Industry | Commercial banking |
---|---|
Founded | 1851 |
Defunct | 1988 |
Fate | Acquired |
Successor | Bank of New York |
Headquarters | New York City, United States |
Products |
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.
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. [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.
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. [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. [12] [13]
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. [14] During that year, Irving had been trying to participate in a friendly merger with Banca Commerciale Italiana. [15]
Armand Hammer was an American business manager and owner. He spent decades with Occidental Petroleum in the mid 20th century. Called "Lenin's chosen capitalist" by the press, he was also known for his art collection and his close ties to the Soviet Union.
The Central Bank of the Russian Federation, doing business as the Bank of Russia, is the central bank of the Russian Federation. The bank was established on July 13, 1990. The predecessor of the bank can be traced back to the State Bank of the Russian Empire founded in 1860.
1 Wall Street is a mostly residential skyscraper in the Financial District of Lower Manhattan, New York City, on the eastern side of Broadway between Wall Street and Exchange Place. 1 Wall Street, designed in the Art Deco style, is 654 feet (199 m) tall and consists of two sections. The original 50-story building was designed by Ralph Thomas Walker of the firm Voorhees, Gmelin and Walker and constructed between 1929 and 1931, while a 36-story annex to the south was designed by successor firm Voorhees, Walker Smith Smith & Haines and built between 1963 and 1965.
The Treaty of Kars was a treaty that established the borders between Turkey and the three Transcaucasian Soviet republics, which are now the independent republics of Armenia, Georgia and Azerbaijan. The treaty was signed in the city of Kars on 13 October 1921.
Manufacturers Hanover Corporation was the bank holding company formed as parent of Manufacturers Hanover Trust Company, a large New York bank formed by a merger in 1961. After 1969, Manufacturers Hanover Trust became a subsidiary of Manufacturers Hanover Corporation. Charles J. Stewart was the company's first president and chairman.
The Corn Exchange Bank was a retail bank founded in 1853 in New York state. Over the years, the company acquired many community banks.
The Knickerbocker Trust was a bank based in New York City that was, at one time, among the largest banks in the United States. It was a central player in the Panic of 1907.
Relations between the Grand Duchy of Moscow and the Persian Empire (Iran) officially commenced in 1521, with the Safavids in power. Past and present contact between Russia and Iran have long been complicatedly multi-faceted; often wavering between collaboration and rivalry. The two nations have a long history of geographic, economic, and socio-political interaction. Mutual relations have often been turbulent, and dormant at other times.
The Brooklyn Trust Company was a bank in New York City. Chartered in 1866, the Brooklyn Trust Company originally offered trust management and estate management services but also functioned as a commercial bank. The Brooklyn Trust Company acquired over a dozen smaller banks throughout its existence, merging with the Manufacturers Trust Company in 1950.
20 Exchange Place, formerly the City Bank–Farmers Trust Building, is a skyscraper in the Financial District of Lower Manhattan in New York City. Completed in 1931, it was designed by Cross & Cross in the Art Deco style as the headquarters of the City Bank–Farmers Trust Company, predecessor of Citigroup. The building, standing at approximately 741 feet (226 m) with 57 usable stories, was one of the city's tallest buildings and the world's tallest stone-clad building at the time of its completion. While 20 Exchange Place was intended to be the world's tallest building at the time of its construction, the Great Depression resulted in the current scaled-back plan.
Beekman Place is a small street located in the Turtle Bay neighborhood on the East Side of Manhattan, New York City. Running from north to south for two blocks, the street is situated between the eastern end of 51st Street and Mitchell Place, where it ends at a retaining wall above 49th Street, overlooking the glass apartment towers at 860 and 870 United Nations Plaza, just north of the headquarters of the United Nations. "Beekman Place" also refers to the small residential enclave that surrounds the street itself. It is named after the Beekman family, who were influential in New York City's development.
The Manhattan Company was a New York bank and holding company established on September 1, 1799. The company merged with Chase National Bank in 1955 to form the Chase Manhattan Bank. It is the oldest of the predecessor institutions that eventually formed the current JPMorgan Chase & Co.
48 Wall Street, formerly the Bank of New York & Trust Company Building, is a 32-story, 512-foot-tall (156 m) skyscraper on the corner of Wall Street and William Street in the Financial District of Lower Manhattan in New York City. Built in 1927–1929 in the Neo-Georgian and Colonial Revival styles, it was designed by Benjamin Wistar Morris.
The Bank of New York Mellon Corporation, commonly known as BNY Mellon, is an American banking and financial services corporation headquartered in New York City. The bank offers investment management, investment services, and wealth management services. BNY Mellon was formed from the merger of The Bank of New York and the Mellon Financial Corporation in 2007. It is the world's largest custodian bank and securities services company, with $1.8 trillion in assets under management and $45.7 trillion in assets under custody as of 2023. It is considered a systemically important bank by the Financial Stability Board.
The Chamber of Commerce Building is a commercial building on 65 Liberty Street, between Liberty Place and Broadway, in the Financial District of Manhattan in New York City. Designed by architect James Barnes Baker, the four-story Beaux-Arts building was constructed between 1901 and 1902 as the first headquarters to be built specifically for the Chamber of Commerce of the State of New York.
55 Wall Street, formerly the National City Bank Building, is an eight-story building on Wall Street between William and Hanover streets in the Financial District of Lower Manhattan in New York City, New York, United States. The lowest three stories were completed in either 1841 or 1842 as the four-story Merchants' Exchange and designed by Isaiah Rogers in the Greek Revival style. Between 1907 and 1910, McKim, Mead & White removed the original fourth story and added five floors to create the present building. The facade and part of the interior are New York City designated landmarks, and the building is listed on both the New York State Register of Historic Places and the National Register of Historic Places (NRHP) as a National Historic Landmark. It is also a contributing property to the Wall Street Historic District, listed on the NRHP.
Askeran is a town in the Khojaly District of Azerbaijan, in the disputed region of Nagorno-Karabakh. Prior to the 2023 Azerbaijani offensive, it was de facto in the Republic of Artsakh as the administrative centre of its Askeran Province. It is located on the left bank of the Karkar River (Qarqarçay), approximately 11 kilometres (7 mi) northeast of the regional capital, Stepanakert.
15 Broad Street is a residential condominium and former office building in the Financial District of Manhattan, New York City, on the eastern side of Broad Street between Wall Street and Exchange Place. It has entrances at 51 Exchange Place and 35 Wall Street.
Exchange Place is a street in the Financial District of Lower Manhattan, New York City. The street runs five blocks between Trinity Place in the west and Hanover Street in the east.
The Farmers' Loan and Trust Company was a national bank headquartered in New York City that later became Citibank.
See Appendix A: The Russo-Iranian Bank
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