History

about-history

“One of the things that I value most is having had the opportunity to build a successful business in Indiana.” — J. Dwight Peterson, co-founder
The original purpose of City Securities Corporation—founded in the early 1920s and located at 108 East Washington—was simple: “to provide complete investment banking service to the people of Indiana.” And while we’ve grown and diversified our services for nearly a century, that purpose is still at the center of everything we do. In 1928, City Securities Corporation devised the self-liquidating bond for university residence hall construction. This instrument made it possible for state universities to raise needed funds to build dormitories without relying on private philanthropy. It was only part of our early success. Between 1925 and 1929, the dollar value of securities sold by the corporation doubled. During the 1930s we faced the century’s worst financial crisis, which challenged the survival of all businesses. However, during this time we made the move from 108 East Washington to the Circle Tower building where we not only weathered the Great Depression, but also began to offer insurance services. Over the next 60 years, we grew into an industry leader and became recognized as Indiana’s largest and best-capitalized regional investment banking firm. From the late 1980s to the early 2000s, we experienced a period of exponential growth and made another move to a new corporate location at 135 North Pennsylvania, while making smooth transitions in our leadership. With the continuation of strong securities markets, we introduced a host of new investment products and services, including our Venture Capital Fund, offered for the first time in 1989. And we made history by underwriting the largest bond issue in Indiana history—the $580,370,000 issue for the City of Indianapolis Waterworks. In May 2002, City Securities Corporation relocated to our current offices at 30 South Meridian with a business profile that was considerably different from that of the previous decade. While still the leader in the underwriting and distribution of municipal securities in Indiana, we were no longer overly dependent on the successful marketing of these investments – we had become the diversified company that we are today. To ensure healthy growth and expansion, we completed a corporate reorganization to create a holding company structure in 2006. And as a result, City Securities Corporation and City Securities Insurance, LLC are now wholly owned subsidiaries of City Financial Corporation. This structure allows us to streamline our decision-making process in businesses outside the broker-dealer, and it offers greater flexibility for future operational and financing activities.