Irving Trust
Encyclopedia
Irving Trust was a bank headquartered in New York City
, and the principal subsidiary (from 1965 on) 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 One Wall Street, at what is now known as the Bank of New York Building
.
, 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 and contributed to their wide appeal.
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. In February, 1923, it merged with and into the Columbia Trust Company, a New York State-chartered bank, creating the Irving Bank-Columbia Trust Company. Later, in 1926, it acquired by merger the American Exchange-Pacific Bank, and changed its name to the American Exchange Irving Trust Company. Finally, in 1929, it changed its name to the Irving Trust Company, the name under which it was known until 1989.
Irving Trust was an official sponsor of the 1980 Winter Olympics Games in Lake Placid, 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. During that year Irving had been trying to participate in a friendly merger with Banca Commerciale Italiana
.
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
, and the principal subsidiary (from 1965 on) of the Irving Bank Corporation. Between 1913 and 1931, its headquarters was in the Woolworth Building
Woolworth Building
The Woolworth Building is one of the oldest skyscrapers in New York City. More than a century after the start of its construction, it remains, at 57 stories, one of the fifty tallest buildings in the United States as well as one of the twenty tallest buildings in New York City...
; after 1931, until it was acquired by Bank of New York, its headquarters was located at One Wall Street, at what is now known as the Bank of New York Building
Bank of New York Building
One Wall Street, originally the Irving Trust Company Building, then the Bank of New York Building , and after 2007 the BNY Mellon Building, is a bank headquarters building which remains one of the finest Art-Deco-style skyscrapers in downtown Manhattan, New York City. It is located in the...
.
History
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 and those institutions with the most appealing names found their certificates more widely accepted. The firm was named after Washington IrvingWashington Irving
Washington Irving was an American author, essayist, biographer and historian of the early 19th century. He was best known for his short stories "The Legend of Sleepy Hollow" and "Rip Van Winkle", both of which appear in his book The Sketch Book of Geoffrey Crayon, Gent. His historical works...
, 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 and contributed to their wide appeal.
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. In February, 1923, it merged with and into the Columbia Trust Company, a New York State-chartered bank, creating the Irving Bank-Columbia Trust Company. Later, in 1926, it acquired by merger the American Exchange-Pacific Bank, and changed its name to the American Exchange Irving Trust Company. Finally, in 1929, it changed its name to the Irving Trust Company, the name under which it was known until 1989.
Irving Trust was an official sponsor of the 1980 Winter Olympics Games in Lake Placid, New York
Lake Placid, New York
Lake Placid is a village in the Adirondack Mountains in Essex County, New York, United States. As of the 2000 census, the village had a population of 2,638....
.
Merged into Bank of New York
On October 7, 1988 the Irving Trust board signed an agreement to merge with Bank of New YorkBank of New York
The Bank of New York was a global financial services company established in 1784 by the American Founding Father Alexander Hamilton. It existed until its merger with the Mellon Financial Corporation on July 2, 2007...
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
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
' 12th largest bank with asset of $42 billion. During that year Irving had been trying to participate in a friendly merger with Banca Commerciale Italiana
Banca Commerciale Italiana
Banca Commerciale Italiana, founded in 1894, was once one of the largest banks in Italy. In 1999 it merged with a banking group consisting of Cassa di Risparmio delle Provincie Lombarde and Banco Ambroveneto, the former Banco Ambrosiano, which had merged in 1998. On 1 January 2003, the group's...
.