Citibank

Citibank was founded in 1812 as City Bank of New York with a group of New York merchants bank first head was Samuel Osgood, who had been United States Postmaster General. Subsequently, ownership and management of the bank was taken over by Moses Taylor, a protégé of John Jacob Astor and one of the giants of industry in the 19th century. During Taylor's hegemony, the bank functioned largely as a treasury and finance center of Taylor's own extensive business empire.

In 1863 the bank joined the new U.S. national banking system and became The National City Bank of New York. By 1868, it was considered one of the largest banks in the U.S., and in 1897 became the first major U.S. bank to establish a foreign branch. In 1896, it was the first contributor to the Federal Reserve Bank of New York. 

National City became the first U.S. national bank to open an overseas banking office when its branch in Buenos Aires, Argentina, was opened in 1914. Many of Citi's present international offices are older, with offices in London, Shanghai and Calcutta and elsewhere were opened in 1901 and 1902 by International Banking Corporation (IBC), a company chartered to conduct banking business outside the U.S., so an illegal activity for the U.S. national banks. In 1918, IBC became a wholly owned subsidiary and was later merged into the bank. By 1919 the Bank had become the first U.S. bank to have a 1 billion dollar assets. 

In 1910, National City has purchased a significant share of Haiti's National Bank (Banque de la Republique d'Haiti), which served as the country's treasury and had a monopoly on note issue. After the U.S. invasion of Haiti, has purchased the entire share capital of Banque de la Republique. The bank was the target of criticism for what was considered to be monopolistic and unfair banking practices. It did not initially pay the Haitian government interest on excess cash deposited in the treasury, which was borrowed from City Bank of New York. After 1922, it began to pay interest, but only at a rate of 2% compared to the 3.5% paid to other depositors. Economist and Senator Paul Douglas estimated that this amounted to $ 1 million in lost interest at a time when Haiti's government revenues were less than $ 7 million. 

Charles E. Mitchell was elected president in 1921 and in 1929 became chairman, a position he held until 1933. Under Mitchell the bank expanded rapidly, and in 1930 had 100 branches in 23 countries outside the U.S. in 1933, a Senate investigated Mitchell for his role in the tens of millions of dollars in losses, excessive pay, and tax evasion. Senator Carter Glass said of him, "Mitchell more than any 50 men is responsible for this stock down." 

On 24 December 1927 its headquarters in Buenos Aires, Argentina, was blown up by the Italian anarchist Severino Di Giovanni, in the framework of the international campaign in support of Sacco and Vanzetti. 

In 1952, James Stillman Rockefeller was elected president and then chairman in 1959, serving to 1967. Stillman was a direct descendant of the Rockefeller family through the William Rockefeller (brother of John D.) branch in 1960 his second cousin, David Rockefeller, became president of Chase Manhattan Bank, National City's long-time New

York rival dominance in the banking sector in the U.S.. 

The timeline below represents the history of this business until it became part of the Citigroup family. 

On 16 June 1812, with 2 million U.S. dollars in capital, (City Bank of New York, now Citibank) opened for business in New York City. Through many different leaders and economic environments in the course of its rich history, Citibank continues to grow and thrive. 

In 1968, the (First National City Corporation, later renamed Citicorp), a bank holding company, parent of Citibank. 

In 1998, Citicorp merged all departments with all departments of the Travelers Group to form Citigroup Inc. Citibank continue as a strong fire under the Citigroup umbrella. 

1812 

June 16: New York State charters City Bank of New York with authorized capital of 2 million U.S. dollars and paid up 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 paid dividends. 

1822 Farmers 'Fire Insurance and Loan Company was founded, the first incorporated Trust Company in the U.S. Its name is the 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 is joining the new U.S. national banking system and become 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 President (1909-1918). 

1894 is the largest bank in the U.S.

1897 the first major U.S. bank to establish a foreign branch begins currency trading. 

1902 Expands in Asia, Europe and India, with offices from Shanghai to Manila. 

1904 introduces travelers checks. 

Bank moves to larger quarters at 55 Wall Street, its headquarters until the 1961st 

1909 Frank Vanderlip is elected president (1909-1919), James Stillman is selected as the first president (1909-1918). 

1913 Bank is the first contributor to the Federal Reserve Bank of New York. 

1914 November 10: National City inaugurates the first foreign branches of U.S. national bank in Buenos Aires. 

1915 National City Bank opens office in Rio de Janeiro, Brazil. 

Now America's leading international bank with the largest overseas branch network by a U.S. bank. 

1918 International Banking Corporation, United Overseas Bank, a wholly owned

subsidiary of National City. 

1919 First American Bank, 1 billion dollars in assets. 

James A. Stillman, son of President 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 president (1929-1933). 

1928 May 3: The first large U.S. bank to offer unsecured personal loans to its depositors. 

National City Bank is the first to open a personal loan department. 

1929 bank becomes the largest commercial bank in the world. 

Expansion has accelerated with a merger: The Farmers' Loan and Trust Company will City Bank Farmers Trust Company. 

Gordon S. Rentschler is elected president (1929-1940) and later appointed president (1940-1948). 

1933 H. James Perkins is elected president (1933-1940). 

1935 Bank develops monthly payment loans to small businesses. 

1936 first bank in New York City to offer consumers checking accounts without minimum balance requirements. 

1939 Citibank has opened 100 offices in 23 countries outside the U.S., constituting the largest international banking. 

1940 William Gage Brady, Jr. is elected president (1940-1948) and later president (1948-1952). 

1945 Bank manages more than $ 5.6 in U.S. securities in a series of war loans and victory drive. 

1948 Howard C. Shepherd is elected president (1948-1952) and later president (1952-1959). 

1952 James Stillman Rockefeller is elected president (1952-1959) and later president (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 president (1967-1970). 

1961 inventor negotiable certificate of deposit (CD). 

A new subsidiary, First National City Overseas Investment Corporation, the bank holding company for non-US-based subsidiaries and affiliates. 

The new home office, 399 Park Avenue, is closed. 

1962 Bank marks its 150th anniversary by shortening its name to First National City Bank. 

1964 Opens with a leasing company. 

1965 Opens the credit card company. 

1966 Citibank Introduces Dollar certificates of deposit market in London, the first new negotiable instrument on the market in London since the 1888th 

1967 Walter B. Wriston is elected president (1967-1970) and later serve as president (1970-1984). 

Introducing Citibank's first credit card? "First National City Charge Service"? Popularly known as "Everything" card. 

1968 First National City Corporation, a bank holding company is the parent of First National City Bank. 

1969 "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

better suited for global companies. Citicorp introduces floating rate note in the American financial market. 

1976 First National City Bank is Citibank, NA (for National Association). 

1977 Citibank Launches Citicard Banking Center, anchored by ATMs and Citicard. The

24-hour ATMs are for first time in more than emergency cash. 

1979 is the world's leading currency dealer. 

1981 acquires Diners Club. 

1982 to 1984 Savings & Loan acquisitions in California, Florida, Illinois and Washington, DC do Citicorp the largest bank holding company in the U.S.

1984 John S. Reed is elected president (1984-1998). 

Citibank London is one of the founders of the CHAPS Clearing Company, one of the largest real-time gross settlement systems in the world, surpassed only Fedwire in the U.S.

1985 Introduces Direct access in New York that connects personal computers in homes and offices with Citibank. 

1986 introduces the unique touch-screen ATMs in New York and Hong Kong. 

1989 will be the largest issuer of securitized credit card receivables. 

A new skyscraper at Court Square, Long Island City, New York, is built. 

1992 Citibank, NA is the largest bank in the U.S.

Citicorp's global reach links branches and offices in more than 90 countries. 

1993 will be the largest credit and charge card issuer and servicer in the world. 

Merging savings banks acquired in 1980 and begin operating them as Citibank, FSB under a single charter. 

1994 Opens the first fully foreign-owned commercial bank in Russia. 

1995 celebrates the 20th anniversary of Consumer Banking. 

Opens the first full service branch in China in 45 years and branches in Vietnam and South Africa. 

1996 is the largest number of credit cards in Asia. Taiwan is the first country outside the United States with over 1 million credit card. 

1998 October 8: All Citicorp and Travelers Group divisions merge to become Citigroup Inc.