Beneficial Corporation

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. Norwegian immigrant Olaus Westby Caspersen 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.

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.

Subject ID: 7866

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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. Norwegian immigrant Olaus Westby Caspersen 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.

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.

Subject ID: 7866

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