On this day in 1812 the state of New York cobbled together $2 million to start “The City Bank of New York”.
Fifty years later the firm converted to a national charter and was renamed The National City Bank of New York.
By 1913, it became the first contributor to the Federal Reserve Bank of New York and later became the first American financial institution to reach $1 billion in assets.
(Of course that would seem like a drop in the bucket today -- considering it received at least $45 billion in TARP money.)
In the 1950's James Rockefeller was elected president and later chairman of this storied financial The National City Bank, New York, N.Y. institution. And up until last
circa 1910 year’s credit crisis, it was the
biggest bank in the world.
Know which bank we're talking about? (scroll down for the answer)
It's Citigroup. That’s today in Fast Money history.
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