Capital One Expands Further with Acquisition of North Fork Bancorp
Capital
One Expands Further with Acquisition of North Fork Bancorp
Capital One Financial, once known only for its relentless credit
card marketing, announced its acquisition of regional bank North
Fork Bancorp, a move that will make Capital One one of the 10
largest banks in the United States, based on deposits and managed
loans.
According
to a Capital One press release, the combined company will have
deposits of more than $84 billion, a managed loan portfolio
of more than $143 billion, more than 50 million customer accounts,
and 655 branches.
North
Fork currently has 355 branch locations in the New York/New
Jersey/Connecticut Tri-State area, and Capital One expects minimal
disruption as the two companies have no overlapping operations
geographically.
The
acquisition of North Fork comes on the heels of Capital One's
acquisition of Hibernia Corporation in November, parent company
of Hibernia National Bank in Louisiana and Texas.
Published 03/13/06 (Modified 05/07/12)
No Comments