Joined by Governor Gilmore, Capital One Announces Virginia Expansion;
     Plans to Hire More Than 3,000 Associates Throughout the Commonwealth

    FALLS CHURCH, Va., Feb. 9 /PRNewswire/ -- Joined by Virginia Governor
James S. Gilmore III, Capital One Financial Corporation (NYSE: COF) announced
major new expansion plans for its Virginia operations. In 1999, the Company
will hire more than 3,000 associates and will add more than 500,000 square
feet of real estate in its four separate Virginia locations.
    "We continue to enjoy a very rapid growth trajectory," said Richard D.
Fairbank, Chairman and Chief Executive Officer. "In 1998, we added five
million customers -- and nearly 5,000 associates -- and we increased earnings
in excess of 40 percent while making record investments in our business.
We're currently adding 20,000 new customers a day."
    Capital One's expansion activities in Virginia include leasing four
additional buildings in Richmond's west end; adding more space to the current
site in Chesterfield; constructing a new, larger building in the
Fredericksburg area; and leasing space in two more buildings in Northern
Virginia.
    Governor Gilmore stated, "This is great news for Virginia. Capital One is
a having a positive impact on the Commonwealth's economy.  The Company is also
bringing Virginia national recognition because of its innovative employment
practices."
    Recently, the Company was ranked #41 by Fortune magazine (January 11
issue) in its listing of the "100 Best Companies to Work For in America."
Capital One is the only Virginia-based company on the list.
    "Although we've expanded domestically and internationally, Virginia
remains our home base.  Our 7,000 Virginia associates are the heart of Capital
One," said Nigel Morris, President and Chief Operating Officer.  "We're
delighted to be able to help fulfill Virginia's destiny as the 'Silicon
Dominion,' by bringing high-quality, information-based jobs to our home
state."
    In addition to the Virginia expansion, Capital One recently announced that
the Company will open its first West Coast facility in Federal Way, just south
of Seattle, Washington, in October 1999.  In the meantime, the Company will
operate from a temporary facility, which will open in May 1999.
    Capital One currently employs more than 10,000 associates worldwide, with
locations in Virginia, Texas, Florida, Washington State and the United
Kingdom.  Capital One is hiring in all its locations; those interested in
opportunities are invited to call the Company's hiring line, 1-800-77-HIRE-1,
or to visit the Company's Web site, www.CapitalOne.com.
    Headquartered in Falls Church, Virginia, Capital One Financial Corporation
(www.Capital0ne.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 16.7 million customers and $17.4
billion in managed loans as of December 31, 1998.  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
    -0-                             02/09/99
    /CONTACT:  Diana Don of Capital One, 703-205-1165/
    /Web site:  http://www.Capital0ne.com/
    (COF)

CO:  Capital One Financial Corporation
ST:  Virginia
IN:  FIN
SU:


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