IDB Bank
{{Distinguish|text=Inter-American Development Bank}}
{{Infobox company
| name = IDB Bank
| logo =
| image =
| image_caption =
| type = Privately held company
| traded_as =
| ISIN = {{ISIN|sl=n|pl=y|US4650744091}}
| industry = Banking
| founders =
| foundation = {{Start date and age|1949}}
| location = 1114 Avenue of the Americas
| location_city = New York, New York
| location_country = U.S.
| area_served = United States, Latin America & Israel
| key_people = Ziv Biron
(President & CEO)
| products = Private banking
Commercial banking
Asset management
Investment management
| revenue =
| operating_income =
| net_income =
| aum =
| assets = US$12.951 billion (2021)
| equity =
| num_employees =
| parent = Discount Bank
| subsid = IDB Capital
| ratio =
| rating = Standard & Poor's: BBB+{{cite news |date=July 11, 2019 |title=S&P acts on Israeli lenders |url=https://www.spglobal.com/marketintelligence/en/news-insights/trending/-cmZa43jTPJYCH6wX8DJ1w2|newspaper=Standard & Poors |accessdate=December 17, 2019}}
Kroll Bond Rating Agency: A−{{cite news |date=October 17, 2019 |title=KBRA Affirms Ratings for Israel Discount Bank of New York |url=https://documents.krollbondratings.com/press-release/16610/kbra-affirms-ratings-for-israel-discount-bank-of-new-york|newspaper=Kroll Bond Rating Agency |accessdate=December 17, 2019}}
| website = {{URL|https://www.idbny.com/}}
}}
IDB Bank (IDB) is an American multinational private bank, commercial bank and financial services company headquartered in New York City with locations in the United States, Latin America and Israel. It is chartered by the State of New York and a member of the Federal Deposit Insurance Corporation.
History
What is known today as IDB Bank first began in 1949 as a single representative office in New York City for Tel Aviv-based Discount Bank. The office had just a few employees and limited contact with the public.{{cite news |date=June 13, 2019 |title=Leading Israeli bank in the US strengthens ties and opportunities at home |url=https://www.jpost.com/Israel-News/Leading-Israeli-bank-in-the-US-strengthens-ties-and-opportunities-at-home-592422|newspaper=Jerusalem Post |accessdate=December 16, 2019}}
In 1961, New York State law changed to allow foreign banks to operate full branches.{{cite news |date=June 1996 |title=Foreign Banks In New York |url=https://www.dfs.ny.gov/legal/industry/il9606.htm|newspaper=New York State Department of Financial Services |accessdate=December 16, 2019}} IDB immediately began work on opening a full-service branch of its own. On April 4, 1962, former First Lady of the United States Eleanor Roosevelt officiated the opening of IDB's first-ever branch at 511 Fifth Avenue in Midtown, Manhattan.{{cite news |date=April 4, 1962 |title=Israeli Bank Opens U.S. Branch |url=https://www.nytimes.com/1962/04/04/archives/israeli-bank-opens-us-branch.html|newspaper=New York Times |accessdate=December 16, 2019}}
In 1968, IDB acquired HIAS Immigrant Bank, a New York State licensed bank located at 425 Lafayette Street in the East Village neighborhood of Manhattan. Established in 1923 as a service of the Hebrew Immigrant Aid Society, HIAS Immigrant Bank's sole purpose was to facilitate remittance or money transfers to and from immigrants’ families abroad, which was then a service not offered by most U.S. banks.{{cite news |date=June 15, 2018 |title=More than just a pretty facade: HIAS at Lafayette Street |author=Janine Veazue |url=http://www.ajhs.org/blog/more-just-pretty-facade-hias-lafayette-street |newspaper=American Jewish Historical Society |accessdate=December 16, 2019 |archive-date=December 16, 2019 |archive-url=https://web.archive.org/web/20191216222545/http://www.ajhs.org/blog/more-just-pretty-facade-hias-lafayette-street |url-status=dead }} IDB announced it would operate the acquisition as Israel Discount Trust Company, a member of the Federal Deposit Insurance Corporation.{{cite news |date=January 12, 1968 |title=Israel Discount Bank Buys Hias Immigrant Bank; Fiscal Statement Gives Details |url=https://www.jta.org/1968/01/12/archive/israel-discount-bank-buys-hias-immigrant-bank-fiscal-statement-gives-details|newspaper=Jewish Telegraphic Agency |accessdate=December 16, 2019}}
By 1980, IDB became a wholly owned subsidiary of Discount Bank as "Israel Discount Bank of New York" {{cite news |date=August 1, 1980 |title=1979 Annual Report of the Federal Deposit Insurance Corporation |url=https://books.google.com/books?id=_DFIAQAAMAAJ&dq=%22Israel+Discount+Bank+of+New+York%22+1980&pg=RA4-PA172|newspaper=Federal Deposit Insurance Corporation |page=172 |accessdate=December 16, 2019}} and later purchased the registered service mark "IDB Bank" to reflect its expansion into markets outside of New York and describe its service as a "bank".
Headquarters & Locations
IDB's headquarters are located in the W. R. Grace Building.{{Cite web |last=REW |date=2019-10-23 |title=IDB Bank moving to Grace Building |url=https://rew-online.com/idb-bank-moving-to-grace-building/ |access-date=2022-09-28 |website=Real Estate Weekly |language=en-US}}
Outside of New York, IDB has physical locations in New Jersey, Florida{{cite news |date=February 18, 2002 |title=Israel Discount Bank picks up Hamilton's pieces |author=Jim Freer |url=https://www.bizjournals.com/southflorida/stories/2002/02/18/story4.html|newspaper=South Florida Business Journal |accessdate=December 16, 2019}} and California,{{cite news |date=February 7, 1987 |title=Taking a Sweetheart of a Stroll in Beverly Hills |author=Robert John Pierson |url=https://www.latimes.com/archives/la-xpm-1987-02-07-vw-1709-story.html|newspaper=Los Angeles Times |accessdate=December 16, 2019}} as well as Chile, Uruguay and Israel.{{cn|date=October 2023}}
See also
{{Portal|New York City|New York (state)|United States|Companies|Banks}}
References
;Notes
{{Reflist}}
External links
- {{Official website|https://www.idbny.com/}}
- [https://research2.fdic.gov/bankfind/detail.html?bank=19977&name=Israel%20Discount%20Bank%20of%20New%20York FDIC - IDB Bank Company Profile]
Category:1949 establishments in New York City
Category:American companies established in 1949
Category:Banks established in 1949
Category:Banks based in New York City
Category:Companies based in Manhattan
Category:Multinational companies based in New York City
Category:Privately held companies based in New York City
Category:Financial services companies based in New York (state)