Capital One
Encyclopedia
Capital One Financial Corp. is a U.S.-based bank holding company specializing in credit cards, home loans
, auto loans, bank
ing and savings
products. A member of the Fortune 500, the company helped pioneer the mass marketing of credit cards in the early 1990s, and it is now the fourth-largest customer of the United States Postal Service
and has the fifth-largest deposit portfolio in the United States.
It has its corporate offices in Tysons Corner
, unincorporated
Fairfax County
, Virginia
, near McLean
.
and Nigel Morris
as a spin-off of Richmond, Virginia
-based Signet Banking Corp (which was subsequently acquired in 1997 by First Union Corp.
).
Capital One entered the retail banking
market with its acquisition of New Orleans, Louisiana
-based Hibernia National Bank
in 2005 and Melville, New York
-based North Fork Bancorporation
in 2006. North Fork Bank and Superior Savings of New England, both subsidiaries of North Fork Bancorporation, began using the branding of Capital One Bank on March 10, 2008. On December 4, 2008, Capital One announced it would purchase Chevy Chase Bank
for $520 million.
Capital One responded to the 2007 subprime mortgage financial crisis by jettisoning its mortgage platform, GreenPoint Mortgage, due in part to investor pressures.
On November 14, 2008, Capital One Financial Corporation was the recipient of $3.56 billion of the Emergency Economic Stabilization Act Federal bail-out in the form of a preferred stock purchase. On June 17, 2009, Capital One completed the repurchase of the 3,555,199 shares of the preferred stock the company issued to the U.S. Treasury.
of Capital One Auto Finance, or COAF, based in Plano, Texas
. After buying PeopleFirst, it became the largest Internet auto lender, as well as one of the top US auto lenders overall.
The company, which previously sold auto loans only through direct mail
and auto dealership
s, lets auto owners refinance existing auto loans and shoppers apply for new auto loans online. A decision usually comes within 15 minutes, after which the buyer receives a "blank check
" for up to the approved auto loan amount, which the buyer uses to purchase a car. To the dealership, it is as if the buyer were paying cash. The checks can be used to purchase a new or used vehicle, or to refinance an existing auto loan with another lender.
COAF originates auto loans across the credit spectrum.
, Ontario
. Unlike its diversified American parent, the Canadian business does not currently operate outside of the credit card market. Similar to the US Parent, Capital One Canada is Canada Post
's second largest customer. In October 2008, Capital One Canada was named one of Greater Toronto's Top Employers
by Mediacorp Canada Inc., which was announced by the Toronto Star
newspaper.
The UK headquarters of Capital One is in Nottingham
Trent House, Station Street, England
. The company was once active in Spain
, Italy
, France
and South Africa
, but has since withdrawn from these markets.
, Royal Acceptance) or have been acquired (e.g., MBNA
, Beneficial
, First USA
); Capital One is notable for having experienced neither.
Prior to this the company experienced tremendous growth as a monoline which it credited to its Information Based Strategy, a strategy it pioneered to use customer data to help tailor its products to customers, particularly subprime consumers. The company had one of the largest databases of consumer data at one time: over three terabytes of data by 1998. It attempted to leverage this strategy outside of the finance industry, most notably in the cell phone market as AmericaOne which it eventually sold to Sprint.
While many monolines were acquired by larger, diverse banks, Capital One adopted the opposite strategy by expanding into retail banking
in 2005. This was accomplished through the acquisition of Hibernia
, North Fork
and Chevy Chase
, three large regional banks.
On June 16, 2011, ING Groep N.V.
announced it reached an agreement to sell ING Direct USA for a total consideration of $9.0 billion (€6.3 billion) to Capital One Financial Corporation
. The deal would make Capital One the fifth-largest depository in the United States. Under the terms of the agreement, ING will receive $6.2 billion in cash and $2.8 billion in the form of 55.9 million shares in Capital One. With its pro forma 9.9% stake, ING will become the largest single shareholder in Capital One. After closing ING has the right to be represented by one member of the Board of Directors
of Capital One.
The sale of ING Direct USA to Capital One is subject to regulatory consent. While previously expected to close in the fourth quarter of 2011, the acquisition has been slowed by regulatory issues stemming from the size of the new institution.
On August 26, 2011, the Federal Reserve Board of Governors announced it would hold public hearings on the Capital One acquisition of ING Direct, as well as extend the public comment period previously slated to end August 22 to October 12, 2011. The move came amidst rising scrutiny of the deal on systemic risk, or "Too-Big-to-Fail, performance under the Community Reinvestment Act, and pending legal challenges. A coalition of national civil rights and consumer groups, led by the National Community Reinvestment Coalition, were joined by Rep. Barney Frank (D-MA) to challenge immediate approval of the deal. The groups have argued that the acquisition is a test of the Dodd-Frank Wall Street Reform and Consumer Protection Act, under which systemically risky firms must demonstrate a public benefit that outweighs new risk before they are allowed to grow.
Other skeptics of the deal include Kansas City Federal Reserve Bank head Thomas M. Hoenig
, and columnist Steven Pearlstein.
A June 2011 bid by Capital One to acquire the US credit card operations of HSBC
is currently in review.. The deal would be a $30 billion credit card portfolio to Capital One, and make the company the fourth-largest credit card issuer in the country.
game played in Orlando, Florida
, renaming it the Capital One Citrus Bowl and then eventually the Capital One Bowl
. In the UK, the company sponsored Football League Championship
football clubs Nottingham Forest
from 2004 to 2009 and Sheffield United from 2006 to 2008.
In 2008 and 2009, the company sponsored several curling events all across Canada.
It sponsors a mascot challenge every year. The winner is announced on the day of the Capital One Bowl.
. This card is novel in that prior to this launch, a debit card was always tied to a traditional financial institution, such as a bank or credit union.
CapitalOne's Mastercard-branded decoupled card did not require an account be opened with a "retail" financial institution, and was made in partnership with the Ukrop's Super Markets, a Richmond-based grocery-store
chain , and Sheetz
, a regional gas-station and convenience-store
chain. The Ukrops card was also tied to the grocer's reward program.
That one-year experiment ended in May 2008, and was followed up with a national rollout of its own version of a decoupled debit card tied to its own reward program.
Mortgage loan
A mortgage loan is a loan secured by real property through the use of a mortgage note which evidences the existence of the loan and the encumbrance of that realty through the granting of a mortgage which secures the loan...
, auto loans, bank
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
ing and savings
Savings account
Savings accounts are accounts maintained by retail financial institutions that pay interest but cannot be used directly as money . These accounts let customers set aside a portion of their liquid assets while earning a monetary return...
products. A member of the Fortune 500, the company helped pioneer the mass marketing of credit cards in the early 1990s, and it is now the fourth-largest customer of the United States Postal Service
United States Postal Service
The United States Postal Service is an independent agency of the United States government responsible for providing postal service in the United States...
and has the fifth-largest deposit portfolio in the United States.
It has its corporate offices in Tysons Corner
Tysons Corner, Virginia
Tysons Corner is an unincorporated census-designated place in Fairfax County, Virginia, United States. Part of the Washington Metropolitan Area located in Northern Virginia, Tysons Corner lies between the community of McLean and the town of Vienna along the Capital Beltway . The population was...
, unincorporated
Unincorporated area
In law, an unincorporated area is a region of land that is not a part of any municipality.To "incorporate" in this context means to form a municipal corporation, a city, town, or village with its own government. An unincorporated community is usually not subject to or taxed by a municipal government...
Fairfax County
Fairfax County, Virginia
Fairfax County is a county in Virginia, in the United States. Per the 2010 Census, the population of the county is 1,081,726, making it the most populous jurisdiction in the Commonwealth of Virginia, with 13.5% of Virginia's population...
, Virginia
Virginia
The Commonwealth of Virginia , is a U.S. state on the Atlantic Coast of the Southern United States. Virginia is nicknamed the "Old Dominion" and sometimes the "Mother of Presidents" after the eight U.S. presidents born there...
, near McLean
McLean, Virginia
McLean is an unincorporated community and census-designated place in Fairfax County in Northern Virginia. The community had a total population of 48,115 as of the 2010 census....
.
History
Capital One was founded in 1988 by Richard FairbankRichard Fairbank
Richard Fairbank founded Capital One with Nigel Morris in 1988, and is currently the Chairman and CEO. He also serves on the board of directors of MasterCard International, and is the Chairman of MasterCard International's U.S. Region Board of Directors...
and Nigel Morris
Nigel Morris
Nigel Morris is a businessman who co-founded Capital One with Richard Fairbank, and retired as COO in 2004.He lent the Labour Party £1,000,000 as part of the Cash for peerages affair....
as a spin-off of Richmond, Virginia
Richmond, Virginia
Richmond is the capital of the Commonwealth of Virginia, in the United States. It is an independent city and not part of any county. Richmond is the center of the Richmond Metropolitan Statistical Area and the Greater Richmond area...
-based Signet Banking Corp (which was subsequently acquired in 1997 by First Union Corp.
Wachovia
Wachovia was a diversified financial services company based in Charlotte, North Carolina. Before its acquisition by Wells Fargo in 2008, Wachovia was the fourth-largest bank holding company in the United States based on total assets...
).
Capital One entered the retail banking
Retail banking
Retail banking is banking in which banking institutions execute transactions directly with consumers, rather than corporations or other banks. Services offered include: savings and transactional accounts, mortgages, personal loans, debit cards, credit cards, and so forth.-Types of...
market with its acquisition of New Orleans, Louisiana
New Orleans, Louisiana
New Orleans is a major United States port and the largest city and metropolitan area in the state of Louisiana. The New Orleans metropolitan area has a population of 1,235,650 as of 2009, the 46th largest in the USA. The New Orleans – Metairie – Bogalusa combined statistical area has a population...
-based Hibernia National Bank
Hibernia National Bank
Hibernia National Bank, founded in 1870, was a personal banking and commercial lending institution headquartered in New Orleans, Louisiana. It was the largest and oldest bank headquartered in the state, and also had locations in Texas, Mississippi, and Arkansas.-History:Founded by Irish immigrants...
in 2005 and Melville, New York
Melville, New York
Melville is a hamlet and census-designated place in the town of Huntington in Suffolk County on Long Island, New York, in the United States. As of the 2000 census, 14,533 people resided there.-Location:...
-based North Fork Bancorporation
North Fork Bank
North Fork Bank was an American bank from 1950 until 2008 when it became Capital One Bank .In November 2007, it had 365 branches in the New York metropolitan area.-History:...
in 2006. North Fork Bank and Superior Savings of New England, both subsidiaries of North Fork Bancorporation, began using the branding of Capital One Bank on March 10, 2008. On December 4, 2008, Capital One announced it would purchase Chevy Chase Bank
Chevy Chase Bank
Chevy Chase Bank, F.S.B. was the largest locally-based banking company in the Washington Metropolitan Area. It was acquired by Capital One in 2009 and rebranded as Capital One Bank in 2010. Despite its name, Chevy Chase Bank was a federally chartered thrift regulated by the Office of Thrift...
for $520 million.
Capital One responded to the 2007 subprime mortgage financial crisis by jettisoning its mortgage platform, GreenPoint Mortgage, due in part to investor pressures.
On November 14, 2008, Capital One Financial Corporation was the recipient of $3.56 billion of the Emergency Economic Stabilization Act Federal bail-out in the form of a preferred stock purchase. On June 17, 2009, Capital One completed the repurchase of the 3,555,199 shares of the preferred stock the company issued to the U.S. Treasury.
Capital One Auto Finance
Capital One Financial Corporation is the parent companyHolding company
A holding company is a company or firm that owns other companies' outstanding stock. It usually refers to a company which does not produce goods or services itself; rather, its purpose is to own shares of other companies. Holding companies allow the reduction of risk for the owners and can allow...
of Capital One Auto Finance, or COAF, based in Plano, Texas
Plano, Texas
Plano is a city in the state of Texas, located mostly within Collin County. The city's population was 259,841 at the 2010 census, making it the ninth-largest city in Texas and the 71st most populous city in the United States. Plano is located within the metropolitan area commonly referred to as...
. After buying PeopleFirst, it became the largest Internet auto lender, as well as one of the top US auto lenders overall.
The company, which previously sold auto loans only through direct mail
Direct mail
Advertising mail, also known as direct mail, junk mail, or admail, is the delivery of advertising material to recipients of postal mail. The delivery of advertising mail forms a large and growing service for many postal services, and direct-mail marketing forms a significant portion of the direct...
and auto dealership
Car dealership
A car dealership or vehicle local distribution is a business that sells new or used cars at the retail level, based on a dealership contract with an automaker or its sales subsidiary. It employs automobile salespeople to do the selling...
s, lets auto owners refinance existing auto loans and shoppers apply for new auto loans online. A decision usually comes within 15 minutes, after which the buyer receives a "blank check
Blank check
A blank cheque , in the literal sense, is a cheque that has no numerical value written in, but is already signed...
" for up to the approved auto loan amount, which the buyer uses to purchase a car. To the dealership, it is as if the buyer were paying cash. The checks can be used to purchase a new or used vehicle, or to refinance an existing auto loan with another lender.
COAF originates auto loans across the credit spectrum.
International operations
Capital One commenced operations in Canada in 1996. Its head office is located in TorontoToronto
Toronto is the provincial capital of Ontario and the largest city in Canada. It is located in Southern Ontario on the northwestern shore of Lake Ontario. A relatively modern city, Toronto's history dates back to the late-18th century, when its land was first purchased by the British monarchy from...
, Ontario
Ontario
Ontario is a province of Canada, located in east-central Canada. It is Canada's most populous province and second largest in total area. It is home to the nation's most populous city, Toronto, and the nation's capital, Ottawa....
. Unlike its diversified American parent, the Canadian business does not currently operate outside of the credit card market. Similar to the US Parent, Capital One Canada is Canada Post
Canada Post
Canada Post Corporation, known more simply as Canada Post , is the Canadian crown corporation which functions as the country's primary postal operator...
's second largest customer. In October 2008, Capital One Canada was named one of Greater Toronto's Top Employers
Greater Toronto's Top Employers
Greater Toronto's Top Employers is an annual competition that recognizes the best places to work in the Greater Toronto Area...
by Mediacorp Canada Inc., which was announced by the Toronto Star
Toronto Star
The Toronto Star is Canada's highest-circulation newspaper, based in Toronto, Ontario, Canada. Its print edition is distributed almost entirely within the province of Ontario...
newspaper.
The UK headquarters of Capital One is in Nottingham
Nottingham
Nottingham is a city and unitary authority in the East Midlands of England. It is located in the ceremonial county of Nottinghamshire and represents one of eight members of the English Core Cities Group...
Trent House, Station Street, England
England
England is a country that is part of the United Kingdom. It shares land borders with Scotland to the north and Wales to the west; the Irish Sea is to the north west, the Celtic Sea to the south west, with the North Sea to the east and the English Channel to the south separating it from continental...
. The company was once active in Spain
Spain
Spain , officially the Kingdom of Spain languages]] under the European Charter for Regional or Minority Languages. In each of these, Spain's official name is as follows:;;;;;;), is a country and member state of the European Union located in southwestern Europe on the Iberian Peninsula...
, Italy
Italy
Italy , officially the Italian Republic languages]] under the European Charter for Regional or Minority Languages. In each of these, Italy's official name is as follows:;;;;;;;;), is a unitary parliamentary republic in South-Central Europe. To the north it borders France, Switzerland, Austria and...
, France
France
The French Republic , The French Republic , The French Republic , (commonly known as France , is a unitary semi-presidential republic in Western Europe with several overseas territories and islands located on other continents and in the Indian, Pacific, and Atlantic oceans. Metropolitan France...
and South Africa
South Africa
The Republic of South Africa is a country in southern Africa. Located at the southern tip of Africa, it is divided into nine provinces, with of coastline on the Atlantic and Indian oceans...
, but has since withdrawn from these markets.
Unusual growth
Unlike other diversified financial services firms, Capital One began as consumer lending "monoline"A company whose sole business is consumer lending.. Remaining a monoline is precarious because of the often-cyclical nature of consumer lending; it can be very profitable industry in good times and markedly unprofitable in bad, such that a monoline company will go out of business or be acquired fairly cheaply during hard timesSuch companies are extremely vulnerable to consumer borrowing behavior, which decreases (or ceases) during such hard times.. Most consumer-lending monolines in the past twenty years have either gone out of business (e.g., The Money Store, NextCardNextCard
NextCard, Inc. was a United States company that was one of the first issuers of credit cards online, and the first to offer instant online approval. Its headquarters were located in San Francisco, California and maintained offices in Livermore, California and at 44th St. and Van Buren in Phoenix,...
, Royal Acceptance) or have been acquired (e.g., MBNA
MBNA
MBNA Corporation was a bank holding company and parent company of wholly owned subsidiary MBNA America Bank, N.A., headquartered in Wilmington, Delaware, prior to being acquired by Bank of America in 2006...
, Beneficial
HSBC Finance
HSBC Finance Corporation is a financial services company and a member of the British HSBC Group. It is the sixth-largest issuer of MasterCard and Visa credit cards in the United States...
, First USA
Bank One Corporation
Some of the banks that were merged into these banks include:*Bank One**Security National Bank & Trust **Affiliated Bankshares of Colorado **American Fletcher Corp. **City National Bank and Trust Co...
); Capital One is notable for having experienced neither.
Prior to this the company experienced tremendous growth as a monoline which it credited to its Information Based Strategy, a strategy it pioneered to use customer data to help tailor its products to customers, particularly subprime consumers. The company had one of the largest databases of consumer data at one time: over three terabytes of data by 1998. It attempted to leverage this strategy outside of the finance industry, most notably in the cell phone market as AmericaOne which it eventually sold to Sprint.
While many monolines were acquired by larger, diverse banks, Capital One adopted the opposite strategy by expanding into retail banking
Retail banking
Retail banking is banking in which banking institutions execute transactions directly with consumers, rather than corporations or other banks. Services offered include: savings and transactional accounts, mortgages, personal loans, debit cards, credit cards, and so forth.-Types of...
in 2005. This was accomplished through the acquisition of Hibernia
Hibernia
Hibernia is the Classical Latin name for the island of Ireland. The name Hibernia was taken from Greek geographical accounts. During his exploration of northwest Europe , Pytheas of Massilia called the island Ierne . In his book Geographia Hibernia is the Classical Latin name for the island of...
, North Fork
North Fork
-Communities:*North Fork, California, town in Madera County*North Fork, California, former name of Korbel, Humboldt County, California*North Fork, California, former naem of Seneca, California*North Fork Township, Illinois...
and Chevy Chase
Chevy Chase
Cornelius Crane "Chevy" Chase is an American comedian, writer, and television and film actor, born into a prominent entertainment industry family. Chase worked a plethora of odd jobs before moving into comedy acting with National Lampoon...
, three large regional banks.
On June 16, 2011, ING Groep N.V.
ING Group
The ING Group is a global financial institution offering retail banking, direct banking, commercial banking, investment banking, asset management, and insurance services. ING is the Dutch member of the Inter-Alpha Group of Banks, a cooperative consortium of 11 prominent European banks...
announced it reached an agreement to sell ING Direct USA for a total consideration of $9.0 billion (€6.3 billion) to Capital One Financial Corporation
Capital One
Capital One Financial Corp. is a U.S.-based bank holding company specializing in credit cards, home loans, auto loans, banking and savings products...
. The deal would make Capital One the fifth-largest depository in the United States. Under the terms of the agreement, ING will receive $6.2 billion in cash and $2.8 billion in the form of 55.9 million shares in Capital One. With its pro forma 9.9% stake, ING will become the largest single shareholder in Capital One. After closing ING has the right to be represented by one member of the Board of Directors
Board of directors
A board of directors is a body of elected or appointed members who jointly oversee the activities of a company or organization. Other names include board of governors, board of managers, board of regents, board of trustees, and board of visitors...
of Capital One.
The sale of ING Direct USA to Capital One is subject to regulatory consent. While previously expected to close in the fourth quarter of 2011, the acquisition has been slowed by regulatory issues stemming from the size of the new institution.
On August 26, 2011, the Federal Reserve Board of Governors announced it would hold public hearings on the Capital One acquisition of ING Direct, as well as extend the public comment period previously slated to end August 22 to October 12, 2011. The move came amidst rising scrutiny of the deal on systemic risk, or "Too-Big-to-Fail, performance under the Community Reinvestment Act, and pending legal challenges. A coalition of national civil rights and consumer groups, led by the National Community Reinvestment Coalition, were joined by Rep. Barney Frank (D-MA) to challenge immediate approval of the deal. The groups have argued that the acquisition is a test of the Dodd-Frank Wall Street Reform and Consumer Protection Act, under which systemically risky firms must demonstrate a public benefit that outweighs new risk before they are allowed to grow.
Other skeptics of the deal include Kansas City Federal Reserve Bank head Thomas M. Hoenig
Thomas M. Hoenig
Thomas Michael Hoenig took office October 1, 1991, as the eighth chief executive of the Tenth District Federal Reserve Bank, in Kansas City, United States. He is serving a full term that began March 1, 2001...
, and columnist Steven Pearlstein.
A June 2011 bid by Capital One to acquire the US credit card operations of HSBC
HSBC
HSBC Holdings plc is a global banking and financial services company headquartered in Canary Wharf, London, United Kingdom. it is the world's second-largest banking and financial services group and second-largest public company according to a composite measure by Forbes magazine...
is currently in review.. The deal would be a $30 billion credit card portfolio to Capital One, and make the company the fourth-largest credit card issuer in the country.
Sponsorships
The company is a major sponsor of sports teams. In 2001, it became the principal sponsor of the Florida Citrus Bowl, an annual college footballCollege football
College football refers to American football played by teams of student athletes fielded by American universities, colleges, and military academies, or Canadian football played by teams of student athletes fielded by Canadian universities...
game played in Orlando, Florida
Orlando, Florida
Orlando is a city in the central region of the U.S. state of Florida. It is the county seat of Orange County, and the center of the Greater Orlando metropolitan area. According to the 2010 US Census, the city had a population of 238,300, making Orlando the 79th largest city in the United States...
, renaming it the Capital One Citrus Bowl and then eventually the Capital One Bowl
Capital One Bowl
The Capital One Bowl is an annual college football bowl game played in Orlando, Florida at the Citrus Bowl, and previously known as the Tangerine Bowl and the Florida Citrus Bowl...
. In the UK, the company sponsored Football League Championship
Football League Championship
The Football League Championship is the highest division of The Football League and second-highest division overall in the English football league system after the Premier League...
football clubs Nottingham Forest
Nottingham Forest F.C.
Nottingham Forest Football Club is an English Association Football club based in West Bridgford, Nottingham, that plays in the Football League Championship...
from 2004 to 2009 and Sheffield United from 2006 to 2008.
In 2008 and 2009, the company sponsored several curling events all across Canada.
It sponsors a mascot challenge every year. The winner is announced on the day of the Capital One Bowl.
Decoupled debit card
In May 2007, the company began an experiment that came to be known as a decoupled debit cardDecoupled debit card
A decoupled debit card is a debit card that is not issued by, and not tied to, a particular retail financial institution, such as a bank or credit union. In May 2007, Capital One began a one year decoupled debit card experiment . This card was novel in that prior to this launch, a debit card was...
. This card is novel in that prior to this launch, a debit card was always tied to a traditional financial institution, such as a bank or credit union.
CapitalOne's Mastercard-branded decoupled card did not require an account be opened with a "retail" financial institution, and was made in partnership with the Ukrop's Super Markets, a Richmond-based grocery-store
Grocery store
A grocery store is a store that retails food. A grocer, the owner of a grocery store, stocks different kinds of foods from assorted places and cultures, and sells these "groceries" to customers. Large grocery stores that stock products other than food, such as clothing or household items, are...
chain , and Sheetz
Sheetz
Sheetz, Inc. is a chain of gas stations/convenience stores owned by the Sheetz family. Stores are located in Maryland, North Carolina, Ohio, Pennsylvania, Virginia, and West Virginia....
, a regional gas-station and convenience-store
Convenience store
A convenience store, corner store, corner shop, commonly called a bodega in Spanish-speaking areas of the United States, is a small store or shop in a built up area that stocks a range of everyday items such as groceries, toiletries, alcoholic and soft drinks, and may also offer money order and...
chain. The Ukrops card was also tied to the grocer's reward program.
That one-year experiment ended in May 2008, and was followed up with a national rollout of its own version of a decoupled debit card tied to its own reward program.
See also
- Capital One TowerCapital One Tower (Lake Charles)The Capital One Tower is located in Lake Charles, Louisiana and is the second tallest building in the city.The building was designed by Lloyd Jones Brewer Associates of Houston and constructed by Miner-Dederick of Houston and F. Miller and Sons of Lake Charles. Construction began in March 1981 with...
- Chevy Chase BankChevy Chase BankChevy Chase Bank, F.S.B. was the largest locally-based banking company in the Washington Metropolitan Area. It was acquired by Capital One in 2009 and rebranded as Capital One Bank in 2010. Despite its name, Chevy Chase Bank was a federally chartered thrift regulated by the Office of Thrift...
(acquired in 2009) - Hibernia National BankHibernia National BankHibernia National Bank, founded in 1870, was a personal banking and commercial lending institution headquartered in New Orleans, Louisiana. It was the largest and oldest bank headquartered in the state, and also had locations in Texas, Mississippi, and Arkansas.-History:Founded by Irish immigrants...
(acquired in 2005) - North Fork BankNorth Fork BankNorth Fork Bank was an American bank from 1950 until 2008 when it became Capital One Bank .In November 2007, it had 365 branches in the New York metropolitan area.-History:...
(acquired in 2006)