Irving Trust

Irving Trust was an American Commercial bank headquartered in New York City that operated between 1851 and 1988 when it was acquired by Bank of New York. From 1965 the bank was the principal subsidiary of the Irving Bank Corporation.

Irving Trust
IndustryCommercial Banking
Founded1851 (1851)
Defunct1988 (1988)
FateAcquired
SuccessorBank of New York
HeadquartersNew York City, United States
Products

Between 1913 and 1931, its headquarters was in the Woolworth Building; after 1931, until it was acquired by Bank of New York, its headquarters was located at 1 Wall Street, at what is now known as the BNY Mellon Building.

History
Share of the Irving Bank-Columbia Trust Company, issued 12. March 1923

The bank had its origins in 1851, when the Irving Bank of the City of New York was founded. Since there was not yet a federal currency, each bank issued its own paper and those institutions with the most appealing names found their certificates more widely accepted. The firm was named after Washington Irving, an author, diplomat, and lawyer who had gained an international reputation as America's first man of letters. His portrait appeared on the bank's notes and contributed to their wide appeal.

In June 1865, it converted from a state bank to a bank chartered under the National Bank Act of 1863, and became the Irving National Bank of New York. In 1907, after a merger, it became the Irving National Exchange Bank of New York, changing its name to the Irving National Bank in 1912.[1] In 1918, it acquired by merger the Market and Fulton National Bank of New York, and in 1919 the Sherman National Bank of New York and the National City Bank of Brooklyn.[2] In 1922, it merged with the Columbia Trust Company, a New York State-chartered bank, creating the Irving Bank and Trust Company.[3][1] Later, in 1926, it acquired by merger the American Exchange-Pacific Bank, and changed its name to the American Exchange Irving Trust Company.[1][4] Finally, in 1929, it changed its name to the Irving Trust Company, the name under which it was known until 1989.

As of March 9, 1921, there were four national banks in New York City operating branch offices, also including Chatham and Phenix National, the Mechanics and Metals National, the Irving National, and National City Bank.[5]

In 1922, Irving Trust opened an account with Vnesheconombank, now known as VEB, enabling the bank to conduct transactions with Russia and later the Soviet Union.[6]

In 1923, Irving Trust held correspondent accounts for the sovzagranbank (Russian: Совзагранбанк) Russo-Iranian Bank (RIB) also known a Rusiranbank (Russian: Русиранбанк).[7][lower-alpha 1]

In 1929, Irving was New York's fourth ranked financial institution, and fifth in the United States.[3]

Irving Trust was an official sponsor of the 1980 Winter Olympic Games in Lake Placid, New York.

In 1983, the Irving Trust had 13 branches in New York and was primarily a wholesale bank working with mid- and large-sized corporations and banks. It also had offices around the world, allowing for their claim that the sun never set on the Irving.

In 1986, Natasha Kagalovsky (née Gurfinkel) became an employee as head of the department handling accounts with the Soviet Union and Eastern Europe.[14][15]

Merged into Bank of New York

On October 7, 1988, the Irving Trust board signed an agreement to merge with Bank of New York ending a yearlong battle as Bank of New York engineered a hostile takeover. At the time of the merger the combined banks became the United States' 12th largest bank with asset of $42 billion.[16] During that year Irving had been trying to participate in a friendly merger with Banca Commerciale Italiana.[17]

See also

Notes
  1. The Russo-Iranian Bank (RIB) also known a Rusiranbank (Russian: Русиранбанк) was established as the Russo-Persian Banking Office for Credit and Payment Services for Trade Between Iran and the USSR and Assistance to the Development of Iranian Agriculture and Industry (Russian: Российско-персидское банковское управление по кредитным и платежным услугам для торговли между Ираном и СССР и содействие развитию сельского хозяйства и промышленности Ирана) in September 1923 in Teheran by Iranian merchants and the Russo-Asian Joint-stock Company (Russian: Русско-Азиатское Акционерное Общество) which was based in Moscow. It was formerly the Banque Russo-Persane also known as Ruspersbank (Russian: Русперсбанк). Following the 21 February 1921 coup of the pro-British Ahmad Shah Qajar by the pro-Moscow Reza Khan, the Russo-Persian Treaty of Friendship (1921) was signed on 26 February 1921 in Moscow. In 1923, the head of security service at RIB was the future Shah of Iran Reza Shah.[8][9] In February 1932, the Russo-Persian Banking Office for Credit and Payment Services for Trade Between Iran and the USSR and Assistance to the Development of Iranian Agriculture and Industry changed its name to Bank Russo-Iran (Rusiranbank).[10] In 1934, RIB was one of the largest banks in Iran and had an extensive network of branches throughout Iran. In 1938, 40% of Iran's trade was with the Soviet Union and the Rusiranbank was pivotal. In 1954, Vneshtorgbank held an 84% stake and Gosbank held the remainder. Rusiranbank also had correspondent accounts with Deutsche Bank and Chase Manhattan.[7][11][12] Bank Russo-Iran (Rusiranbank) opened its Isfahan branch in late 1974 or 1975.[10] In the 1970s, Bank Russo-Iran (Rusiranbank) was a shareholder in the East-West United Bank of Luxembourg.[13]

References
  1. "1 Wall Street Building" (PDF). New York City Landmarks Preservation Commission. March 13, 2001. pp. 2, 9. Retrieved 2020-05-31.
  2. "New York Bank History - National Bank History - Bob Kerstein, Founder". www.scripophily.com. Retrieved 2022-01-31.
  3. "News of Bankers and Banks". Brooklyn Eagle. 1928-05-02. Retrieved 2018-04-30 – via Newspapers.com open access.
  4. "Exchange Irving Bank Makes Debut Today; New Consolidation Begins Its Operations With Resources of $600,000,000". The New York Times. 1926-12-13. ISSN 0362-4331. Retrieved 2017-01-14.
  5. "National City Bank Buys a State Bank; Negotiations About Completed for Purchase of the Commercial Exchange". The New York Times. 1921-03-09. ISSN 0362-4331. Retrieved 2020-05-31.
  6. Leach, James A., ed. (September 21, 1999). Russian Money Laundering: United States Congressional Hearing (serial number 106-38). Diane Publishing. p. 383. ISBN 9780756712556. Retrieved April 13, 2021.
  7. "Intelligence Report Soviet-owned Banks in the West" (PDF). CIA. 1969. p. 15. Archived from the original (PDF) on 4 March 2016. Retrieved 24 July 2021. See Appendix A: The Russo-Iranian Bank
  8. Василивецкий, Алексей (Vasilivetsky, Alexey) (31 August 2007). "Николай Кротов: «Современные банкиры совершенно не похожи на своих «предков»" [Nikolay Krotov: "Modern bankers are completely different from their "ancestors""]. banki.ru (in Russian). Retrieved 12 August 2021.{{cite news}}: CS1 maint: multiple names: authors list (link)
  9. "ИСТОРИЯ, советских и российских банков за границей: Воспоминания, очевидцев, Документы. Том 1" [HISTORY of Soviet and Russian banks abroad: Memories, eyewitnesses, Documents. Volume 1] (PDF). АНО «Экономическая летопись» (in Russian). Moscow. 2007. Archived from the original (PDF) on 2017-03-29. Retrieved 12 August 2021 – via VTB.
  10. "Soviet and East European-owned banks in the West" (PDF). CIA. December 1975. Archived from the original (PDF) on 16 October 2023. Retrieved 13 October 2023. See pages B-5 and B-6.
  11. Bank Russo-Iran
  12. Evseev, Vladimir V. (2011). "Russie-Iran : un partenariat prudent" [Russia-Iran: a cautious partnership]. Outre-Terre (in French). pp. 501–511. Retrieved 24 July 2021.
  13. "Soviet and East European-owned banks in the West" (PDF). CIA. December 1975. Archived from the original (PDF) on 16 October 2023. Retrieved 13 October 2023. See pages B-6, B-9 and Appendix D.
  14. O'Brien, Timothy L.; Bonner, Raymond (August 23, 1999). "Money Laundering Inquiry Uncovers a Woman's Meteoric Rise". New York Times. Retrieved April 13, 2021.
  15. Бутрин, Дмитрий (Butrin, Dmitry); Кваша, Максим (Kvasha, Maxim); Плешанова, Ольга (Pleshanova, Olga); Разумова, Мария (Razumova, Maria); Аскер-Заде, Наиля (Asker-Zade, Nailya) (18 May 2007). "Дела давно минувших рублей: Против Bank of New York подан иск на $22,5 млрд" [Cases of long past rubles: Bank of New York filed a $ 22.5 billion lawsuit]. Kommersant. Archived from the original on 20 May 2007. Retrieved 13 April 2021. http://www.compromat.ru/page_20751.htm Возобновление расследования о махинациях 90-х Reopening of the investigation into the machinations of the 90s {{cite news}}: External link in |quote= (help)CS1 maint: multiple names: authors list (link)
  16. Quint, Michael (1988-10-08). "Irving Signs Merger Deal, Ending Fight". The New York Times. ISSN 0362-4331. Retrieved 2020-05-31.
  17. Glaberson, William (1988-09-27). "Irving Says Suitor Made Rival Flee". The New York Times. ISSN 0362-4331. Retrieved 2020-05-31.
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