Imperial Credit Company

Typed by Rita Millis from a history originally done about 1955 - 14 August 2000

Imperial Credit Company, one of whose sixteen branch offices is located at 4 E. Douglas Street, Robinson (Crawford County), is engaged in the consumer finance business, lending money in amounts from $10 to $500 for necessitous purposes to the American family.

The Company operates under the provisions of the Small Loans Law of the State of Illinois, which limits the amount which may be loaned to a borrower, and also limits the rate of interest chargeable thereon. The operation of the Company is regulated and supervised by the Department of Insurance of the State of Illinois.

The Company was founded in Chicago in 1904 by Mr. Albert P. Snite, who will celebrate his fiftieth year in business on February 4, 1954.

Mr. Snite, as sole proprietor, operated the Company until November, 1929, at which time the Company was incorporated under the laws of the State of Illinois. In March, 1933, the Company was reorganized under the laws of the State of Delaware.

The Company operated one office located in Chicago's Loop, until May 1, 1931, when its first branch office was opened at 63rd and Halsted Streets, Chicago. In the next nine years, as expansion continued, the company opened five branch offices in various business districts of Chicago, for the purpose of more conveniently servicing the public.

Following the War, the Company opened its first suburban office, in Elmwood Park, in 1946. Additional branch offices were opened in Chicago in 1947 and 1948.

In 1948 Imperial Credit Company purchased the Bloomington Loan Company in Bloomington, Illinois, and in 1950 purchased the Pioneer Finance Company offices in Paris and Robinson, Illinois. (The Robinson office was originally located at 100 North Cross Street in October, 1952, the office moved to its new quarters at 4 Douglas Street.)

In 1951 an office was opened in suburban Des Plaines, Illinois, and the Company purchased Rock River Loan Company in Pontiac. On September 3rd, 1953, Imperial opened its sixteenth b ranch office in the Mt. Greenwood district of Chicago.

All offices operate under the name "Imperial Credit Company."

Offices and Directors of the Company are as follows:

Albert P. Snite, President and Director
John T. Snite, Vice President and Director
Kathleen Mustain, Secretary and Director
Albert H. Witkowski, Treasurer and Director
Albert O. Snite, Director

Mr. Albert P. Snite has been President and a Director of the company since its organization.

In 1917 when the Uniform Small Loans Law was passed in Illinois, Mr. Snite was active in organizing the Illinois Association of Small Loan Companies, (Now the Illinois Consumer Finance Association), and was the Association's third president, taking office in 1920 and serving in that capacity until 1934, when he was elected Secretary, a position he has held continuously since that date.

Mr. Albert P. Snite is a charter member of the National Consumer Finance Association, the consumer finance industry's national trade organization, and was President of that Association in 1929-30. He served continuously as a member of the Board of Directors of the Association for over 20 years. In 1943 Mr. Snite received the Distinguished Service Award from the National Consumer Finance Association for his contribution to the growth and advancement of the consumer finance business. This past November, 1953, he was the recipient of a citation of merit from the Illinois Consumer Finance Association for his outstanding leadership in the consumer ifnance industry.

Mr. John T. Snite joined his father in business in March 1931, became Vice President in 1933, was elected a Director in 1936, and became General Manager in 1945.

In 1950 Mr. John T. Snite succeeded his father as a Director of the National Consumer Finance Association, became Vice President in 1952, and at the Annual Convention of the Association in St. Louis on October 3, 1953, was elected president of that organization. He is the first to follow in his father's footsteps as President of the National association.

Mr. John T. Snite served as a Naval Officer in World War II. Before entering the service he was civilian coordinator in the Navy League--Abbott Hall Midshipmen's Training Program, for which he received a Distinguished Service Award from the Lake Michigan Yachting Association.

Both Mr. Albert P. Snite and Mr. John T. Snite have served the industry and community in heading Red Cross, Community Fund and other civic drives in Chicago. Mr. Albert P. Snite was a member of the Board of Directors and of the Finance Committee of the Chicago Crime Commission for many years, and his son now serves as a Director of that organization.

Mr. Albert H. Witkowski will begin his forty-second year with the Company in March 1954. He was manager of the company's first office for thirty years and has been, successively, Supervisor and Director of Supervision. He has been Treasurer and a Director of the company since its incorporation.

Miss Kathleen Mustain last year celebrated twenty-five years' service with the Company, having been employed as cashier-stenographer on January 21, 1928. She became Assistant Secretary in February, 1942, and became Secretary and a Director of the Company in December, 1943.

Mr. Albert O. Snite became a Director in March, 1940

Imperial Credit Company is a family owned corporation, employing at the present time approximately one hundred persons in its sixteen offices. The Company carries Blue Cross and Group Life Insurance on all its employees. The Company encourages its employees to participate actively in community and civic organizations and to devote as much time as possible to those activities. Several of the Company's managers have served their communities as president of their respective businessmen's associations.

The Company's managers have an imposing service record; one has been with the company over twenty years; five have over fifteen years' service, and six others have a record of over ten years' service.

Imperial Credit Company is a part of that important consumer credit segment of the American economy which has contributed so greatly to the growth of the mass production, distribution, and consumption system in this country--a system which has made the United States outstanding in its leadership throughout the world.

The Company is one of over 8,000 small loan companies which maintain offices in various communities to afford considerate and responsible sources of credit to those without bankable security, and whose facilities are available for the improvement of the financial circumstances of the American family.

 

This page last updated on February 05, 2015.