Since 1912, OneMain Financial has been helping people realize their financial goals and dreams. With branches nationwide, 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 one-on-one to discuss your loan options. Read on for more details about our company's history or see our visual timeline on Facebook.
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.
Over the next few decades, we acquired a major credit insurer and a casualty insurance company. In 1944, we organized an insurance unit that is now known as OneMain Assurance. 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.
In 1992, Primerica purchased 27% 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% 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.
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.
In 1999, Citi purchased 128 offices of Texas-based Associates First Capital, giving us more than 1,800 offices in 45 states. In September of that year, our name was changed to CitiFinancial to recognize our affiliation with our parent company and to better reflect what we do today.
In 2001, CitiFinancial acquired The Associates, including the network of 900 consumer finance branches in the U.S. and a significant presence in more than 20 countries, including Canada and Puerto Rico.
Then in 2004, CitiFinancial acquired Washington Mutual Financial, which provided direct real estate-secured loans and consumer installment loans through 426 branches in 26 states.
The acquisitions provided CitiFinancial with an expanded branch network in the U.S., Canada and Puerto Rico, as we became the leading community-based lender in North America.
In 2011, CitiFinancial became OneMain Financial. We changed our name to distinguish ourselves with an identity that better fits who we are and what we do. Unlike other Citi businesses, OneMain Financial is a consumer loan company with a 99-year heritage and branches nationwide. We specialize in providing personal loans, a straightforward application process and local, customized service. And our knowledgeable staff lives in the communities they serve and works one-on-one with customers at every stage of the loan process.
Although our name has changed, we're still a part of Citi. 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.