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 for use. The firm was named after
Washington Irving, 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. 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 1918, it acquired, by merger, the Market and Fulton National Bank of New York, and in 1919, the Sherman National Bank of New York and the National City Bank of Brooklyn. In 1922, it merged with the Columbia Trust Company, a New York State-chartered bank, creating the Irving Bank and Trust Company. Finally, in 1929, it changed its name to the Irving Trust Company, the name under which it was known until 1989. On March 9, 1921, there were four national banks in New York City operating branch offices, also including
Chatham and Phenix National, the
Mechanics and Metals National, the Irving National, and
National City Bank. In 1922, Irving Trust opened an account with
Roskombank, enabling the bank to conduct transactions with
Russia and later the
Soviet Union. In 1923, Irving Trust held correspondent accounts for the
Russo-Iranian Bank. In 1929, Irving was New York's fourth ranked financial institution, and fifth in the US.
Merged into Bank of New York On October 7, 1988, the Irving Trust board signed an agreement to merge with
Bank of 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. ==See also==