Citibank was founded in 1812 as the City Bank of New York and later became Citigroup’s flagship bank.
The bank began operations in New York City on 16 June 1812, shortly before the United States entered the War of 1812. It originally served local merchants and businesses and expanded as New York became a major commercial and financial center.
The institution changed its name several times, becoming the First National City Bank of New York in 1955 and Citibank in 1976. In 1998, its parent company merged with Travelers Group to form Citigroup, combining banking, insurance, and financial-services operations.
Citibank is a commercial bank, not the central bank of the United States. The Federal Reserve System performs the country’s central-bank functions and was created in 1913.