The National Banking Comission has approved a request from the Heritage International Bank of Bethesda to open a representative office in Tel Aviv.
Donald E. Wolpe, chairman of Heritage International, said he expects to visit Israel soon to complete arrangements to open the Tel Aviv office early next fall.
Representative offices are not bank branches and, therefore, can not accept deposits or make loans. Wolpe said the primary purpose of the Tel Aviv office will be to foster increases in Israeli exports to the United States. He said the office also will handle letters of credit for customers, foreign currency transactions, and verify shipping and quality control documents for merchants.
A full-service commercial bank, Heritage International is geared to facilitate foreign transactions throughout the world. It opened in June with an initial capitalization of $3.5 million. Assets at the end of last week exceeded $10 million and deposits were close to $7 million, officials of the bank reported.
Business activity has "far exceeded original expectations," said Wolpe. "We had projected $7.5 million in deposits by the end of the first 12 months. We should be there in a matter of weeks."
Wolpe said Heritage plans to open its first full-service branch next year in Baltimore.
Besides Wolpe, officers of the new bank are Wilfred C. Wright, president and chief executive officer; James E. Bray, vice president/loans; Bruce A. Cameron, vice president/cashier, and Beth L. Wolpe, assistant vice president.