Kubanbank is an institution with a rich history. Since its founding in 1937, Kubanbank's evolution as an institution paralleled the historical shifts observed in both, Soviet and post-Soviet times. Having been founded during the pre-WWII days, in a political climate consumed with heavy industrialization, the bank's original name, Industrial Bank – Krasnodar Regional Affiliate, reflected the spirit of the times. In the post-war period of the 1950s, shortly after Nikita Khruschev assumed power, the focus of the land shifted to growing the economy, and the Soviet Union actually experienced a building boom. Accordingly in 1959 the bank's name was changed to Construction Bank of the USSR – Krasnodar Regional Affiliate, and the bank remained with this name variation until 1990. In October 1990, about a year before the Soviet Union's dissolution, Kubanbank was reborn under its present name; its Articles of Association were registered with the Bank of Russia on October 1st. Since 1991, Kubanbank's history saw its share of glory and gloom, but it successfully overcame a number of serious banking crises during the 1990s, as well as a systemic Russian financial crisis in 1998. In May 2008 Kubanbank was acquired by a number of international and domestic banking executives with plans to use their industry expertise and Kubanbank's reputation to build a national banking franchise with a particular focus on small and medium size enterprises.