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Time Line

Timeline of Milestones

The beginning…

1954     Bank Leumi le-Israel opens a Representative Office in New York at 60 Wall Street.

1959     The Representative Office is converted to an Agency.

1962     The Agency is converted to a Branch.

1967     Dr. Yeshayahu H. Foerder (Chairman of the Board of Bank Leumi le-Israel), Aryeh Manor, Ralph Friedman, Seymour Scheer (a former New York Deputy Superintendent of Banks), Gottlieb Hammer, Albert Parker (Senior Partner at Parker, Chapin and Flattau), and Bernard H. Barnett form First Israel Bank & Trust Company of New York.

1968     The bank is authorized to transact business as a trust company at 60 Wall Street. It has $75 million in assets and $67 million in deposits.

1969     First Israel Bank & Trust Company opens a branch at 1412 Broadway.

 

The 70’s…

1970     Conrad E. Kluger, formerly of Union Bank of California, is president and Mendes H. Sachs is chairman of the board.

The bank introduces Chai Bonds.

1971     The 579 Fifth Avenue branch opens for business on June 28.

1972     Eliezer Lerner is president of the Trust Company.

1973     First Israel Bank & Trust Company of New York changes its name to Bank Leumi Trust Company of New York.

The branch at 60 Wall Street moves to 111 Broadway.

The bank offers totally free checking.

1974     The bank opens a branch in Forest Hills, Queens and a foreign exchange facility at the El Al Terminal at Kennedy Airport.

The bank creates its first data center at 111 Broadway, taking in-house the work formerly done by Bankers Trust Company.

1975     Bank Leumi le-Israel, B.M. opens offices in Chicago and Beverly Hills, California.

Individual Retirement Accounts (IRAs) are introduced.

1976     In September, Bank Leumi acquires five branches from American Bank & Trust Company.

The bank establishes a Trust Department to serve the personal and corporate needs of customers.

1977     The bank opens a branch in Hewlett, Long Island.

Ernest I. Japhet becomes chairman of the board of the Trust Company.

1978     Bank Leumi le-Israel, B.M. opens the first foreign bank branch in Philadelphia, and the Miami Representative Office is upgraded to full Agency status.

The 1412 Broadway branch is relocated to 535 Seventh Avenue.

Amos Bergner becomes president of the Trust Company.

The bank opens a branch in Great Neck and has ten branches: five in Manhattan; one in Brooklyn; one in the Bronx; one in Forest Hills, Queens; and two on Long Island. It maintains the facility at El Al Terminal at Kennedy Airport, as well as a representative office in Toronto, Canada and two offshore branches in Nassau, Bahamas and George Town, Cayman Islands.

The bank introduces foreign currency trading in all branches.

Total assets are $1.4 billion, deposits are $1.2 billion, loans are $422 million, the securities portfolio is at $192 million, and commercial letters of credit outstanding total $101 million.

1979     The bank establishes a Corporate Banking Department, expands the Commercial Finance Department, and reorganizes the Credit and Credit Administration Departments.

 

The 80’s…

1980     The purchase of thirteen branches from Bankers Trust Company is concluded. Eight are in Manhattan; four are in Brooklyn; and one is in Queens.

The bank installs its first ATM in the Hewlett branch.

The Real Estate Department is established.

A new International Division is established that consolidates the management of the International Department, Letters of Credit and Collections, Money Transfer, and International Lending.

1981     The bank opens a branch in Plainview. The Trust Company now has 25 branches; 13 in Manhattan, 5 in Brooklyn, 1 in the Bronx, 3 in Queens, and 3 on Long Island.  It also has three foreign offices in Toronto, Canada, Nassau, Bahamas, and George Town, Cayman Islands.

A new subsidiary, BLT Leasing Corporation, is launched and an International Banking Facility is established.

The Security Clearance Department is phased out.

1982     Bank Leumi le-Israel, B.M. opens a retail branch office in Los Angeles in Encino and upgrades the Beverly Hills office to a full-service bank.

Ernest I. Japhet continues as chairman of the board, and David Novick becomes president of the Trust Company.

The Tax Planning Department is established.

The bank purchases 139 Centre Street in Manhattan.

1983     Bank Leumi le-Israel Corporation, a holding company, is formed.

Branches in Boro Park and on East Broadway begin Sunday hours.

The Trust Company opens a Representative Office in Montreal, Canada.

1984     The Rego Park branch is consolidated with the renovated Forest Hills location.

The bank’s data processing facility moves from 111 Broadway to Centre Street.

The Trust Company consolidates its office in Nassau, Bahamas with the George Town, Cayman Islands office.

1985     Branches at 111 Broadway and 25 Broad Street are combined into a new branch at 120 Broadway.

The bank joins the New York Cash Exchange (NYCE) multi-bank ATM network.

1986     Ernest I. Japhet retires and Eli Hurvitz becomes chairman of the Trust Company.

The bank opens a branch in White Plains and a New Jersey Loan Production Office.

The branch at 1660 Second Avenue is merged into the branch at 1148 Third Avenue.

1987     The branch at 562 Fifth Avenue is consolidated with 579 Fifth Avenue and 177 East Broadway is merged with Delancey Street.

Dr. Meir Heth becomes chairman of the board.

The bank creates its first two Community Advisory Committees in Great Neck and Boro Park.

The bank launches the “Letter of Credit Customer Bridge” which allows companies active in international trade to issue letters of credit themselves, via direct links to the bank’s computer.

1988     The bank sells the branch at 188 Montague Street, Brooklyn to Marine Midland Bank.

Richard C. Kane joins the bank as president and chief operating officer and David Novick is promoted to vice chairman and chief executive officer.

The Trust Company Representative Offices in Montreal and Toronto become arms of Bank Leumi le-Israel.

1989     David Friedmann replaces Dr. Meir Heth as chairman of Bank Leumi Trust Company.

Dr. Zalman Segal replaces David Novick as vice chairman and the parent’s executive for the Western Hemisphere operation.

The Lincoln Center branch relocates to 2025 Broadway.

The bank launches Leumi Access, an electronic cash management service.

 

The 90’s…

1990     The bank closes its facility at the El Al Terminal at JFK Airport.

1991     The bank decides on a major change in focus and begins to concentrate on commercial middle market, international and private banking.

Premier Banking, targeted to the upscale customer, is introduced.

The Trust Company sells the 301 Third Avenue branch to Amalgamated Bank.

The bank is hurt badly by the recession in metropolitan New York, suffering heavy losses in the years 1991-1994.

1992     Premier Investments, providing investment guidance and a wide array of mutual funds, annuities, and unit investment trusts, is introduced.


1993     The bank forms a new Corporate Finance group which emphasizes syndicated loans.

The bank sells four branches to Banco Popular: 301 East Fordham Road, Bronx; Delancey Street, Manhattan; and two branches in Brooklyn at 2095 Nostrand Avenue and 2095 Ralph Avenue.

1994     The bank sells six branches to First Bank of the Americas: four in Manhattan - 845 Third Avenue, 1148 Third Avenue, 120 Broadway, and 2025 Broadway; and two on Long Island in Great Neck and Plainview.

The bank closes the branch in White Plains.

1995     The bank returns to profit after four difficult years.

The bank sells two branches to Republic National Bank: 605 Third Avenue in Manhattan and the Kings Highway branch in Brooklyn.

1996     The bank introduces Leumi Global Link, an online communications link from the client to the bank’s International Trade Finance system.

The bank sells four branches to Republic National Bank: 535 Seventh Avenue; Forest Hills; Hewlett; and Boro Park. The bank maintains two branches at 579 Fifth Avenue and 1400 Broadway.

Eitan Raff becomes chairman of the board.

1997     Bank Leumi Trust Company of New York changes its name to Bank Leumi USA and absorbs Bank Leumi le-Israel’s branches in Chicago, Beverly Hills and Encino.

 

The 2000's….
2000     Bank Leumi USA introduces its first website, www.leumiusa.com, and Leumi e-Banking, an online banking service.
2001     The bank opens a branch in Silicon Valley, in San Jose, California.  The bank establishes Leumi Investment Services – a brokerage subsidiary.
2002     The bank opens a branch in Boca Raton, Florida and acquires Bank Leumi le-Israel's Miami Agency.

2003     Bank Leumi USA opens a branch in Aventura, Florida.  The Spanish language website is launched (http://spanish.leumiusa.com).  The San Jose, California branch moves to Palo Alto. The bank opens a branch in downtown Los Angeles.

2004     Dr. Zalman Segal retires after 15 years as chief executive officer of Bank Leumi USA and Mr. Uzi Rosen assumes that role.

2005     Bank Leumi USA opens a branch in Highland Park, Illinois.

2010     Mr. Uzi Rosen retired as President and Chief Executive Officer and Mr. Itzhak Eyal assumed that role.

2013     Mr. Itzhak Eyal retired after three years as President and Chief Executive Officer of Bank Leumi USA and a 38 year career with the Leumi Group, .  Mr. Avner Mendelson assumed the role of President and Chief Executive Officer of Bank Leumi USA.

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