Since 1912, CitiFinancial has been helping people realize their financial goals and dreams. With more than 1,500 branches in the United States, we are part of the communities in which we serve. Our branches are staffed with friendly, knowledgeable people who live and work right in your neighborhood. They understand your needs and are available to meet with you directly and discuss our loan options. Read on for more details about our company's history.
A Pioneering Beginning
Founded by Alexander Duncan as Commercial Credit in 1912, our company was a pioneer in the consumer finance industry. In 1916, we offered an installment loan program to help people purchase what was then an exciting new invention - the automobile. That led to the development of installment buying plans for home appliances and other consumer goods.
Growing with America
In the next decades, we acquired a major credit insurer and a casualty insurance company. In 1944, we organized an insurance unit that later became American Health & Life Insurance Company. In 1968, Commercial Credit became a wholly owned subsidiary of Control Data Corporation.
Wall Street legend Sanford I. Weill assumed control of the operations of Commercial Credit in 1986 and took the company public. Within two years, the company acquired Primerica Corporation, the parent company of several investment, financial services and insurance firms, including the well-known Smith Barney.
Joining the Travelers Group
In 1992, Primerica purchased 27 percent of Travelers Insurance, a company with one of the most recognizable logos in the U.S. - the red umbrella. Less than a year later, Primerica purchased the remaining 73 percent of Travelers, which later adopted the name Travelers Group. In subsequent years, Travelers Group acquired Shearson-Lehman's retail brokerage, Aetna's property and casualty business, Security Pacific Financial Services, and Salomon Brothers, creating the nation's third largest investment house - Salomon Smith Barney.
The Creation of Citi
In 1998, Travelers Group merged with banking powerhouse Citicorp to create Citi, a global financial services company serving 20 million customers worldwide. Citi's businesses include asset management, banking, credit cards, insurance, investments, investment banking and trading.
An International Company with A New Name
In 1999, Citi purchased 128 offices of Texas-based Associates First Capital, giving us more than 1,800 offices in 45 states. We then turned our focus to Canada, buying Associates First Capital offices there. In September of that year, we changed our name to CitiFinancial to proudly recognize our affiliation with our parent company and to better reflect what we do today. As part of Citi, we continue to provide you with a full range of exceptional products and services to help you find a financial solution that's right for you. Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 140 countries. Through its two operating units, Citicorp and Citi Holdings, Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management.