| Citibank | |
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| URL: | http://www.citibank.com |
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The timeline below represents the history of this business until it became a part of the Citigroup family. On June 16, 1812, with $2 million of capital, City Bank of New York (now Citibank) opened for business in New York City. Through many different leaders and economic environments over the course of its rich history, Citibank continues to grow and prosper. In 1968, First National City Corporation (later renamed Citicorp), a bank holding company, became the parent of Citibank. In 1998, all Citicorp divisions merged with all divisions of Travelers Group to form Citigroup Inc. Citibank continues as a strong brand under the Citigroup umbrella. 1812 June 16: New York State charters City Bank of New York with authorized capital of $2 million and paidin capital of $800,000. September 14: City Bank opens for business to serve a group of New York merchants. Samuel Osgood is elected president (1812–1813). 1813 First dividend is paid. 1822 Farmers' Fire Insurance and Loan Company is founded, the first incorporated trust company in the U.S. Its name becomes Farmers' Loan and Trust Company in 1835, and it merges with National City Bank in 1929. 1827 Isaac Wright is elected president (1827–1832). 1856 Moses Taylor is elected president (1856–1882). 1865 City Bank joins the new U.S. national banking system and becomes The National City Bank of New York. 1882 Percy Pyne is elected president (1882–1891). 1891 James Stillman is elected president (1891–1909). He also serves as chairman (1909–1918). 1894 Becomes the largest bank in the U.S. 1897 First major U.S. bank to establish a foreign department; begins foreignexchange trading. 1902 Expands into Asia, Europe and India, with offices from Shanghai to Manila. 1904 Introduces traveler's checks. The bank moves to larger quarters at 55 Wall Street, its headquarters until 1961. 1909 Frank Vanderlip is elected president (1909–1919); James Stillman is elected the first chairman (1909–1918). 1913 The bank is the first contributor to the Federal Reserve Bank of New York. 1914 November 10: National City inaugurates the first foreign branch of any U.S. national bank, in Buenos Aires. 1915 Opens National City Bank office in Rio de Janeiro, Brazil. Now America's leading international bank, with the largest overseas branch network of any U.S. bank. 1918 International Banking Corporation, a U.S. overseas bank, becomes a wholly owned subsidiary of National City. 1919 First U.S. bank with $1 billion in assets. James A. Stillman, son of chairman James Stillman, is elected president (1919-1921). 1921 National City is the first major U.S. bank to offer compound interest on savings accounts. Charles E. Mitchell is elected president (1921–1929) and later chairman (1929–1933). 1928 May 3: First major American bank to offer unsecured personal loans to its depositors. National City Bank is the first to open a Personal Loan Department. 1929 The bank becomes the largest commercial bank in the world. Expansion is accelerated with a merger: the Farmers' Loan and Trust Company becomes the City Bank Farmers Trust Company. Gordon S. Rentschler is elected president (1929-1940) and later appointed chairman (1940-1948). 1933 James H. Perkins is elected chairman (1933–1940). 1935 The bank develops monthly payment loans for small businesses. 1936 First bank in New York City to offer consumer checking accounts with no minimum-balance requirement. 1939 Citibank has opened 100 offices in 23 countries outside the U.S., forming the largest international bank. 1940 William Gage Brady, Jr. is elected president (1940–1948) and later chairman (1948–1952). 1945 The bank handles more than $5.6 billion in U.S. Treasury securities in a series of war loan and victory loan drives. 1948 Howard C. Sheperd is elected president (1948-1952) and later chairman (1952-1959). 1952 James Stillman Rockefeller is elected president (1952–1959) and later chairman (1959–1967). 1955 The bank changes its name to The First National City Bank of New York. 1959 George S. Moore is elected president (1959–1967) and later chairman (1967–1970). 1961 Invents the negotiable certificate of deposit (CD). A new subsidiary, First National City Overseas Investment Corporation, becomes the bank's holding company for non-U.S.-based subsidiaries and affiliates. The new home office, 399 Park Avenue, is completed. 1962 The bank marks its 150th anniversary by shortening its name to First National City Bank. 1964 Enters the leasing business. 1965 Enters the credit card business. 1966 Citibank introduces Dollar Certificates of Deposit in the London market, the first new negotiable instrument in the London market since 1888. 1967 Walter B. Wriston is elected president (1967–1970) and later serves as chairman (1970–1984). Introduces Citibank's first credit card the "First National City Charge Service" popularly known as the "Everything" card. 1968 First National City Corporation, a bank holding company, becomes the parent of First National City Bank. 1969 The "Everything" card is converted to Master Charge (today's MasterCard). 1970 William I. Spencer is elected president (1970–1982). 1974 The First National City Corporation holding company changes its name to Citicorp to better suit its global businesses. Citicorp introduces the floatingrate note into the U.S. financial market. 1976 First National City Bank becomes Citibank, N.A. (for National Association). 1977 Citibank launches Citicard Banking Centers, anchored by ATMs and the Citicard. The 24-hour ATMs are for the first time used for more than emergency cash. 1979 Becomes the world's leading foreignexchange dealer. 1981 Acquires Diners Club. 1982 to 1984 Savings & Loan acquisitions in California, Florida, Illinois and Washington, D.C. make Citicorp the largest bank holding company in the U.S. 1984 John S. Reed is elected chairman (1984-1998). Citibank London is a founding member of CHAPS Clearing Company, one of the largest real-time gross settlement systems in the world, second only to Fedwire in the U.S. 1985 Introduces Direct Access® in New York, linking personal computers in homes and offices with Citibank. 1986 Introduces unique touch-screen automated teller machines in New York City and Hong Kong. 1989 Becomes the leading issuer of securitized credit card receivables. A new skyscraper at Court Square, Long Island City, New York, is built. 1992 Citibank, N.A. becomes the largest bank in the United States. Citicorp's global reach links branches and offices in more than 90 countries. 1993 Becomes the largest credit card and charge card issuer and servicer in the world. Merges savings banks acquired in the 1980s and begins operating them as Citibank, FSB under a single charter. 1994 Opens the first fully foreignowned commercial bank in Russia. 1995 Celebrates the 20th anniversary of the Consumer Banking Business. Opens the first fullservice branch in China in 45 years and branches in Vietnam and South Africa. 1996 Has largest number of credit cards in Asia. Taiwan becomes the first country outside the U.S. with over 1 million credit cards. 1998 October 8: All Citicorp and Travelers Group divisions merge to become Citigroup Inc. info on CitiGroup Citigroup Inc. is today’s pre-eminent financial services company, with some 200 million customer accounts in more than 100 countries. Our history dates back to the founding of Citibank in 1812, Bank Handlowy in 1870, Smith Barney in 1873, Banamex in 1884, and Salomon Brothers in 1910. Other major brand names under Citigroup's trademark red umbrella include Citi Cards, CitiFinancial, CitiMortgage, CitiInsurance, Primerica, Diners Club, The Citigroup Private Bank, and CitiCapital |
| Title: | Citibank |
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| Link Added: | 12-23-2006 |
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