Irving Trust
| Industry | Commercial banking |
|---|---|
| Founded | 1851 |
| Defunct | 1988 |
| Fate | Acquired |
| Successor | Bank of New York |
| Headquarters | New York City, US |
| Products |
The Irving Trust was a United States-based commercial bank with its main office in New York City, operating from 1851 until its 1988 acquisition by the Bank of New York. Beginning in 1965, it functioned as the primary subsidiary under the Irving Bank Corporation.
Its headquarters were initially situated in the Woolworth Building from 1913 to 1931, after which operations moved to 1 Wall Street (currently known as the BNY Mellon Building) until the time of its acquisition.
History
Established in 1851 as the Irving Bank of the City of New York, the bank was named in honor of the writer and diplomat Washington Irving, whose likeness was featured on its currency. In June 1865, it transitioned to a national charter pursuant to the National Bank Act, adopting the name Irving National Bank of New York. Between 1918 and 1919, it merged with Market and Fulton National Bank, Sherman National Bank, and National City Bank of Brooklyn. In 1922, a further merger with Columbia Trust Company resulted in the formation of Irving Bank and Trust Company.
Additional consolidations included a 1926 merger with American Exchange-Pacific Bank, after which it was known as American Exchange Irving Trust Company. In 1929, it simplified its name to Irving Trust Company, maintaining this designation until 1989.
By 1921, Irving was one of only four New York national banks authorized to operate branch offices, competing alongside institutions such as Chatham and Phenix National and National City Bank.
On the international front, Irving Trust established accounts with Roskombank in 1922 to facilitate dealings with Russia and subsequently the Soviet Union. It also maintained correspondent accounts for the Russo-Iranian Bank starting in 1923. By 1929, it ranked as the fourth largest financial institution in New York and fifth nationwide.
The bank served as a sponsor for the 1980 Winter Olympic Games held in Lake Placid, New York. As of 1983, it operated thirteen branches throughout New York, specializing in wholesale banking services targeted at medium and large corporate clients and financial institutions. This was supported by international offices that bolstered its global operations.
In 1986, Natasha Kagalovsky (née Gurfinkel) assumed leadership over Soviet and Eastern European accounts, underscoring Irving Trust’s strategic emphasis on expanding its presence in international markets during that era.
Merger with Bank of New York
On October 7, 1988, following a yearlong hostile takeover contest, Irving Trust’s board consented to a merger with Bank of New York. This union created the twelfth largest bank in the United States by assets, totaling $42 billion. Prior to this agreement, Irving had pursued a cooperative merger arrangement with Banca Commerciale Italiana.