Albertus Pieters writing during the Depression provides a great illustration of how the church has become the people of God, now that Israel has rejected her Messiah.
“Recently many banks have been closed for a time, have been re-organized, and have resumed business, sometimes under the same name, sometimes with new names. In such a case it is quite often appropriate to speak of the reorganized institution as a new bank. New capital has been subscribed, new rules adopted, new directors elected, a new president and new cashier have been appointed. It is a new institution.
Yet, for other purposes, it is a continuation of the former bank, particularly so with regard to the assets. He who signed a promissory note payable to the bank before it was re-organized must make it good to the new bank. For such purposes it is the same old bank.
Precisely so stands the case between Israel and the Church. It is not that the Church is the “spiritual Israel, but that it is reorganized Israel. When we call the Church the New Covenant Irael, we are not allegorizing or spiritualizing the prophecies as some maintain; we are simply recognizing the historic fact of this re-organization, whereby the Church, in strict legality and in unbroken continuation, took over the assets of the national Israel, said assets being the promises of God—not some of them, but all of them.
It took over the assets of Israel because it was, for legal and Prophetical purposes, Israel, the only group having a legitimate right to the title.”
-Albertus Pieters, The Ten Tribes in the History of Prophecy, 81.