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.
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