Capital One Bank Comes to New York Region
Capital One Successfully Completes Bank Integration and Changes the Name on North Fork Bank to Capital One Bank
MCLEAN, Va.--(BUSINESS WIRE)--March 10, 2008--Capital One Financial Corporation (NYSE:COF) today announced the successful integration and rebranding of North Fork Bank to Capital One Bank. The New York and New Jersey launch of Capital One Bank along with a company-wide rebranding is the culmination of the company's efforts to successfully transform Capital One into the 14th largest bank in the nation based on retail deposits and the 10th largest bank in the nation based on managed loans, following its acquisitions of North Fork Bancorporation in 2006 and Louisiana-based Hibernia Corporation in 2005. Capital One Bank is the trade name for Capital One, N.A.
"We are very excited to introduce the Capital One Bank name to the New York region," said Capital One Banking President Lynn Pike. "A great deal of work has been done to ensure that the transition is a seamless and positive change for our customers. Everything that made North Fork Bank a great bank and a great business partner for our clients will remain the same, but leveraging Capital One's national platform enables us to enhance and expand our product offerings and make changes for the better."
Customer Enhancements Made
In addition to changing the name on the signs at all North Fork Bank branches, corporate offices and customer touch points across the New York region, Capital One Bank added several servicing enhancements for Bank customers:
-- Bank customers can expect to reach a customer service representative 24-hours a day, seven days a week. Additional convenience will now be offered through enhanced on-line bill pay features and the added choice of mobile banking for cell phones and PDAs. -- Retail customers (and consumers in the bank footprint) now have greater access to financial services products. Products offered by Capital One, including credit cards and auto loans, are now available at the branches. In addition, current Capital One customers can service existing accounts at Capital One Bank branches. -- Business customers will continue to enjoy the same level of service and commitment as they did before the integration. In addition, service enhancements designed to help meet the specific needs of each business include expanded treasury and cash management capabilities.
"We are building an even stronger bank that will benefit our customers and our community. While the signs on the door are changing, one thing that certainly won't change is our connection with the local community," added Pike. "Capital One Bank has more than 700 branches across the New York region and the Gulf Coast with talented teams that are incredibly connected to the needs of their communities. It is that day-to-day presence that we believe sets us apart and we are committed to continuing to nurture that critical community connection."
Capital One Bank has also completed the integration of its core operations systems. The bank's transition and integration process was unique as it united Capital One's national consumer lending platform with two successful regional bank operations, blending the operations and bringing the three companies together.
"There is also great news for our Capital One shareholders," Pike offered. "The completion of the integration of Capital One Bank is a tangible step in our company's journey as a diversified financial service company. This step creates opportunities to accelerate customer growth through the best of national lending and local banking and to continue to drive operating efficiencies."
To underscore Capital One's commitment to the community, the company announced a $500,000 gift to New York City-based Safe Horizon and their efforts to provide support, prevent violence, and promote justice for victims of crime and abuse, their families and communities.
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
SOURCE: Capital One Financial Corporation