treasurer of the Delaware Bankers Association, discusses the evolution of the local financial services landscape and how advocacy, education, and collaboration will be key to supporting the banking industry moving forward.

Firstly, could you introduce us to the Delaware Bankers Association and how you provide member institutions with the tools to support their communities?

Karyn Polak, President, CEO, and Treasurer (KP): The Delaware Bankers Association is a non-profit, private trade association of tax-paying international, national, and state-chartered banks, savings banks, trust companies, and banks with operations in Delaware.

We also welcome associate members such as community development financial institutions (CDFIs), FinTech companies, chambers of commerce, education institutions, law firms, other non-profits, and vendors and partners to our member banks and trust companies.

Our sister entity, the Delaware Financial Education Alliance (DFEA), is a non-profit entity focused on financial education for the public and professional development for the industry.

Together, the Delaware Bankers Association and DFEA exist to advance financial access, education, and opportunity for all. We work through federal and state advocacy, financial literacy and professional development, and collaboration across sectors and geographies to help our members and partners navigate toward a stronger, more stable future.

What did the Delaware Bankers Association initially set out to achieve when you were established in 1895, and how have you evolved since?

KP: In 1895, the Delaware Bankers Association’s founding mission was “to promote the general welfare and usefulness of financial institutions and to secure uniformity of action, together with practical benefits derived from personal acquaintance and from discussion of subjects of importance when it comes to the banking and commercial interests of the state of Delaware”.

In many ways, that mission hasn’t changed – we continue to seek input from and convene our bank and trust company members to understand and address what’s most important to them.

We share with our legislators, regulators, anchor institutions, and others in our community the value our industry contributes to Delaware, and we learn from each other and teach through training, education, and networking.

That said, the evolution of the Delaware Bankers Association since 1895 – and indeed since 1981 when Delaware enacted the FCDA, which encouraged out-of-state banks to move their headquarters to Delaware – has been truly remarkable.

It hasn’t always been a steady upward trajectory, but there has certainly been a meaningful increase for the industry and the Delaware Bankers Association and DFEA in both the depth and breadth of our impact.

For example, in 2015, Delaware banks employed almost 38,000 individuals in the state – last year, they employed 50,000.

This evolution continues. Earlier this year, we stood beside the Governor of Delaware, Chairs of the State House and Senate Banking Committees, and many others to announce the proposal of legislation to modernize the state’s banking code, which has not been updated holistically since the FCDA in 1981.

As I said on that day, this bill updates the very foundation on which Delaware’s banking industry – and the trust placed in it – is built.

We at the Delaware Bankers Association were proud to work closely on crafting this proposal and are advocating for its passage into law alongside our members.

What is your current take on Delaware’s economy today? What recent challenges or opportunities have you encountered?

KP: I’m not an economist, though in this role I certainly listen to many who are – from our individual members to other industry groups like the American Bankers Association (ABA) and our regulators.

I believe there is currently a deeply troubling dichotomy in economic perspectives and realities – there are individuals and institutions doing exceptionally well, but there are also too many who cannot afford to buy a home or pay for healthcare, childcare, or a $400 emergency expense.

I believe Delaware is uniquely positioned – intentionally so – to ameliorate this dynamic.

First, as the Governor of Delaware shared in his recent State of the State address, and as we see in remarks from his administration leaders and our state and federal legislators, those with the ability to drive change are keenly aware of these challenges and focus their attention and assets on doing so.

Second, because of the size and culture of our state, there is strong momentum toward collaboration and collective action.

We in the financial industry are key players in that work because we are investors, lenders, grantors, board members, and of course, bankers – I sometimes say we’re the glue bringing disparate parts together through finance, and we are most certainly stronger together.

At the Delaware Bankers Association, we are working on challenges that are also opportunities – like convening around financial education, the future of banking, housing and small business lending, and workforce and pipeline development – all of which we believe will ultimately benefit our state.

Can you provide more details on the educational and developmental programs you are involved in and how they benefit your members and the community?

KP: We provide a wide variety of programs that serve our members through professional development, pipeline development, networking, and collaboration.

We also provide financial education to the broader community, primarily through Teach Children to Save Day (TCTSD) events at the end of April each year.

Our members often volunteer to teach grade school classrooms a special course on financial literacy, where each child receives a copy of that year’s bespoke comic book, The Great Investo, developed by our very own Senior Vice President of Marketing and Communications, Greg Koseluk.

Beyond TCTSD, we support a high school elective class on ‘Keys to Financial Success’, through which participating students enter an essay contest on what financial literacy means to them.

Together with the University of Delaware’s Center for Economic Education and Entrepreneurship, we select two winners, who receive a David G. Bakerian Scholarship worth $2,500 – named after the late former President of the Delaware Bankers Association.

Thanks to the advocacy of the Delaware Bankers Association and others over the last several years, in 2025, Delaware passed into law a requirement to teach financial literacy in high schools, which will broaden the population of contest-eligible students and give us an opportunity to expand the scholarship program to advance networking and pipeline development for the industry.

We take the member education element of our mission very seriously. For 20 years, we’ve hosted the country’s pre-eminent trust conference.

The Delaware Trust Conference is a two-day, jam-packed professional development and networking opportunity for all the functions involved in the trust and wealth management industry, such as trust executives, officers and administrators, professional services firms, compliance and risk professionals, and investment advisors, among others.

Preceding the conference, we offer a series of webinars on foundational trust issues, which are available live or on demand.

We also facilitate an incredible breadth of training via the Federal Deposit Insurance Corporation (FDIC) Directors’ College, FoxPointe Solutions’ Cyber Forum, ABA, OnCourse Learning, Compliance Alliance, and more.

To help build the pipeline of talent joining the industry, we partnered with the University of Delaware’s Lerner College of Business and Economics, members of the Delaware Bankers Association, and the state of Delaware to develop the nation’s only accredited trust management minor program.

It includes a mentoring element and an internship benefit and, since its launch in 2019, more than half of the students graduating with the degree have gone on to full-time employment in the trust industry.

Networking and collaboration are equally important to us, and we offer a wide variety of ways to take advantage of the wisdom and thought leadership of members.

Late last year, and already this year, we supported events hosted by the Center for Accelerating Financial Equity (CAFE), housed at the University of Delaware’s FinTech Innovation Hub, specifically focused on the intersection of traditional banking and FinTech, which is a complex, critical current topic of conversation and analysis across the financial industry.

We host a day for members to meet with Delaware legislators and a two-day visit to Washington DC to meet with banking regulators.

Our Women Connect network within our membership hosts two half-day events each year, and we co-sponsor the ABA’s Women Lead Symposium.

We also launched a CEO Roundtable series to give member executives an opportunity to meet with each other and key industry leaders. We typically host over 250 attendees at our annual dinner in mid-May.

And, of course, we also host ad hoc webinars and gatherings depending on the issues and needs of the moment. It’s a packed calendar for our members and the Delaware community!

Finally, as the Delaware Bankers Association anticipates an upcoming rebrand, what will this achieve in terms of modernizing the association and focusing on the future?

KP: Much like how the financial landscape itself has changed significantly over the last 10 years, the needs, size, and shape of our financial industry have changed too.

Consequently, it’s imperative for the Delaware Bankers Association to look inward with a critical eye at how we’re positioned to navigate this moment, seeking input from not only our members but all our stakeholders – the people and organizations we work alongside to deliver for our neighbors.

We’re asking not only where our best value is today, but how we can ensure we’re equipped with versatility and nimbleness to meet the uncertainties of tomorrow.

This work of developing our next strategic plan while also refreshing our communications and member interaction approach is what we call “Fortifying for the Future”.

We expect this integrated stream of work to both reinforce our foundations of advocacy, education, and collaboration, and strengthen our ability to best serve our members into the future.

DELAWARE BANKERS ASSOCIATION MEMBER BENEFITS

As an effective advocate for Delaware’s banking industry, becoming a member of the Delaware Bankers Association provides businesses with access to our dynamic financial community. Benefits include:

• Input into state and federal legislative and regulatory agendas.
• Opportunity to serve on the board of directors.
• Access to the quarterly Delaware Banker Magazine and weekly Delaware Bankers Association Digest
• Opportunities to submit content to Delaware Banker magazine and Delaware Bankers Association Digest newsletter
• Discounted advertising rates in Delaware Banker magazine.
• Additional tiered membership discount packages.
• Participation in Delaware Bankers Association committees and task forces and eligibility to chair committees.
• Inclusion on the Delaware Bankers Association website as a financial institution or non-depository trust member.
• Invitation to exclusive Delaware Bankers Association member events with networking and sponsorship opportunities.
• Reduced rates for all Delaware Bankers Association functions.
• Invitation to Delaware Bankers Association educational programs, many of which are eligible for continued professional education credits.
• Opportunity to host and/or speak at professional development forums.