Irving Trust
Corporate brand
UnclaimedIrving Trust was an American commercial and wholesale bank headquartered in New York City that operated from 1851 until its acquisition by Bank of New York in 1988.
Last updated August 25, 2026
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Overview
Irving Trust was an American commercial bank whose institutional history began in 1851 with the formation of the Irving Bank of the City of New York. The bank was named for Washington Irving, the American author, diplomat, and lawyer. During the era before a uniform federal currency, banks issued their own notes, and Washington Irving's portrait appeared on the institution's paper money. The organization changed legal form and name several times as the American banking system developed. In June 1865, it converted from a New York state bank into a national bank under the National Bank Act of 1863 and became the Irving National Bank of New York. A 1907 merger produced the Irving National Exchange Bank of New York, which shortened its name to Irving National Bank in 1912. The institution expanded through a series of combinations during the following decade. In 1918 it absorbed the Market and Fulton National Bank of New York; in 1919 it merged with the Sherman National Bank of New York and the National City Bank of Brooklyn; and in 1922 it combined with the Columbia Trust Company to form the Irving Bank and Trust Company. Its 1922 account relationship with Roskombank also gave it a role in transactions involving Russia and, later, the Soviet Union. The bank held correspondent accounts for the Russo-Iranian Bank in 1923. Further consolidation followed in 1926, when the American Exchange-Pacific Bank was acquired and the institution adopted the name American Exchange Irving Trust Company. In 1929 it became Irving Trust Company, the name by which it was generally known through the remainder of its independent existence. By that year, it ranked as New York City's fourth-largest financial institution and the fifth-largest bank in the United States, according to the cited historical account. Irving Trust developed a prominent New York presence. Its headquarters occupied the Woolworth Building from 1913 to 1931, after which the bank moved to 1 Wall Street. The 1 Wall Street building served as its headquarters until the merger with Bank of New York and is now known as the BNY Mellon Building. By 1965, Irving Trust was the principal subsidiary of Irving Bank Corporation. In its later years, the institution was primarily a wholesale bank serving medium-sized and large corporations and other banks. In 1983 it operated 13 New York branches and maintained offices in international locations, supporting correspondent banking, corporate finance, and cross-border transactions. Its worldwide network inspired the promotional claim that the sun never set on Irving. The bank was also an official sponsor of the 1980 Winter Olympic Games held at Lake Placid, New York. Irving Trust remained involved in business connected with the Soviet Union and Eastern Europe. In 1986, Natasha Kagalovsky, then known as Natasha Gurfinkel, joined the organization as head of the department responsible for accounts involving the Soviet Union and Eastern Europe. The institution's final years were marked by merger negotiations and a takeover contest. Irving sought a friendly combination with Banca Commerciale Italiana, while Bank of New York pursued a hostile takeover. On October 7, 1988, Irving Trust's board signed an agreement to merge with Bank of New York. The transaction ended Irving Trust's independent existence and created a combined bank that was described at the time as the twelfth-largest in the United States, with approximately $42 billion in assets. The brand is therefore defunct as an independent banking institution, although its historic headquarters and institutional legacy continued through the successor organization.
History
Irving Trust traces its origins to the 1851 establishment of the Irving Bank of the City of New York. The institution took its name from Washington Irving, whose literary reputation made him a suitable namesake for a New York financial enterprise; his portrait was used on the bank's notes during the period when individual banks issued their own paper currency. The bank's first major institutional transition came in June 1865, when it converted from a state-chartered bank into a national bank under the National Bank Act of 1863. It then operated as the Irving National Bank of New York. A merger in 1907 led to the name Irving National Exchange Bank of New York, and in 1912 the name was shortened to Irving National Bank. Expansion through mergers became a defining feature of the bank's development. It absorbed the Market and Fulton National Bank of New York in 1918, followed in 1919 by combinations with the Sherman National Bank of New York and the National City Bank of Brooklyn. In 1922, the bank merged with the Columbia Trust Company, a New York state-chartered institution, and became the Irving Bank and Trust Company. That year it also opened an account with Roskombank, establishing a channel for transactions involving Russia and subsequently the Soviet Union. In 1923, Irving Trust held correspondent accounts for the Russo-Iranian Bank. The institution acquired the American Exchange-Pacific Bank in 1926 and adopted the name American Exchange Irving Trust Company. In 1929 it became Irving Trust Company. By that time, the bank was ranked fourth among New York City's financial institutions and fifth nationally in the historical account cited by Wikipedia. Irving's physical identity was closely associated with major New York buildings. It was headquartered in the Woolworth Building from 1913 to 1931, then moved to 1 Wall Street, where it remained until the Bank of New York merger. The 1 Wall Street property is now known as the BNY Mellon Building. From 1965, Irving Trust operated as the principal subsidiary of Irving Bank Corporation. In the later twentieth century, Irving increasingly emphasized wholesale rather than mass-market banking. In 1983 it had 13 branches in New York and served medium-sized and large corporations as well as banks. Its international offices and correspondent relationships supported a worldwide business profile, reflected in the marketing phrase that the sun never set on Irving. The bank also broadened its public visibility through sponsorship of the 1980 Winter Olympic Games in Lake Placid. International banking remained significant in the 1980s. In 1986, Natasha Kagalovsky, then using the surname Gurfinkel, became an employee and led the department responsible for accounts connected with the Soviet Union and Eastern Europe. Irving Trust's independent history ended in a contested merger process. The bank had been attempting to pursue a friendly transaction with Banca Commerciale Italiana, while Bank of New York engineered a hostile takeover. On October 7, 1988, Irving's board signed an agreement to merge with Bank of New York. The combined institution was described at the time as the twelfth-largest bank in the United States, with assets of about $42 billion. The merger eliminated Irving Trust as a standalone bank and transferred its institutional operations into Bank of New York.
- 1988
Agreement to merge with Bank of New York
[1]Irving Trust's board approves a merger agreement with Bank of New York following a hostile takeover campaign.
- 1983
Wholesale banking network documented
[1]The bank is described as operating 13 New York branches, international offices, and a primarily wholesale business serving corporations and banks.
- 1980
Official sponsor of the Winter Olympics
[1]Irving Trust sponsors the Winter Olympic Games in Lake Placid, New York.
- 1965
Becomes principal subsidiary of Irving Bank Corporation
[1]Irving Trust becomes the principal subsidiary of Irving Bank Corporation.
- 1931
Headquarters move to 1 Wall Street
[1]Irving moves its headquarters from the Woolworth Building to 1 Wall Street.
- 1929
Adopts the Irving Trust Company name
[1]The bank adopts the Irving Trust Company name and is ranked among the leading banks in New York and the United States.
- 1926
American Exchange-Pacific Bank merger
[1]After acquiring the American Exchange-Pacific Bank, the institution becomes American Exchange Irving Trust Company.
- 1923
Correspondent relationship with Russo-Iranian Bank
[1]Irving Trust holds correspondent accounts for the Russo-Iranian Bank.
- 1922
Creation of Irving Bank and Trust Company
[1]The merger with Columbia Trust Company creates Irving Bank and Trust Company. Irving also opens an account with Roskombank.
- 1919
Further New York banking mergers
[1]Irving merges with the Sherman National Bank of New York and the National City Bank of Brooklyn.
Products and positioning
A New York-based commercial and wholesale bank focused on corporations, financial institutions, trust services, and international banking relationships. In its later period, Irving Trust emphasized an extensive global office and correspondent network rather than a predominantly consumer-oriented branch model.
Banking
Commercial banking
Irving Trust's core business was commercial banking for business customers and financial institutions. In its later years, the bank was characterized primarily as a wholesale institution rather than a consumer-focused retail bank, with services directed toward medium-sized and large corporations and other banks.
Trust banking
Trust and fiduciary services
The trust-company tradition was reflected in the institution's names from the 1922 Columbia Trust merger onward. Its trust activities formed part of the broader corporate and institutional banking platform associated with Irving Trust Company.
Institutional banking · 1923
Correspondent banking
Irving maintained banking relationships with other financial institutions, including correspondent accounts connected with the Russo-Iranian Bank. These relationships supported domestic and international transfers and helped position the bank as an intermediary for cross-border financial activity.
Wholesale banking
International banking
By the 1980s, Irving operated offices outside the United States and handled business involving international corporations, banks, and Eastern European or Soviet-related accounts. Its global network was central to the brand's claim that the sun never set on Irving.
Marketing campaigns
- 1980Lake Placid Winter Olympics sponsorship
United States
Irving Trust acted as an official sponsor of the 1980 Winter Olympic Games in Lake Placid, New York, linking the bank's name with a nationally prominent sporting event.
Outcome. The sponsorship provided public visibility for a bank whose principal business was commercial and wholesale banking.
Brand decisions
1988
Accept merger agreement with Bank of New YorkM&ABackground
Irving Trust was involved in a takeover contest. It had been seeking a friendly merger with Banca Commerciale Italiana while Bank of New York pursued a hostile takeover.
Action taken
On October 7, 1988, Irving Trust's board signed an agreement to merge with Bank of New York.
Aftermath
The transaction ended Irving Trust's independent existence. The combined bank was described as the twelfth-largest in the United States, with approximately $42 billion in assets at the time.
Combined assets. $42 billion (At the time of the 1988 merger)
- Bank of New York — Bank of New York pursued the acquisition through a hostile takeover campaign and ultimately entered the merger agreement.
- Banca Commerciale Italiana — Irving had been attempting to pursue a friendly merger with Banca Commerciale Italiana before accepting the Bank of New York agreement.
Sources1 sources
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