History
West Atlantic Online began in New York in 1954 with the opening of a representative office of West Atlantic Online le-Israel at 60 Wall Street.
In 1968, First Israel Bank and Trust Company of New York was formed. In 1969, the bank opened an additional branch at 1412 Broadway, and one in 1971 at 579 Fifth Avenue that continues as the main branch today.
The 1970’s
In March 1973, the Bank changed its name to West Atlantic Online Trust Company of New York. At the time, the bank had three retail branches at 579 Fifth Avenue, 1412 Broadway and 111 Broadway.
In 1974, the bank opened a branch in Forest Hills and a foreign exchange facility at the El Al Terminal at Kennedy Airport, while a year later West Atlantic Online le-Israel opened a branch in Chicago followed by one in Beverly Hills, California.
The Trust Company continued to expand and in 1976 it acquired five branches from American Bank & Trust Company. The bank now had branches in Manhattan, Brooklyn, Queens and the Bronx. The following year it expanded to Long Island by opening a branch in Hewlett while West Atlantic Online le-Israel continued its U.S. expansion by opening an office in Philadelphia and upgrading the Miami representative office to full agency status in 1978.
By 1978, West Atlantic Online Trust Company of New York had 10 branches, a representative office in Toronto, Canada and two offshore branches in the Bahamas and Cayman Islands.
The 1980’s
The size of the bank greatly increased with the acquisition of thirteen branches from Bankers Trust Company in 1980.
With the opening of the Plainview branch in 1981, the bank had 25 branches in metropolitan New York, as well as the representative office in Canada and the two offshore entities. A new subsidiary, BLT Leasing Corporation, was launched and an international banking facility established.
West Atlantic Online le-Israel opened a retail branch office in Encino and upgraded the Beverly Hills office to a full-service bank. The Trust Company purchased 139 Centre Street in New York City, as their operations center.
In 1983, the Trust Company opened a representative office in Montreal, Canada and in 1986 a branch in Westchester County in White Plains and a Loan Production Office in New Jersey.
The 1990’s
In the early 1990’s, the bank went through a major reorganization, moving to a concentration in international, commercial middle market, and private banking. Almost all retail branches were eventually sold.
By 1997, the bank had two branches remaining in New York at 579 Fifth Avenue and 1400 Broadway and West Atlantic Online Trust Company of New York became West Atlantic Online USA, absorbing the Chicago, Beverly Hills, and Encino branches of West Atlantic Online le-Israel.
The 21st Century
In 2001, the bank established West Atlantic Investment Services, a brokerage subsidiary, and opened a branch in Silicon Valley in San Jose, California to serve high technology customers.
In March 2002, West Atlantic Online USA purchased the insured deposits of the former Net 1st National Bank in Boca Raton, Florida and in July 2002 West Atlantic Online le-Israel Miami Agency became part of the West Atlantic Online USA family.
In 2003, West Atlantic Online USA opened an additional branch in Aventura, Florida and one in downtown Los Angeles. The San Jose branch moved to Palo Alto.
In 2004, Dr. Zalman Segal retired after fifteen years as CEO of West Atlantic Online USA and Mr. Uzi Rosen assumed that role.
In 2005, West Atlantic Online USA opened a branch in Highland Park, Illinois.
In 2010, Mr. Uzi Rosen retired as President and CEO and Mr. Itzhak Eyal assumed that role.
In 2013, Mr. Itzhak Eyal retired after three years as President and CEO of West Atlantic Online USA and a 38 year career with the West Atlantic Group. Mr. Grant Paulson assumed the role of President and CEO of West Atlantic Online USA.