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Capital One Announces Plans to Close Boise Site

October 5, 2005 at 4:06 PM EDT

MCLEAN, Va.--(BUSINESS WIRE)--Oct. 5, 2005--Capital One Financial Corporation (NYSE:COF) today announced that in mid-2006 it will close its site in Boise, Idaho to continue to better align its operations and facilities with the strategic direction of the company. The change will result in the elimination of approximately 290 positions, with most of the positions closing in February 2006.

Impacted Capital One associates will receive extensive career transition services including one-on-one counseling and career seminars. All full-time associates will be eligible for severance packages and will receive comprehensive outplacement and retraining assistance. Impacted associates may apply for positions at other Capital One locations.

Capital One is working closely with local community leaders and will honor the company's existing community commitments.

About Capital One

Headquartered in McLean, Virginia, Capital One Financial Corporation (www.capitalone.com) is a financial holding company whose principal subsidiaries, Capital One Bank, Capital One, F.S.B. and Capital One Auto Finance, Inc. offer a variety of consumer lending products. Capital One's subsidiaries collectively had 48.9 million accounts and $83.0 billion in managed loans outstanding as of June 30, 2005. Capital One is a Fortune 500 company and, through its subsidiaries, is one of 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.

CONTACT: Capital One Financial Corporation, McLean
Tatiana Stead, 703-720-2352

SOURCE: Capital One Financial Corporation