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| Additional information |
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| Israel Discount Bank of New York (IDB Bank) |
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Mission statement:
To dedicate ourselves to the success of our clients, and to provide quality service and exceptional, personalized attention.
To offer innovative and valuable products and services that meet the diverse financial needs of our clients.
To provide state-of-the-art technology and ensure utmost security.
To adhere to our time-honored tradition of developing long-term, multigenerational relationships. |
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Overview:
Israel Discount Bank of New York (the "Bank"), also known by its registered service mark, “IDB Bank”, is a full service commercial bank chartered by the State of New York and a member of the Federal Deposit Insurance Corporation (FDIC). Our liquidity and capital ratios are strong, and we are ranked by Crain’s New York Business as the 14th largest commercial bank in the New York area.
IDB Bank provides domestic and international, personal and commercial banking services to its U.S. and foreign clientele through its main office at 511 Fifth Avenue and 1350 Broadway Branch, both in New York City, in addition to branches in Beverly Hills and Downtown Los Angeles, California; and Aventura, Florida. The Bank also maintains an offshore Grand Cayman Island Branch; an International Banking Facility at its main office; and representative offices in Tel Aviv, Israel and Santiago, Chile. The Bank’s wholly-owned subsidiaries are Discount Bank Latin America, “DBLA,” (www.discbank.com.uy) headquartered in Montevideo, Uruguay, which has served the region for more than 40 years; IDB Capital Corp.*, IDB Bank’s broker-dealer; IDBNY Realty, Inc., a Real Estate Investment Trust ("REIT") incorporated in New York State; and IDBNY Realty (Delaware), Inc., a REIT holding company. IDB Factors®, with offices in New York City and Los Angeles, is the factoring division of the Bank.
IDB Bank’s broad range of banking services includes Personal and Business accounts, Regular Checking Accounts, Basic Banking accounts (New York Residents only), Money Market Savings Accounts, IDB Better CheckingSM Accounts (personal and not-for-profit), U.S. Dollar and Foreign Currency Time Deposits**, Visa® Credit Cards, ATM Cards (for personal accounts), ATM/Debit Cards (for personal accounts), Safe Deposit Boxes (New York main office only), Online Banking, Travelers Checks, Money Orders, Direct Deposit of Social Security and other recurring payments, U.S. Private Banking and International Private Banking, Structured Time Deposits with Principal Protection, Middle Market Lending, Asset Based Lending, Commercial Real Estate Lending, Trademark Financing, Factoring, Trade and Finance (Import, Export and Standby Letters of Credit, Documentary Collections, Bankers’ Acceptances), Money Transfers, Lockbox Facilities, Cash Management, and Safekeeping and Custody of Securities.
**When booked in our Grand Cayman Branch, these deposits are not FDIC-insured
Non-deposit investment products*** such as U.S. Government and Agency Securities, Corporate Stocks & Bonds, Offshore and Domestic Mutual Funds and Capital Market Instruments are available through our broker-dealer subsidiary, IDB Capital Corp*. Furthermore, IDB Capital Corp.'s Bond BuildersSM can customize bonds to your specifications (subject to availability and prevailing rates), starting with an investment of $500,000. |
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History:
DB Bank is a subsidiary of Israel Discount Bank Limited, "IDB Ltd." (www.discountbank.net), which is headquartered in Tel-Aviv, Israel. Founded in 1935 by the late Mr. Leon Recanati, IDB Ltd. is one of the three largest commercial banks in Israel and one of the 300 largest banks in the world. IDB Ltd. and its subsidiaries have a network of branches and representative offices in Israel and abroad, with several thousand employees. Outside of Israel, in addition to its subsidiaries IDB Bank and Israel Discount Bank (Switzerland), IDB Ltd. maintains overseas branches in London and the Cayman Islands. IDB Ltd. also has representative offices in Berlin, Buenos Aires, Paris, Santiago and São Paulo and enjoys an extensive international network of correspondent banks.
IDB Ltd. began its operations in New York City in 1949, when it established a representative office. At that time there were only a few employees and limited contact with the public. In 1962, IDB Ltd. became one of the first foreign banks to open a branch in New York when the New York State banking law was changed to allow foreign banks to operate branches here. In 1967, Israel Discount Bank Ltd. acquired the Hias Immigrant Bank and changed the name to IDB Trust Company, an FDIC-insured institution. Ultimately, in 1980, the branch's assets were transferred to the renamed, wholly-owned IDB Ltd. subsidiary, Israel Discount Bank of New York ("IDBNY"). IDBNY also took over a major portion of the western hemisphere banking operations of its Tel-Aviv parent. Subsequently, the Bank took on more contemporary nomenclature with the registered service mark "IDB Bank." In March 2000, IDB Bank became a wholly-owned subsidiary of Discount Bancorp, Inc., a Delaware holding company it formed to hold its shares.
The latest significant milestone in the Bank’s history occurred in late January 2006, when the sale of controlling interest in IDB Ltd. by the State of Israel to a private consortium led by international businessman Matthew Bronfman and real estate investor Rubin Schron was concluded; this marked the birth of an exciting new era in the annals of IDB Bank. This change of control represents an extremely positive and invigorating milestone that we are confident will be the catalyst to an even stronger and more competitive institution. |
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