Israel Discount Bank of New York's (IDB Bank®) Board of Directors today announced it has elected Ilan Kaufthal as Chairman, effective immediately. Jake Berman retired as Chairman of the Board on March 12.

IDB Bank is amidst executing a five year strategic plan that will result in company-wide transformation. Key areas of focus are: growth through expertise, infrastructure improvements, and culture change. The results are progressing ahead of plan, which is evident in the 2018 results with a record year for the Bank with $96 million in net income and a return of equity of 10.4 percent.

"It was an honor for IDB, but especially for me, to have Jake as our Chairman of the Board. Under his leadership, IDB was able to conceptualize, draft and begin to execute a strategic plan for continued and sustainable growth. His guidance to me and to the Board meant a lot," said Uri Levin, President and CEO of IDB Bank. "Ilan's appointment as Chair will only catalyze IDB's transformation and continued growth. Ilan's deep experience will make a profound impact on IDB's ability to deliver on our promise of full-service banking through personal relationships. We're delighted to welcome him to the IDB family."

Ilan Kaufthal has more than 30 years of markets and banking experience. He is an acknowledged leader and innovator in investment banking. Kaufthal currently serves as Chairman of East Wind Advisors, an independent, industry-focused investment banking firm. Before joining East Wind Advisors in 2011, he was Senior Advisor to Irving Place Capital, formerly known as Bear Sterns Merchant Banking, from 2008 to 2011. Kaufthal was Vice Chairman of Bear Stearns and Schroder & Co., as well. Kaufthal currently serves on a number of professional and philanthropic boards. He is Chairman of the Board at Tronox, a chemical company, as well as a board member at Cambrex, a life sciences company and Macsteel, a metals company. He is Chairman of the Friends of Bezalel Academy of Arts and Design, Israel's national school of art. He is on the board at the Columbia University Medical Center and a trustee at The Russell Berrie Foundation and at The Ramaz School in Manhattan.

About IDB Bank

IDB Bank is a New York State-chartered commercial bank, a member of the FDIC, and a wholly owned subsidiary of Israel Discount Bank LTD., one of Israel's leading banks. In addition to its Manhattan headquarters and branch offices in Brooklyn, N.Y., Staten Island, N.Y. and Short Hills, N.J., the Bank maintains other full-service branches in South Floridaand Southern California. The Bank provides a complete range of private banking and commercial banking services to U.S. and international clients.

For 70 years IDB Bank has built its business by fostering deep relationships with its clients, rapid decision-making, and the ability to develop custom-tailored solutions for both its domestic and international clientele.

To learn more about IDB Bank visit www.idbny.com