IDB Bank® Appoints Jacob Berman as Chairman of the Board of Directors

NEW YORK--()--IDB Bank announces the appointment of Mr. Jacob Berman as Chairman of the Board of Directors of Israel Discount Bank of New York, effective November 17, 2014. Mr. Berman replaces Mr. Michael Goldstein, who has served as Chairman since 2007 who will remain as a board member. In this position, Berman will preside over the Board of Directors meetings, supervise the implementation of the board's policies and oversee the business affairs of the bank while working closely with IDB Bank's President and CEO, Mr. Ehud Arnon.

“We are pleased to welcome Jacob Berman, whose extensive experience and familiarity with our Bank will make him an invaluable member of our Board of Directors," said Arnon. "We look forward to IDB's continued growth under Jake's leadership."

Mr. Berman brings more than 40 years of banking experience to IDB. Most recently, he served as President of his own financial advisory firm, JB Advisors, Inc. An important part of Mr. Berman’s banking career was the 12-years he spent at Israel Discount Bank starting in 1974. While at Israel Discount Bank Berman rose to the level of Senior Vice President and Chief Lending Officer and was responsible for a variety of banking sectors including lending, commodities, real estate, accounts receivable and import/export financing, while also serving on the Operations, Marketing and Loan Committees of the bank.

In 1985, Berman went on to form Key Financial Corporation, a commercial finance company. He later founded the Commercial Bank of New York in 1988, where he served as President, CEO and Member of the Board of Directors for more than 13 years.

Berman started his career in the World Banking Group of Citibank, N.A. He earned his MBA in finance from The University of Chicago.

IDB Bank is a New York State-chartered commercial bank and a member of the FDIC. In addition to its Manhattan headquarters and branch offices in Brooklyn, N.Y., Staten Island, NY and Short Hills, NJ, the Bank also has full-service branches in Southern Florida and Southern California. IDB Bank provides a complete range of personal and commercial banking, trade services and deposit products to U.S. and international clients.

IDB Bank is a registered service mark of Israel Discount Bank of New York. MEMBER FDIC

Contacts

Teresa Murphy, 212-551-8927
VP Corporate Communications
tmurphy@idbny.com

Contacts

Teresa Murphy, 212-551-8927
VP Corporate Communications
tmurphy@idbny.com