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Capital One Announces Fourteenth Consecutive Quarterly Dividend

July 30, 1998 at 12:00 AM EDT

FALLS CHURCH, Va., July 30 /PRNewswire/ -- Capital One Financial Corporation (NYSE: COF) today announced a quarterly dividend of $.08 per share payable August 21, 1998 to stockholders of record as of August 13, 1998. This is the Company's fourteenth consecutive quarterly dividend since it became an independent company on February 28, 1995. Dividends declared by the Company are eligible for direct reinvestment in the Company's common stock under its Dividend Reinvestment and Stock Purchase Plan. For additional plan information, stockholders should contact First Chicago Trust Company of New York at 800-446-2617.

The Company also announced that it expects to continue repurchasing its common stock in order to mitigate the impact of shares issued through dividend reinvestment, associate stock purchase and option programs. Today, the Company's Board of Directors approved the repurchase of up to an additional 1,500,000 shares of the Company's common stock over the next two years, starting later in 1998. In July 1997, the Company initially announced share repurchase programs of up to 2,000,000 shares to mitigate the impact of shares issuable under benefit plans. As of June 30, 1998, the Company has repurchased 1,427,875 shares.

Headquartered in Falls Church, Virginia, Capital One Financial Corporation (www.capitalone.com) is a holding company with more than 7,500 associates worldwide, whose principal subsidiaries, Capital One Bank and Capital One, F.S.B., offer financial consumer lending products. Capital One's subsidiaries collectively had 13.6 million customers and $15.0 billion in managed loans outstanding as of June 30, 1998, and are among the largest providers of MasterCard and Visa credit cards in the world. Capital One trades on the New York Stock Exchange under the symbol ``COF'' and is included in the S&P 500 Index.