Capital One

Capital One

A financial technology company offering consumer and commercial banking services.

Capital One is a financial technology company offering consumer and commercial banking services that is headquartered in McLean, Virginia and was founded in 1994 by Nigel Morris and Richard Fairbank. The company specializes in credit cards, auto loans, banking, and savings accounts. It has branches in New York, Texas, Maryland, the District of Columbia, New Jersey, and Louisiana. The company has three divisions: Capital One Credit Card, Capital one 360 — Consumer Banking, and Capital One Commercial banking.

History

In 1988, Richard Fairbank and Nigel Morris founded Signet Financial with the help of Signet Bank. Signet Financial would later become Oakstone Financial when Fairbank became CEO of the company on July 27, 1994. The company was renamed to Capital One in October 1994, and focused the majority of its efforts on the credit card industry. In 1996 the company received permission from the United States government to retain and lend deposits on their secured cards and issue automobile loans, and also expanded its business operations to the United Kingdom. In 1977 Capital One had approximately 9 million customers and held an estimated $12.6 billion worth of credit card receivables.

Acquisitions

Hibernia National Bank

In 2005 Capital One acquired Hibernia National Bank for $4.9 billion in cash and stock.

North Fork Bank

In 2006 Capital One acquired North Fork Bank for $13.2 billion.

Netspend

In 2007 Capital One acquired Netspend for $700 million.

Chevy Chase Bank

In 2009 Capital One acquired Chevy Chase Bank for $520 million.

IDG Direction

In 2011 Capital One acquired IDG Direction for $9 billion.

General Electric's Healthcare Financial Services unit

In 2015 Capital One acquired General Electric's Healthcare Financial Services unit for $9 billion.

Funding

Initial Public Offering (IPO)

Capital One (NYSE:COF) held their IPO on November 25, 1994.

Troubled Asset Relief Program

During the 2008 financial crisis Capital One received $3.65 billion from the US Treasury through the Trouble Asset Relief Program.

Investments

Capital One has made 15 investments, lead 5 of those investments (IQEA, DTT, Computer Science University of Maryland, Liberty SBF, and Cedar Realty Trust) and has made 5 exits (Transactis, Iron Planet, Stag Industrial, True Car, and Cedar Realty Trust.

Timeline

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February 24, 2020
WebWire
iHeartMedia, the leading audio company in America which also has a greater reach in the U.S. than any other media outlet, announced that Blake Shelton will join the lineup for the 2020 'iHeartCountry Festival Presented by Capital One' on Saturday, May 2 at the Frank Erwin Center in Austin, Texas. The seventh annual event will also feature performances from Dierks Bentley, Sam Hunt, Lady Antebellum, Dustin Lynch, Kelsea Ballerini, Kane Brown, Jon Pardi and Chase Rice, plus Hot Country Knig...
December 6, 2019
WebWire
iHeartMedia, the number one audio company in America, which also has a greater reach in the U.S. than any other media outlet, announced that Coldplay will join the lineup for the third annual iHeartRadio ALTer EGO Presented by Capital One. The sold out event, hosted by Woody of iHeartRadio ALT 98.7's nationally-syndicated The Woody Show, will also feature performances from Billie Eilish, The Black Keys, blink-182, The Lumineers, Rex Orange County, SHAED at the historic, "Fabulous" Forum in...
Stefan Palios
November 16, 2019
BetaKit
Ahead of the Digital for Good Tech Jam, leaders from Toronto Cat Rescue and Big Brothers Big Sisters of Canada explained how they hope to use tech.
Lisa Eadicicco
November 11, 2019
Business Insider
Companies need to better secure servers being used to store sensitive information, says a professional white hat hacker.
Holly Johnson
October 25, 2019
Business Insider
The Capital One Spark Miles for Business offers a flat earning rate on all your purchases, and solid perks like a Global Entry application fee credit.
Jessica Galang
October 7, 2019
BetaKit
Innovate Financial Health, a nonprofit that supports technology that improves financial health, is launching an accelerator funded by Capital One.
Food Network & Cooking Channel South Beach Wine & Food Festival
September 16, 2019
www.prnewswire.com:443
MIAMI BEACH, Fla., Sept. 16, 2019 /PRNewswire/ -- Widely recognized as one of America's favorite gourmet gatherings on the beach, the 19th annual Food Network...
Catherine Shu
August 29, 2019
TechCrunch
The Department of Justice said today that a federal grand jury has indicted software engineer Paige Thompson on two counts related to the Capital One data breach that affected over 100 million customers. The charges in the indictment carry penalties of up to 25 years in prison. Thompson will be arraigned in U.S. District Court [...]
Emily Flitter
August 23, 2019
www.nytimes.com
Two congressional committees have asked Deutsche Bank and Capital One for Trump family financial records. A judge said the fight does not have to be all or nothing.
BBC News
July 30, 2019
BBC News
Customers in the US and Canada were hit by one of the largest data breaches in banking history.

References

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