IDB Bank (IDB) — not to be confused with the Inter-American Development Bank — is an American multinational

private bank Private banks are banks owned by either the individual or a general Partner (business rank), partner(s) with limited partner(s). Private banks are not incorporation (business), incorporated. In any such case, creditors can look to both the "enti ...

commercial bank A commercial bank is a financial institution which accepts deposits from the public and gives loans for the purposes of consumption and investment to make profit. It can also refer to a bank, or a division of a large bank, which deals with co ...

and financial services company headquartered in

New York City New York, often called New York City or NYC, is the most populous city in the United States. With a 2020 population of 8,804,190 distributed over , New York City is also the most densely populated major city in the Un ...

with locations in the

United States The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territori ...

Latin America Latin America or * french: Amérique Latine, link=no * ht, Amerik Latin, link=no * pt, América Latina, link=no, name=a, sometimes referred to as LatAm is a large cultural region in the Americas where Romance languages — languages derived f ...

and

Israel Israel (; he, יִשְׂרָאֵל, ; ar, إِسْرَائِيل, ), officially the State of Israel ( he, מְדִינַת יִשְׂרָאֵל, label=none, translit=Medīnat Yīsrāʾēl; ), is a country in Western Asia. It is situated ...

. It is chartered by the

State of New York New York, officially the State of New York, is a state in the Northeastern United States. It is often called New York State to distinguish it from its largest city, New York City. With a total area of , New York is the 27th-largest U.S. state ...

and a member of the

Federal Deposit Insurance Corporation The Federal Deposit Insurance Corporation (FDIC) is one of two agencies that supply deposit insurance to depositors in American depository institutions, the other being the National Credit Union Administration, which regulates and insures cr ...

History

What is known today as IDB Bank first began in 1949 as a single representative office in

for

Tel Aviv Tel Aviv-Yafo ( he, תֵּל־אָבִיב-יָפוֹ, translit=Tēl-ʾĀvīv-Yāfō ; ar, تَلّ أَبِيب – يَافَا, translit=Tall ʾAbīb-Yāfā, links=no), often referred to as just Tel Aviv, is the most populous city in the ...

-based Discount Bank. The office had just a few employees and limited contact with the public. In 1961, New York State law changed to allow foreign banks to operate full branches. 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 Anna Eleanor Roosevelt () (October 11, 1884November 7, 1962) was an American political figure, diplomat, and activist. She was the first lady of the United States from 1933 to 1945, during her husband President Franklin D. Roosevelt's four ...

officiated the opening of IDB's first-ever branch at 511 Fifth Avenue in

Midtown, Manhattan Midtown Manhattan is the central portion of the New York City borough of Manhattan and serves as the city's primary central business district. Midtown is home to some of the city's most prominent buildings, including the Empire State Buildi ...

. In 1968, IDB acquired HIAS Immigrant Bank, a

New York State New York, officially the State of New York, is a state in the Northeastern United States. It is often called New York State to distinguish it from its largest city, New York City. With a total area of , New York is the 27th-largest U.S. stat ...

licensed bank located at 425 Lafayette Street in the East Village neighborhood of

Manhattan Manhattan (), known regionally as the City, is the most densely populated and geographically smallest of the five boroughs of New York City. The borough is also coextensive with New York County, one of the original counties of the U.S. state ...

. Established in 1923 as a service of the

Hebrew Immigrant Aid Society HIAS (founded as the Hebrew Immigrant Aid Society) is a Jewish American nonprofit organization that provides humanitarian aid and assistance to refugees. It was originally established in 1881 to aid Jewish refugees. In 1975, the State Departm ...

, 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. IDB announced it would operate the acquisition as Israel Discount Trust Company, a member of the

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

Headquarters & Locations

IDB's headquarters are located in the W. R. Grace Building. Outside of New York, IDB has physical locations in

New Jersey New Jersey is a state in the Mid-Atlantic and Northeastern regions of the United States. It is bordered on the north and east by the state of New York; on the east, southeast, and south by the Atlantic Ocean; on the west by the Delaware ...

Florida Florida is a state located in the Southeastern region of the United States. Florida is bordered to the west by the Gulf of Mexico, to the northwest by Alabama, to the north by Georgia, to the east by the Bahamas and Atlantic Ocean, and to ...

and

California California is a state in the Western United States, located along the Pacific Coast. With nearly 39.2million residents across a total area of approximately , it is the most populous U.S. state and the 3rd largest by area. It is also the m ...

, as well as

Chile Chile, officially the Republic of Chile, is a country in the western part of South America. It is the southernmost country in the world, and the closest to Antarctica, occupying a long and narrow strip of land between the Andes to the east a ...

Uruguay Uruguay (; ), officially the Oriental Republic of Uruguay ( es, República Oriental del Uruguay), is a country in South America. It shares borders with Argentina to its west and southwest and Brazil to its north and northeast; while bordering ...

and

References

;Notes

External links

* {{Official website, https://www.idbny.com/
FDIC - IDB Bank Company Profile
1949 establishments in New York City American companies established in 1949 Banks established in 1949 Banks based in New York City Companies based in Manhattan Multinational companies based in New York City Privately held companies based in New York City Financial services companies based in New York (state) Companies based in New York (state)

History

Headquarters & Locations

See also

References

External links