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Capital One Expands Further with Acquisition of North Fork Bancorp

by Peter Andrew

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)


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