About Citigroup
About Citigroup
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Citibank, N.A.
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.
June 16: New York State charters City Bank of New York with authorized capital of $2 million and paid璱n 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�13).
First dividend is paid.
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.
Isaac Wright is elected president (1827�32).
Moses Taylor is elected president (1856�82).
City Bank joins the new U.S. national banking system and becomes The National City Bank of New York.
Percy Pyne is elected president (1882�91).
James Stillman is elected president (1891�09). He also serves as chairman (1909�18).
Becomes the largest bank in the U.S.
First major U.S. bank to establish a foreign department; begins foreign璭xchange trading.
Expands into Asia, Europe and India, with offices from Shanghai to Manila.
Introduces traveler's checks.
The bank moves to larger quarters at 55 Wall Street, its headquarters until 1961.
Frank Vanderlip is elected president (1909�19); James Stillman is elected the first chairman (1909�18).
The bank is the first contributor to the Federal Reserve Bank of New York.
November 10: National City inaugurates the first foreign branch of any U.S. national bank, in Buenos Aires.
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.
International Banking Corporation, a U.S. overseas bank, becomes a wholly owned subsidiary of National City.
First U.S. bank with $1 billion in assets.
James A. Stillman, son of chairman James Stillman, is elected president (1919-1921).
National City is the first major U.S. bank to offer compound interest on savings accounts.
Charles E. Mitchell is elected president (1921�29) and later chairman (1929�33).
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.
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).
James H. Perkins is elected chairman (1933�40).
The bank develops monthly payment loans for small businesses.
First bank in New York City to offer consumer checking accounts with no minimum-balance requirement.
Citibank has opened 100 offices in 23 countries outside the U.S., forming the largest international bank.
William Gage Brady, Jr. is elected president (1940�48) and later chairman (1948�52).
The bank handles more than $5.6 billion in U.S. Treasury securities in a series of war loan and victory loan drives.
Howard C. Sheperd is elected president (1948-1952) and later chairman (1952-1959).
James Stillman Rockefeller is elected president (1952�59) and later chairman (1959�67).
The bank changes its name to The First National City Bank of New York.
George S. Moore is elected president (1959�67) and later chairman (1967�70).
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.
The bank marks its 150th anniversary by shortening its name to First National City Bank.
Enters the leasing business.
Enters the credit card business.
Citibank introduces Dollar Certificates of Deposit in the London market, the first new negotiable instrument in the London market since 1888.
Walter B. Wriston is elected president (1967�70) and later serves as chairman (1970�84).
Introduces Citibank's first credit card  the "First National City Charge Service"  popularly known as the "Everything" card.
First National City Corporation, a bank holding company, becomes the parent of First National City Bank.
The "Everything" card is converted to Master Charge (today's MasterCard).
William I. Spencer is elected president (1970�82).
The First National City Corporation holding company changes its name to Citicorp to better suit its global businesses. Citicorp introduces the floating璻ate note into the U.S. financial market.
First National City Bank becomes Citibank, N.A. (for National Association).
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.
Becomes the world's leading foreign璭xchange dealer.
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.
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.
Introduces Direct Access� in New York, linking personal computers in homes and offices with Citibank.
Introduces unique touch-screen automated teller machines in New York City and Hong Kong.
Becomes the leading issuer of securitized credit card receivables.
A new skyscraper at Court Square, Long Island City, New York, is built.
Citibank, N.A. becomes the largest bank in the United States.
Citicorp's global reach links branches and offices in more than 90 countries.
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.
Opens the first fully foreign璷wned commercial bank in Russia.
Celebrates the 20th anniversary of the Consumer Banking Business.
Opens the first full璼ervice branch in China in 45 years and branches in Vietnam and South Africa.
Has largest number of credit cards in Asia. Taiwan becomes the first country outside the U.S. with over 1 million credit cards.
October 8: All Citicorp and Travelers Group divisions merge to become Citigroup Inc.