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IDB Bank

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IDB Bank
Company typePrivately held company
ISINUS4650744091
IndustryBanking
Founded1949; 75 years ago (1949)
Headquarters511 Fifth Avenue,
New York, New York
,
U.S.
Area served
United States, Latin America & Israel
Key people
Ziv Biron
(President & CEO)
ProductsPrivate banking
Commercial banking
Asset management
Investment management
Total assetsUS$9.229 billion (2018)
ParentDiscount Bank
SubsidiariesIDB Capital
RatingStandard & Poor's: BBB+[1]
Kroll Bond Rating Agency: A-[2]
Websitewww.idbbank.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.[3]

In 1961, New York State law changed to allow foreign banks to operate full branches.[4] 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.[5]

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.[6] IDB announced it would operate the acquisition as Israel Discount Trust Company, a member of the Federal Deposit Insurance Corporation.[7]

By 1980, IDB became a wholly owned subsidiary of Discount Bank as "Israel Discount Bank of New York" [8] 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".

From billionaire business tycoons to innovative entrepreneurs, some of IDB's notable banking clients include real estate developers Harry B. Macklowe and Francis J. Greenburger; angel investor David Tisch; John Catsimatidis, owner of Gristedes, the largest grocery chain in Manhattan; apparel maker Jordache and the Nakash family who founded it; and Howard Lorber, the President and CEO of Vector Group, a holding company that owns Douglas Elliman, one of the largest residential real estate firms in the United States, as well as the Pyramid, Liggett Select and Eve tobacco brands.[9]

Headquarters & Locations

Though IDB's headquarters have long been located at 511 Fifth Avenue in Midtown, Manhattan, it will relocate just one block away to 43 West 42nd Street in 2021.[10] IDB will move into HBO's former headquarters in the W.R. Grace Building, where office furniture maker Humanscale and Italian spirits group Campari Americas are also headquartered.[11][12][13]

Outside of New York, IDB has physical locations in New Jersey, Florida[14] and California,[15] as well as Chile, Uruguay and Israel.

See also

References

Notes
  1. ^ "S&P acts on Israeli lenders". Standard & Poors. July 11, 2019. Retrieved December 17, 2019.
  2. ^ "KBRA Affirms Ratings for Israel Discount Bank of New York". Kroll Bond Rating Agency. October 17, 2019. Retrieved December 17, 2019.
  3. ^ "Leading Israeli bank in the US strengthens ties and opportunities at home". Jerusalem Post. June 13, 2019. Retrieved December 16, 2019.
  4. ^ "Foreign Banks In New York". New York State Department of Financial Services. June 1996. Retrieved December 16, 2019.
  5. ^ "Israeli Bank Opens U.S. Branch". New York Times. April 4, 1962. Retrieved December 16, 2019.
  6. ^ Janine Veazue (June 15, 2018). "More than just a pretty facade: HIAS at Lafayette Street". American Jewish Historical Society. Retrieved December 16, 2019.
  7. ^ "Israel Discount Bank Buys Hias Immigrant Bank; Fiscal Statement Gives Details". Jewish Telegraphic Agency. January 12, 1968. Retrieved December 16, 2019.
  8. ^ "1979 Annual Report of the Federal Deposit Insurance Corporation". Federal Deposit Insurance Corporation. August 1, 1980. p. 172. Retrieved December 16, 2019.
  9. ^ "IDB Stories from IDB Bank: Profiles of Our Remarkable Clients". IDB Stories. Retrieved December 16, 2019.
  10. ^ Peter Turchin (October 23, 2019). "IDB Bank moving to Grace Building". Real Estate Weekly. Retrieved December 16, 2019.
  11. ^ Lois Weiss (October 15, 2019). "IDB Bank moving into Grace Building office space". New York Post. Retrieved December 16, 2019.
  12. ^ Ethan Tucker (January 2, 2019). "What Humanscale's Hybrid Office-Showrooms Reveal About the Future of Workspaces". Architectural Digest. Retrieved December 16, 2019.
  13. ^ Nicola Carruthers (March 12, 2019). "Campari Group opens North America HQ in New York". The Spirits Business. Retrieved December 16, 2019.
  14. ^ Jim Freer (February 18, 2002). "Israel Discount Bank picks up Hamilton's pieces". South Florida Business Journal. Retrieved December 16, 2019.
  15. ^ Robert John Pierson (February 7, 1987). "Taking a Sweetheart of a Stroll in Beverly Hills". Los Angeles Times. Retrieved December 16, 2019.
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