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Capital One Bank Celebrates Grand Opening of Third Harlem Branch

April 17, 2008 at 10:02 AM EDT

New Branch in the Harlem Community provides a full range of business and consumer banking services to local residents

NEW YORK--(BUSINESS WIRE)--April 17, 2008--Capital One Bank announced the opening of its third branch in the Harlem community. The new branch, located at 1999 First Avenue, offers local residents a broad range of financial services and personal account features.

"Harlem is an important part of New York's cultural landscape, and Capital One Bank is proud to be involved in the revitalization of this historic neighborhood," said Lynn Pike, President, Capital One Bank. "Through our three bank branches in Harlem, we are committed to providing the best banking experience possible to our customers by bringing community-focused banking to the neighborhood and providing a broad range of financial services to local residents."

Joined by local community leaders, Capital One officially marked the grand opening of the Branch with a community Open House.

"Today, we are investing in the economic vitality of East Harlem," New York State Comptroller Thomas P. DiNapoli said. "Our deposit will provide the bank with a greater base to spark neighborhood economic growth, by making loans to neighborhood residents and small businesses. In return, the state gets a fair rate of return on its money and residents have greater access to lower-cost financial services. This innovative program is a win-win-win for the community, the state and the bank."

"We are very proud of the Banking Development District program and are happy to partner with banks such as Capital One on opening branches in neighborhoods that have unbanked residents," said Richard H. Neiman, Superintendent of Banks for New York. "These combined efforts result in much needed banking services that foster local economic growth and help communities become part of the financial mainstream."

"The addition of a bank to a community currently undergoing revitalization is a key step in the financial success and business growth of its residents. This new branch signifies the bright fiscal future of East Harlem and will provide an avenue of financial stimulation for the local economy," NYC Comptroller William C. Thompson Jr. said. "Through the work of the BDD Program we are providing New Yorkers who do not have banking relationships an opportunity to become part of the financial mainstream. It's a win-win situation."

Senator Bill Perkins (D-Manhattan) said, "The Banking Development District program is a great example of the government and the banking industry partnering together to reach into traditionally underserved communities. I am excited Capital One Bank is the newest tenant to our vibrant neighborhood."

Capital One Bank branches in Harlem are located at:

  • 1999 First Avenue
  • 2310 Frederick Douglas Boulevard
  • 700 St. Nicholas Avenue

Capital One Engaged in the Harlem Community

Capital One Bank is committed to working with local residents, government, and community organizations to enhance access to capital for local businesses, promote long-term economic development, foster job-creation and promote community revitalization in Harlem.

To help address community banking needs, Capital One Bank applied for and received designation as a Banking Development District for the eastern section of East Harlem. Recognizing that financial literacy is critical to overcoming the barriers to establishing access to mainstream banking, Capital One Bank, in partnership with the Coalition for Debtor Education, provides financial education classes and seminars in both English and Spanish to New York City Housing Authority residents in East Harlem, the largest concentration of housing projects in the United States.

"Capital One is fortunate to be a part of building vibrant communities where people can live well, work and raise their families," said Carolyn Drexel, Executive Vice President of Capital One Bank. "We are part of the Harlem community, working with our neighbors to help make a difference through financial education, the development of affordable housing, support of small businesses and the time of our skilled-associate volunteers."

"Providing bilingual financial education services in Harlem helps to meet the current and growing needs of people in this community," added Drexel. "Capital One Bank customers will be met by knowledgeable banking professionals who will help them understand our products and services so that they can make the right choices about banking and managing their money."

Capital One provides support to a number of Harlem organizations.

About Capital One

Capital One Financial Corporation (www.capitalone.com) is a financial holding company whose subsidiaries collectively had $83.0 billion in deposits and $151.4 billion in managed loans outstanding as of December 31, 2007. Headquartered in McLean, VA, Capital One has 742 locations in New York, New Jersey, Connecticut, Texas and Louisiana. It is a diversified financial services company whose principal subsidiaries, Capital One, N.A., Capital One Bank (USA), N. A., and Capital One Auto Finance, Inc., offer a broad spectrum of financial products and services to consumers, small businesses and commercial clients. A Fortune 500 company, Capital One trades on the New York Stock Exchange under the symbol "COF" and is included in the S&P 100 index.

CONTACT: Capital One Financial Corporation
Diana Don, 703-720-2371
diana.don@capitalone.com

SOURCE: Capital One Financial Corporation