[10][11][12] The initial shareholders of the bank were: Wolfson-Klor Corporation, government housing and development company, Export Investment Company (owned by the Meir brothers), Jerusalem Loan and Savings Bank, the Municipality of Jerusalem, and the Workers' Union.

[13] Isaac Wolfson was appointed chairman of the board, with Charles Klor and Moshe Meir serving as his deputies.

[14][15][16] The bank primarily engaged in financing residential construction in Jerusalem and played a role in establishing Kiryat Wolfson and the Ramat Sharet neighborhood.

In 1989, the brothers decided to separate their business interests, and Moshe Meir took control of the bank.

[22] In 2010 the bank's board of directors decided on a business strategy focusing on controlled growth, with an emphasis on specialized commercial activity in mortgages and continued development of consumer credit, while maintaining a low-risk profile reflected in the business activity mix, alongside customer and revenue source diversity and operations.

[23] About 20 million shekels were invested in upgrading computer systems and cyber protection, a call center and digital archive were established, a customer relationship management system was implemented, the bank's website was upgraded, and ATMs with the ability to withdraw cash, deposit cash, and deposit checks were installed in all bank branches.

[29] On 12 February 2020 the United Nations published a database of companies doing business related in the West Bank, including East Jerusalem, as well as in the occupied Golan Heights.

[30] Bank of Jerusalem was listed on the database on account of its activities in Israeli settlements in these occupied territories,[31] which are considered illegal under international law.