MCLEAN, Va.–(BUSINESS WIRE)–Capital One (NYSE: COF) announced today that it received approval from the Office of the Delaware State Bank Commissioner on December 18, 2024, to complete its previously announced acquisition of Discover Financial Services (NYSE: DFS) and its subsidiary bank, Discover Bank, which is a Delaware-chartered bank. Both companies have long-standing commitments to Delaware and to the region, and this approval represents an important step toward the completion of the merger.
Capital One anticipates that the transaction will close in early 2025, subject to the satisfaction of the remaining closing conditions set forth in the merger agreement between the companies, including approval by the stockholders of Discover and Capital One and approval by the Board of Governors of the Federal Reserve System and the Office of the Comptroller of the Currency.
Capital One first announced its proposed acquisition of Discover in February 2024, which was followed by its July 2024 announcement of a historic, five-year, $265 billion community benefits plan in connection with the acquisition. The plan was conceived in partnership with leading community groups and represents a comprehensive package of community-focused solutions. It includes $35 million in grants to Delaware-based nonprofit organizations, as well as retention of Discover’s branch in Sussex County.
To learn more about Capital One’s Community Benefits Plan proposal in connection with the Discover acquisition, visit www.capitalonediscover.com/community-benefits-plan.
Further information on Capital One’s agreement to acquire Discover Financial Services can be found at www.capitalonediscover.com.
About Capital One
Capital One Financial Corporation (www.capitalone.com) is a financial holding company which, along with its subsidiaries, had $353.6 billion in deposits and $486.4 billion in total assets as of September 30, 2024. Headquartered in McLean, Virginia, Capital One offers a broad spectrum of financial products and services to consumers, small businesses and commercial clients through a variety of channels. Capital One, N.A. has branches and Cafés located primarily in New York, Louisiana, Texas, 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. Additional information about Capital One can be found at Capital One About at www.capitalone.com/about.
About Discover
Discover Financial Services (NYSE: DFS) is a digital banking and payment services company with one of the most recognized brands in U.S. financial services. Since its inception in 1986, the company has become one of the largest card issuers in the United States. The Company issues the Discover® card, America’s cash rewards pioneer, and offers personal loans, home loans, checking and savings accounts and certificates of deposit through its banking business. It operates the Discover Global Network® comprised of Discover Network, with millions of merchants and cash access locations; PULSE®, one of the nation’s leading ATM/debit networks; and Diners Club International®, a global payments network with acceptance around the world. For more information, visit www.discover.com/company.
