Understanding Bank Leumi USA's Business History

Bank Leumi USA has a rich history that spans over four decades. Founded in 1964, the bank's first branch opened in New York City.

The bank's early years were marked by a focus on serving the financial needs of the Israeli community in the United States. This niche focus allowed the bank to establish a strong reputation and loyal customer base.

In the 1970s, Bank Leumi USA began to expand its services to include commercial banking, allowing it to cater to a broader range of customers. This strategic move helped the bank to increase its market share and presence in the United States.

Today, Bank Leumi USA is a leading provider of banking services to individuals, businesses, and institutions in the United States, with a strong commitment to community involvement and social responsibility.

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Bank Leumi USA was founded on July 22, 1968, and has been serving the financial needs of its customers for over 52 years.

In 1980, Bank Leumi purchased 13 city branches from Bankers Trust Company, which marked a significant expansion for the bank.

By 1984, Bank Leumi Trust Company of New York had some $2.7 billion in assets.

Bank Leumi Trust Company of New York changed its name to Bank Leumi USA in 1997, after which only 300 employees remained.

In 2001, the bank established Leumi Investment Services, a brokerage subsidiary.

In 2020, Valley National Bancorp acquired Leumi, the U.S. subsidiary of Bank Leumi Le-Israel B.M., and parent company of Bank Leumi USA, in a deal valued at $1.1 billion.

The acquisition made the pro forma company the 29th largest publicly traded U.S. bank by assets.

This acquisition will allow Bank Leumi to leverage Valley National Bancorp's larger customer base and footprint to scale its private banking platform.

The deal will also bring diversification into niche C&I segments and new geographies, including in California and Illinois.

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Bank Leumi USA was founded on July 22, 1968, and has been serving the financial needs of its customers for over 52 years.

The bank started with a strong presence in Israel, with 307 branches by the end of 1975, of which 293 were within the country.

Bank Leumi ranked 18th in size among banks in the state of New York by 1976, with deposits of between $700 million and $800 million and loans in excess of $300 million.

By 1984, Bank Leumi Trust Company of New York had some $2.7 billion in assets.

The bank made a major effort to find customers in the diamond, apparel, fur, and real-estate industries, which were Jewish-dominated sectors centered in Manhattan, employing over 100 loan officers in 1987.

Bank Leumi had a significant presence in Israel, but also had a large number of foreign branches, with 67 branches in 1983.

In 1990, the bank set up Peagot Mutual Fund Management Company in Israel.

By 1991, Bank Leumi had decided on a major shift in focus with Premier Banking, targeted to the upscale customer affluent enough to deposit a minimum of $25,000.

The bank's US operations underwent a significant change in 1997, when Bank Leumi Trust Company of New York changed its name to Bank Leumi USA, with only 300 employees remaining.

Valley National Bancorp is acquiring Bank Leumi USA for $1.1 billion.

The acquisition will make the pro forma company the 29th largest publicly traded U.S. bank by assets.

Ira Robbins, Valley's chairman, president & CEO, believes that Bank Leumi's unique deposit verticals will continue to improve funding.

Bank Leumi will add diversification to niche C&I segments and new geographies, including California and Illinois.

The acquisition will also allow Valley to scale Bank Leumi's private banking platform across its larger customer base and footprint.

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