Regulators Conclude Capital One "needs no additional capital"
MCLEAN, Va., May 7 /PRNewswire-FirstCall/ -- Capital One Financial
Corporation (NYSE: COF) today announced that its banking regulators have
concluded that Capital One does not need to raise additional capital, nor does
the company need to convert any of its existing capital to common equity,
under the "more adverse" scenario of the Supervisory Capital Assessment
Program (SCAP) "stress test." The SCAP stress test was conducted by the Board
of Governors of the Federal Reserve System, the Federal Reserve Bank of
Richmond, the Office of the Comptroller of the Currency, and representatives
from other federal bank supervisors.
"At Capital One, we regularly subject our capital to a variety of stress
scenarios as part of our approach to disciplined balance sheet management,"
said Richard D. Fairbank, Capital One's Chairman and Chief Executive Officer.
"We believe our balance sheet is a source of strength for Capital One and
positions us well to continue to serve the banking and borrowing needs of our
consumer, small business, and commercial customers. The results of the
banking regulators' stress test of Capital One confirm the strength and
resilience of our capital. While we remain cautious given ongoing economic
and industry challenges, we are confident that our balance sheet strength
provides us with the stability to weather the recession and the flexibility to
generate value over the cycle."
NOTE: Capital One's Form 8-K dated May 7, 2009 regarding the recently
completed Supervisory Capital Assessment Program is accessible on Capital
One's home page (www.capitalone.com). Choose "Investors" on the bottom of the
home page to view the company's filing.
About Capital One
Capital One Financial Corporation (www.capitalone.com) is a financial
holding company whose subsidiaries, which include Capital One N.A. and Capital
One Bank (USA), N.A., collectively had $121 billion in deposits and $150
billion in managed loans outstanding as of March 31, 2009. Headquartered in
McLean, Virginia, Capital One offers a broad spectrum of financial products
and services to consumers, small businesses and commercial clients. Capital
One, N.A. and Chevy Chase Bank, F.S.B. have approximately 1,000 branch
locations primarily in New York, New Jersey, Texas, Louisiana, Maryland,
Virginia, and the District of Columbia. 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.
SOURCE Capital One Financial Corporation
CONTACT: Investor Relations: Jeff Norris or Danielle Dietz,
+1-703-720-2455, or Media Relations, Tatiana Stead, +1-703-720-2352, or Julie
Rakes, +1-804-284-5800, all of Capital One Financial Corporation
/Web Site: http://www.capitalone.com /