IDB Bank (IDB) is an American multinational private banking, commercial banking, and financial services company headquartered in New York City with branches in the United States, Latin America, and Israel. It is chartered by the State of New York and is a member of the Federal Deposit Insurance Corporation.

History

The company known today as IDB Bank began in 1949 as a single representative office in New York City for Tel Aviv-based Discount Bank. The office had only a few employees and limited contact with the public.

In 1961, New York State law changed to allow foreign banks to operate full branches. [ 4] IDB immediately began opening its own full-service branch. On April 4, 1962, Eleanor Roosevelt, former First Lady of the United States, presided over the opening of IDB's first ever branch at 511 Fifth Avenue in Midtown Manhattan.

In 1968, IDB acquired HIAS Immigrant Bank, a New York State-licensed bank located at 425 Lafayette Street near Manhattan's East Village. HIAS Immigrant Bank was established in 1923 as a service of the Hebrew Immigrant Assistance Society with the sole purpose of facilitating money transfers or transfers to and from immigrant families abroad, a service that at the time was not offered by most U.S. banks. IDB announced that it would make the acquisition under the name Israel Discount Trust Company, a member of the Federal Deposit Insurance Corporation.

By 1980, IDB became a wholly owned subsidiary of Discount Bank under the name "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, describing its services as "banks".

Headquarters and Locations

IDB's headquarters are located in the W.R. Grace Building.

Outside of New York State, IDB has physical offices in New Jersey, Florida, and California, as well as in Chile, Uruguay, and Israel.