Capital One Consolidates Operations and Will Close Fredericksburg Site; Company Offers Positions to All Associates and Reaffirms Community Investment
MCLEAN, Va., June 10 /PRNewswire-FirstCall/ -- Capital One Financial Corporation (NYSE: COF) today announced plans to close its Fredericksburg operations on December 1, 2003 in an effort to consolidate the company's resources in Virginia. The closure will affect approximately 650 associates, all of whom will be offered positions at other Virginia locations -- primarily at Capital One's sites in Henrico and Chesterfield counties.
The move is a result of an ongoing strategic process that allows Capital One to evaluate and allocate resources based on the company's business needs. The closing of operations in Fredericksburg is viewed as a prudent business decision that will allow Capital One to reduce operating expenses as it consolidates its resources in Central Virginia.
"I can't over-emphasize the valuable contribution that our Fredericksburg associates and the entire Fredericksburg region have made to Capital One," said Nigel W. Morris, Capital One's Vice Chairman. "We are working closely with state and local representatives to minimize the potential impact of the closure. In addition to offering positions to all of our associates, we will honor our existing community commitments, and provide additional business transition assistance."
Capital One has 18,000 associates worldwide, and is one of Virginia's largest employers, with about 11,000 associates in 30 locations throughout the Commonwealth.
About Capital One
Headquartered in McLean, 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 46.4 million managed accounts and $59.2 billion in managed loans outstanding as of March 31, 2003. Capital One, a Fortune 500 company, 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.SOURCE Capital One Financial Corporation
CONTACT: Hamilton Holloway of Capital One Financial Corporation, +1-804-934-5900, or email@example.com/ /Web site: http://www.capitalone.com/ (COF)