Beneficial Corporation and Hodson Trust records
- approximately 1920-1997
- Beneficial Corporation (Organization)
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Conditions Governing Use
150 Cubic Feet
Biographical / Historical
In 1960, the company entered the British market. In 1961, the company purchased Western Auto Supply Co., and in 1965 purchased Spiegel, Inc. (later sold in 1981). In 1970, the company changed its name to Beneficial Corporation. In 1976, Beneficial began offering credit cards through its People's Bank & Trust Co. subsidiary in Delaware. In the same year, Finn M. W. Caspersen, the son of Olaus Caspersen, became chairman and chief executive. The company bought Parliament Leasing in 1977, and First Texas Financial Corp., a savings and loan, in 1978. In 1977, Beneficial entered the reinsurance business through its insurance subsidiaries, but this business caused significant financial losses in the 1980s. Beneficial downsized this business and emphasized its second mortgage business.
In 1998, the company was purchased by Household International, Inc., for about $8.25 billion in stock. Household International was in turn acquired by HSBC Group in 2003, and made a part of the HSBC Finance Company.
Source: https://en.wikipedia.org/wiki/Beneficial_Corporation, accessed 2016 August 22.
Source: http://www.hodsontrust.org/index.html, accessed 2016 August 22.
Scope and Contents
Other Finding Aids
Immediate Source of Acquisition
Part of the Special Collections Repository
The Sheridan Libraries
3400 N Charles St
Baltimore MD 21218 USA