FALLS CHURCH, Va., May 18 /PRNewswire/ -- Capital One Financial Corporation (NYSE: COF) announced plans to acquire approximately 28 acres and begin construction on a building that will consolidate office space for its Northern Virginia associates. Located just inside the Beltway on Route 123, the proposed building will accommodate many top-rate amenities for the company, as well as have additional space for Capital One's anticipated growth.

"I am pleased Capital One has once again chosen Virginia to grow its business and demonstrate their commitment to the Commonwealth," said Governor Jim Gilmore. "Capital One's focus on employees, technology and giving back to the community continues to set the standard for business growth in Virginia. They are exactly the type of employer the Commonwealth is striving to attract."

Currently, Capital One employs more than 16,000 associates worldwide with more than 700 in Northern Virginia. The proposed site in Northern Virginia will potentially house approximately 1,700 associates. Since its initial public offering in 1994, Capital One has recruited aggressively. In 1999 alone, Capital One hired more than 5,000 associates worldwide. The company continues to hire in Northern Virginia for all types of positions; those interested in applying should visit the Company's website (www.CapitalOne.com).

"The consolidation and expansion of our Northern Virginia facilities is a reflection of the rapid growth of Capital One and our continued investment in Virginia," said Richard D. Fairbank, Chairman and Chief Executive Officer of Capital One. "With operations in Richmond and Fredericksburg and our headquarters in Northern Virginia, we look forward to continued growth right here in the Commonwealth."

Capital One's President Nigel Morris said, "Our business strategy, which is based on integrating information technology with marketing and operations, is dependent upon hiring the best and brightest professional associates. By consolidating our space in Northern Virginia, we will be able to facilitate an enhanced collaborative work environment, which is a crucial part of our culture and part of what makes Capital One a nationally-recognized great place to work."

Kate Hanley, a member of the Fairfax County Board of Supervisors, commented, "Capital One's decision to expand its presence demonstrates Fairfax County's attractiveness to FORTUNE 500 companies. Capital One is an active member of our community, and I applaud their smart growth strategy, deciding to relocate where the transportation enhancements are already planned."

Gerry Connolly, Supervisor, Providence District, added, "Capital One's decision to locate this attractive, energetic work environment here is a real coup for Fairfax County. Their decision underscores the fact that the high quality of life and business-friendly environment we created in Fairfax makes good corporate citizens like Capital One want to bring their employees here. We welcome this strong business partner to Fairfax County."

The 28-acre site is near the geographic center of Capital One's existing employee base. The company currently leases space in five buildings throughout Northern Virginia. The proposed building will be designed to reflect the dynamic results-oriented culture of Capital One. (Please direct all inquiries to 202-222-1657).

In addition to Northern Virginia, Capital One has operations in Richmond and Fredericksburg, Virginia; Dallas, Fort Worth and Plano, Texas; Tampa, Florida; Federal Way, Washington; Boise, Idaho; Boston, Massachusetts; as well as London and Nottingham, U.K. For the past two years, Capital One ranked on the "Best Places to Work" listing, as reported by Fortune. Capital One also ranked on Washingtonian's list of "Great Places to Work." In a recent issue (March 2000), The Washington Business Journal ranked Capital One number 17 in the listing of the largest corporate philanthropists in the Washington metropolitan area.

Headquartered in Falls Church, Virginia, Capital One Financial Corporation (www.CapitalOne.com) is a holding company whose principal subsidiaries, Capital One Bank and Capital One, F.S.B., offer consumer lending products. Capital One's subsidiaries collectively had 25.3 million accounts and $20.3 billion in managed loans outstanding as of March 31, 2000. Capital One is one of the major financial service providers on the Internet, with on-line account decisioning, real-time account numbering, on-line retail deposits and a growing number of customers serviced on-line. Capital One trades on the New York Stock Exchange under the symbol "COF" and is included in the S&P 500 index. Capital One was also ranked by Business Week as one of the Top 50 Best Performers of the Standard & Poor's 500 companies index from March 1, 1999 to March 1, 2000 (March 27 issue). SOURCE Capital One Financial Corporation

CONTACT: Diana Don of Capital One, 703-289-6815, or Diana.Don@CapitalOne.com/