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Capital One Passes 20 Million Customer Mark

September 13, 1999 at 6:19 AM EDT

FALLS CHURCH, Va., Sept. 13 /PRNewswire/ -- Capital One Financial Corporation (NYSE: COF) today announced that it now serves more than 20 million customers. Capital One's customer base has quadrupled since its initial public offering in November 1994, representing an average annual growth rate of 33%.

"Reaching this significant milestone makes us all very proud," said Richard D. Fairbank, Chairman and Chief Executive Officer. "The dedication and commitment to excellence of Capital One associates continues to pay off in the sustained growth of our customer base. We join a small and elite group of companies that have achieved this size enterprise."

"Through August of this year, we have grown by an average of 15,000 customers per day, and we're on track to meet our 1999 goal of 30% earnings growth and 25% return on equity," said Nigel Morris, President and Chief Operating Officer. "This growth is driven by the power of our Information-Based Strategy (IBS) to respond quickly to changing market conditions and deliver a variety of innovative products targeted to our customers' needs."

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 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