In 1912, OneMain Financial was founded by commercial credit in Baltimore, Maryland, to provide working capital to manufacturers and building contractors. OneMain Financial (formerly Springleaf Financial) (2010–present) Weill brought in experienced management to prop up the business to success, exiting unprofitable segments and tripling operating profits within a year. He and his associates invested their own money to own 10% of CCC, while CDC retained a 20% stake, with the remaining 70% offered to the public. Weill, who had just left American Express after not being lined up as its next CEO, claimed to have pursued the deal for the fun and challenge. It subsequently withdrew CCC from the market and accepted Sandy Weill's proposal to spin-off CCC into its own public company in 1986.
In 1984, CDC tried to find a buyer for CCC, but could not sell it for the right price. Meanwhile, CCC accounted for more and more of their profits as it expanded its financial services, but it was unable to keep up with industry peers. However, as the computer business became more cutthroat and computer leasing was falling in favor of purchasing, CDC's business began to wane in the next decade and a half. ĬDC initially utilized CCC as a vehicle to assist customers in financing their computer leases and to stabilize earnings due to the seasonality of the computer business. However, CCC's management sought a different buyer and was able to sway computer company Control Data Corporation (CDC) into acquiring them instead. By 1968, the company was the target of a hostile takeover by Loews Corporation, which had already owned 10% of the company's common stock. Over the course of several decades, CCC adapted to the changing times, expanding into auto financing and personal lending, maneuvering into insurance to provide coverage for the products it was financing, and even manufacturing war-related goods during the WWII and post-war eras. It began as a lender of capital to companies with their accounts receivable as security. Both CitiFinancial and American General Finance have their own lines of history as consumer finance companies dating back to the 1910s and 1920s, respectively.ĬitiFinancial history (1912–2015) Ĭommercial Credit Company (CCC) was established as a public company by Alexander Edward Duncan and eight businessmen in Baltimore, Maryland in 1912.
OneMain in its present form is the result of Springleaf Financial's acquisition of OneMain Financial (formerly CitiFinancial) from Citigroup in November 2015, with OneMain becoming the surviving brand. Fortress subsequently renamed the company to Springleaf Financial and took the company public in October 2013. OneMain Financial was formed in November 2010, following Fortress Investment Group's majority purchase of American General Finance from AIG. A group of entities managed by affiliates of Apollo Global Management, Inc. In November 2015, Springleaf Financial acquired OneMain Financial, with OneMain becoming the surviving brand.Īs of December 2020, OneMain had approximately 1,500 branch offices in 44 states. In November 2010, Fortress Investment Group purchased a majority stake in American General Finance and renamed it to Springleaf Financial the following year.
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Meanwhile, Interstate Finance Corporation was founded in Evansville in 1920 and experienced its own series of mergers and acquisitions until it became American General Finance, the consumer finance subsidiary of AIG. After the 2008 financial crisis, Citigroup reorganized its business, with the company regarding CitiFinancial as a noncore business that it renamed to OneMain Financial and sought to sell. Through a series of mergers and acquisitions, Commercial Credit Company eventually became a subsidiary of Citigroup and was known as CitiFinancial. Duncan as Commercial Credit Company in Baltimore, Maryland. OneMain's roots stretch back to 1912 when it was founded by Alexander E. Its business primarily focuses on providing personal loans and optional insurance products to customers with limited access to traditional lenders, such as banks and credit card companies. The company wholly owns OneMain Finance Corporation and its subsidiaries, through which it operates in the consumer finance and insurance industries as OneMain Financial. is an American financial services holding company headquartered in Evansville, Indiana, with central offices throughout the United States.
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