Capital One Financial Corp. (NYSE: COF) is a U.S. based bank holding company specializing in credit cards, home loans, auto loans, banking, and savings products. A member of the Fortune 500, the company helped pioneer the mass marketing of credit cards in the early 1990s, and it is now the 4th largest customer of the US Postal Service and has the 8th largest deposit portfolio in the United States. It has its corporate offices in Tysons Corner, unincorporated Fairfax County, Virginia, near McLean.
Capital One was founded in 1988 by Richard Fairbank and Nigel Morris as a spin-off of Richmond, Virginia-based Signet Banking Corp (which was subsequently acquired in 1997 by First Union Corp.).
Capital One entered the retail banking market with its acquisition of New Orleans, Louisiana-based Hibernia National Bank in 2005 and Melville, New York-based North Fork Bancorporation in 2006. North Fork Bank and Superior Savings of New England, both subsidiaries of North Fork Bancorporation, began using the branding of Capital One Bank on March 10, 2008. On December 4, 2008, Capital One announced it would purchase Chevy Chase Bank for $520 million.
Capital One responded to the 2007 subprime mortgage financial crisis by jettisoning its mortgage platform, GreenPoint Mortgage, due in part to investor pressures.
On November 14, 2008, Capital One Financial Corporation was the recipient of $3.56 billion of the Emergency Economic Stabilization Act Federal bail-out in the form of a preferred stock purchase. Full citation needed On June 17, 2009, Capital One completed the repurchase of the 3,555,199 shares of the preferred stock the company issued to the U.S. Treasury.
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