Beneficial Corporation was one of the largest consumer finance companies in the United States, prior to its acquisition by Household International, Inc. in 1998.
Beneficial began as the Beneficial Loan Society in 1914 in Elizabeth, New Jersey, founded by “Colonel” Clarence Hodson (1868-1928). Norwegian immigrant Olaus Westby Caspersen (1896–1971) joined Beneficial in 1920. In 1929, the company was reorganized as Beneficial Finance Corporation by Olaus Caspersen who would spend 18 years as president of the company.[1] [2]
In 1960, the company entered the British market. In 1961, the company purchased Western Auto Supply Co., and in 1965 purchased Spiegel, Inc[3] (later sold in 1981).[4] 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