Irving Trust

{{Infobox company

| name = Irving Trust

| type =

| logo =

| caption =

| fate = Acquired

| successor = Bank of New York

| foundation = {{start date |1851}}

| defunct = {{end date |1988}}

| location = New York City, US

| industry = Commercial banking

| key_people =

| products = {{unbulleted list |Investment banking |Wholesale banking }}

| num_employees =

| parent =

}}

The 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.

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

Image:Irving Bank-Columbia Trust Company 1923.jpg

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 for use. 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.

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.{{cite web|title=1 Wall Street Building|url=http://s-media.nyc.gov/agencies/lpc/lp/2029.pdf|date=March 13, 2001|publisher=New York City Landmarks Preservation Commission|pages=2, 9|access-date=2020-05-31}} 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.{{Cite web|title=New York Bank History - National Bank History - Bob Kerstein, Founder|url=http://www.scripophily.com/nybankhistoryi.htm|access-date=2022-01-31|website=www.scripophily.com}} In 1922, it merged with the Columbia Trust Company, a New York State-chartered bank, creating the Irving Bank and Trust Company.{{Cite news|url=https://www.newspapers.com/clip/19689774/news_of_bankers_and_banks/|title=News of Bankers and Banks|date=1928-05-02|work=Brooklyn Eagle|access-date=2018-04-30|language=en|via=Newspapers.com {{Open access}}}} Later, in 1926, it acquired by merger the American Exchange-Pacific Bank, and changed its name to the American Exchange Irving Trust Company.{{Cite news|date=1926-12-13|title=Exchange Irving Bank Makes Debut Today; New Consolidation Begins Its Operations With Resources of $600,000,000.|work=The New York Times|url=https://www.nytimes.com/1926/12/13/archives/exchange-irving-bank-makes-debut-today-new-consolidation-begins-its.html|access-date=2017-01-14|issn=0362-4331}} Finally, in 1929, it changed its name to the Irving Trust Company, the name under which it was known until 1989.

On 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.{{Cite news|date=1921-03-09|title=National City Bank Buys a State Bank; Negotiations About Completed for Purchase of the Commercial Exchange.|language=en-US|work=The New York Times|url=https://www.nytimes.com/1921/03/09/archives/national-city-bank-buys-a-state-bank-negotiations-about-completed.html|access-date=2020-05-31|issn=0362-4331}}

In 1922, Irving Trust opened an account with Roskombank, enabling the bank to conduct transactions with Russia and later the Soviet Union.{{Cite book |url=https://books.google.com/books?id=-dPpeeU84h0C&dq=Irving+Trust&pg=PA317 |title=Russian Money Laundering: United States Congressional Hearing (serial number 106-38) |date=September 21, 1999 |publisher=Diane Publishing |editor-last=Leach |editor-first=James A. |editor-link=James A. Leach |page=383 |isbn=9780756712556 |access-date=April 13, 2021}}

In 1923, Irving Trust held correspondent accounts for the sovzagranbank ({{langx|ru|Совзагранбанк}}) Russo-Iranian Bank (RIB) also known a Rusiranbank ({{langx|ru|Русиранбанк}}).{{cite web |url=http://www.foia.cia.gov/sites/default/files/document_conversions/89801/DOC_0000233857.pdf |title=Intelligence Report Soviet-owned Banks in the West |work=CIA |page=15 |date=1969 |access-date=24 July 2021 |quote=See Appendix A: The Russo-Iranian Bank |archive-date=4 March 2016 |archive-url=https://web.archive.org/web/20160304080756/http://www.foia.cia.gov/sites/default/files/document_conversions/89801/DOC_0000233857.pdf |url-status=dead }}{{efn|The Russo-Iranian Bank (RIB) also known a Rusiranbank ({{langx|ru|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 ({{langx|ru|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 ({{langx|ru|Русско-Азиатское Акционерное Общество}}) which was based in Moscow. It was formerly the Banque Russo-Persane also known as Ruspersbank ({{langx|ru|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.{{cite news |last=Василивецкий |first=Алексей (Vasilivetsky, Alexey) |url=https://www.banki.ru/news/interview/?id=373929 |title=Николай Кротов: "Современные банкиры совершенно не похожи на своих «предков" |trans-title=Nikolay Krotov: "Modern bankers are completely different from their "ancestors"" |language=ru |work=banki.ru |date=31 August 2007 |access-date=12 August 2021}}{{cite web |url=http://letopis.org/wp-content/uploads/2007/01/%D0%A1%D0%BE%D0%B2%D0%B7%D0%B0%D0%B3%D1%80%D0%B0%D0%BD%D0%B1%D0%B0%D0%BD%D0%BA%D0%B8-Tom1.pdf |title=ИСТОРИЯ, советских и российских банков за границей: Воспоминания, очевидцев, Документы. Том 1 |trans-title=HISTORY of Soviet and Russian banks abroad: Memories, eyewitnesses, Documents. Volume 1 |language=ru |work=АНО «Экономическая летопись» |via=VTB |location=Moscow |date=2007 |archive-url=https://web.archive.org/web/20170329045123/http://letopis.org/wp-content/uploads/2007/01/%D0%A1%D0%BE%D0%B2%D0%B7%D0%B0%D0%B3%D1%80%D0%B0%D0%BD%D0%B1%D0%B0%D0%BD%D0%BA%D0%B8-Tom1.pdf |access-date=12 August 2021|archive-date=2017-03-29 }} 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). 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, the Foreign Trade Bank of the USSR held an 84% stake and Gosbank held the remainder. Rusiranbank also had correspondent accounts with Deutsche Bank and Chase Manhattan.[https://encyclopedia2.thefreedictionary.com/Bank+Russo-Iran Bank Russo-Iran]{{cite journal |last=Evseev |first=Vladimir V. |url=https://www.cairn.info/revue-outre-terre1-2011-2-page-501.htm?contenu=resume |title=Russie-Iran : un partenariat prudent |trans-title=Russia-Iran: a cautious partnership |language=fr |journal=Outre-Terre |pages=501–511 |date=2011 |volume=28 |issue=2 |doi=10.3917/oute.028.0501 |access-date=24 July 2021|url-access=subscription }}}}

In 1929, Irving was New York's fourth ranked financial institution, and fifth in the US.

The 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.{{cite news|last1=O'Brien|first1=Timothy L.|last2=Bonner|first2=Raymond|author1-link=Timothy L. O'Brien|author2-link=Raymond Bonner|url=https://archive.nytimes.com/www.nytimes.com/library/world/global/082399russia-bank-launder.html|title=Money Laundering Inquiry Uncovers a Woman's Meteoric Rise|work=New York Times|date=August 23, 1999|access-date=April 13, 2021}}{{cite news|last1=Бутрин|first1=Дмитрий (Butrin, Dmitry)|last2=Кваша|first2=Максим (Kvasha, Maxim)|last3=Плешанова|first3=Ольга (Pleshanova, Olga)|last4=Разумова|first4=Мария (Razumova, Maria)|last5=Аскер-Заде|first5=Наиля (Asker-Zade, Nailya)|url=http://www.kommersant.ru/doc.html?docId=766368|title=Дела давно минувших рублей: Против Bank of New York подан иск на $22,5 млрд|trans-title=Cases of long past rubles: Bank of New York filed a $ 22.5 billion lawsuit|work=Kommersant|date=18 May 2007|access-date=13 April 2021|archive-date=20 May 2007|archive-url=https://web.archive.org/web/20070520052814/http://www.kommersant.ru/doc.html?docId=766368|quote= Возобновление расследования о махинациях 90-х Reopening of the investigation into the machinations of the 90s}}

=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.{{Cite news|last=Quint|first=Michael|date=1988-10-08|title=Irving Signs Merger Deal, Ending Fight|language=en-US|work=The New York Times|url=https://www.nytimes.com/1988/10/08/business/irving-signs-merger-deal-ending-fight.html|access-date=2020-05-31|issn=0362-4331}} During that year, Irving had been trying to participate in a friendly merger with Banca Commerciale Italiana.{{Cite news|last=Glaberson|first=William|date=1988-09-27|title=Irving Says Suitor Made Rival Flee|language=en-US|work=The New York Times|url=https://www.nytimes.com/1988/09/27/business/irving-says-suitor-made-rival-flee.html|access-date=2020-05-31|issn=0362-4331}}