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Beneficial Management Corporation Of America history
Beneficial Management Corporation Of America company history timeline
Involved in sales finance, mortgages, banking, and insurance, Beneficial opened its first office, the Beneficial Loan Society, in 1914 in Elizabeth, New Jersey.
By 1924 Beneficial had 80 offices, making $13 million a year in loans, each averaging less than $100.
In 1929 the firm was reorganized as Beneficial Finance Corporation.
In 1954 it began a "fly now--pay later" plan with Pan American World Airways.
In 1961 Beneficial bought Western Auto Supply Co., a 4,500-store retail chain.
By 1964 Beneficial had 1,600 loan offices and made 1.7 million loans worth about $950 million.
But by 1966 this diversification strategy began going awry.
Beneficial itself continued to grow; by 1968 the firm had 1,770 offices in every state but Delaware.
In 1970 the firm changed its name to Beneficial Corporation.
M. W. Caspersen became chairman and chief executive in 1976, at the age of 35.
Banks were still entering Beneficial's niche, however, and to counterattack the firm began offering Visa and Master Charge credit cards through its wholly owned People's Bank & Trust Co. of Wilmington, Delaware. It had record profits of $100.4 million in 1976 on revenue of $1.743 billion.
The firm bought First Texas Financial Corp., a savings and loan, in 1978.
The consumer loan industry again fell on hard times in 1979 as a recession caused personal bankruptcies to increase 60 percent, while interest rates soared.
Beneficial's recently purchased savings and loans were also hurting, losing $800,000 in 1980.
"Selling Spiegel to Prepare for a Future in Banking," Business Week, July 6, 1981.
Even so, the firm made $101.2 million in 1985 on revenues of $2.1 billion.
Income for 1992 would have been $148.4 million but was lowered by a charge of $98.6 million, much of it for foreclosed real estate, particularly in southern California.
In 2007, that vision was realized when OneCalifornia Bank and OneCalifornia Foundation opened in Oakland.
In December 2010, OneCalifornia Bank acquired ShoreBank Pacific and changed its name to One PacificCoast Bank.
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