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] [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, 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 July 13, 1990. It claims the legacy of the State Bank of the Russian Empire (1860-1920) and of the Soviet Gosbank (1921-1992), even though both institutions covered a significant larger territorial scope.
The State Bank of the USSR, commonly referred to as Gosbank, was the central bank of the Soviet Union from 1922 to 1991 within the country's single-tier banking system. After an extended gap in 1920–1921, it took over the legacy of the State Bank of the Russian Empire. It was eventually terminated on 1 March 1992 following the dissolution of the Soviet Union, and its operations were taken over by the central banks of the successor countries, including the Central Bank of Russia, National Bank of Ukraine, National Bank of Kazakhstan, and others.
1 Wall Street is a mostly-residential skyscraper at the intersection of Broadway and Wall Street in the Financial District of Lower Manhattan in New York City, New York, U.S. 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 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 an American bank holding company that was formed as parent of Manufacturers Hanover Trust Company, a large New York City bank formed through 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.
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 relationship between the Soviet Union and the United States was largely defined by mistrust and tense hostility. The invasion of the Soviet Union by Germany as well as the attack on the U.S. Pacific Fleet at Pearl Harbor by Imperial Japan marked the Soviet and American entries into World War II on the side of the Allies in June and December 1941, respectively. As the Soviet–American alliance against the Axis came to an end following the Allied victory in 1945, the first signs of post-war mistrust and hostility began to immediately appear between the two countries, as the Soviet Union militarily occupied Eastern European countries and turned them into satellite states, forming the Eastern Bloc. These bilateral tensions escalated into the Cold War, a decades-long period of tense hostile relations with short phases of détente that ended after the collapse of the Soviet Union and emergence of the present-day Russian Federation at the end of 1991.
The Bank of New York Mellon Corporation, doing business as BNY, 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 was formed from the merger of The Bank of New York and the Mellon Financial Corporation in 2007. Following the merger, it adopted the brand name The Bank of New York Mellon, which was later simplified to BNY Mellon and later again to BNY. It is the world's largest custodian bank and securities services company, with $2 trillion in assets under management and $48.8 trillion in assets under custody as of 2024. It is considered a systemically important bank by the Financial Stability Board.
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. 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.
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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