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 Roskombank, 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] [a]
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.
Walter Duranty was an Anglo-American journalist who served as Moscow bureau chief of The New York Times for fourteen years (1922–1936) following the Bolshevik victory in the Russian Civil War (1918–1921).
The Central Bank of the Russian Federation, which brands itself as Bank of Russia and is also commonly referred to in English as the Central Bank of Russia (CBR), is the central bank of the Russian Federation. The bank was established on 13 July 1990. It claims the legacy of the State Bank of the Russian Empire (1860-1920) and of the Soviet Gosbank (1921-1991), even though both institutions covered a significantly larger territorial scope.
1 Wall Street is a skyscraper in the Financial District of Lower Manhattan in New York City, United States. Designed in the Art Deco style, the building 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 for Irving Trust, an early-20th-century American bank. A 28-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.
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.
Leonid Vladimirovich Shebarshin was an intelligence officer and spy for the Soviet Union. He served in the First Chief Directorate (FCD), the foreign intelligence arm of the KGB. In January 1989, he was promoted to the head of the FCD when his former boss, Vladimir Kryuchkov, was promoted to KGB chief. Prior to that Shebarshin had served as Kryuchkov's deputy from April 1987.
The Brooklyn Trust Company was a bank headquartered in New York City, United States. Chartered in the then-independent city of Brooklyn 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.
Relations between the Soviet Union and the United States were fully established in 1933 as the succeeding bilateral ties to those between the Russian Empire and the United States, which lasted from 1776 until 1917; they were also the predecessor to the current bilateral ties between the Russian Federation and the United States that began in 1992 after the end of the Cold War.
The Bank of New York Mellon Corporation, commonly known as BNY, is an American international financial services company headquartered in New York City. It was formed in July 2007 by the merger of the Bank of New York and Mellon Financial Corporation. Through the lineage of Bank of New York, which was founded in 1784 by a group that included American Founding Father Alexander Hamilton, BNY is regarded as one of the three oldest banks in the United States and among the oldest in the world. It was the first company listed on the New York Stock Exchange. In 2024, it was ranked 130th on the Fortune 500 list of the largest U.S. corporations by total revenue. As of 2024, it is the 13th-largest bank in the United States by total assets and the 84th-largest in the world. BNY is considered a systemically important financial institution by the Financial Stability Board.
Relations between Afghanistan and Russia first emerged in the 19th century. At the time they were placed in the context of "The Great Game", Russian–British confrontations over Afghanistan from 1840 to 1907. The Soviet Union was the first country to establish diplomatic relations with Afghanistan following the Third Anglo-Afghan War in 1919. On 28 February 1921, Afghanistan and the Soviet Russia signed a Friendship Treaty. The Soviet Union intervened in Afghanistan against the Basmachi movement in 1929 and 1930.
IPJSC Ingosstrakh is one of the major insurance companies of Russia, as well as a public joint-stock company. Headquartered in Moscow, Ingosstrakh is the legal successor of the Chief Agency of Foreign Insurance of the USSR, founded in 1947. In 1972, it transformed into a stock company with 100% government shares. It went private in 1992.
Askeran is a town in the Khojaly District of Azerbaijan, in the region of Nagorno-Karabakh. Until 2023 it was controlled by the breakaway Republic of Artsakh, as the centre of its Askeran Province. The town had an ethnic Armenian-majority population until the exodus of the Armenian population of Nagorno-Karabakh following the 2023 Azerbaijani offensive in Nagorno-Karabakh. 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.
Wozchod Handels Bank of Zurich was a Swiss bank established on 22 June 1966. It was a Sovzagranbank involved in Russian gold trading and was owned by the Soviet government. The Wozchod Handelsbank, which was allowed only 4 Soviet employees, and the Soviet embassy in Bern were both actively used as a base for Soviet operations in Switzerland. The bank was a worldwide financier of pro Soviet and pro Communist propaganda and intelligence activities. It was named in honor of Voskhod which was an October 1964 three person space shot by the Soviet Union. The Russian word Восход, which transliterates to Wozchod in German or Voskhod in English, means dawn or sunrise.
The Soviet economic blockade of Lithuania was imposed by the Soviet Union on Lithuania between 18 April and 2 July 1990.
East-West United Bank is a bank based in Luxembourg, established on 12 June 1974 by the Gosbank, the Soviet Union's central bank. It has been fully owned by Russia-based Sistema since 2018. The bank offered private banking and corporate financing. Since the Russian invasion of Ukraine in February 2022 the bank has had to surmount many problems. Unable to sell the business, Sistema took the decision in late 2023 to close the bank.
See Appendix A: The Russo-Iranian Bank
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