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Encyclopedia > Capital One
Capital One Financial Corporation
Type Public (NYSE: COF)
Founded Richmond, Virginia 1988
Headquarters McLean, Virginia, USA
Key people Richard Fairbank, CEO
Gary Perlin, CFO
Industry Financial Services
Products Credit Cards, Loans, Savings
Revenue $15.19 billion USD (2006)[1]
Operating income $4.93 billion USD (2006)[1]
Net income $1.57 billion USD (2007)[2]
Employees 31,800 (2006)[1]
Slogan What's in your wallet?
Website www.capitalone.com
Capital One Bank in Wake Village, Texas
Capital One Bank in Wake Village, Texas

Capital One Financial Corp. (NYSE: COF) is a McLean, Virginia-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 fourth largest customer of the United States Postal Service.[3] This article does not cite any references or sources. ... The New York Stock Exchange (NYSE), nicknamed the Big Board, is a New York City-based stock exchange. ... Nickname: Motto: Sic dic Itur Ad Astra (Thus do we reach the stars) Location in the Commonwealth of Virginia Coordinates: , Country State County Independent City Government  - Mayor L. Douglas Wilder (I) Area  - City 62. ... Boundaries of the McLean CDP as of 2003. ... Motto: (traditional) In God We Trust (official, 1956–present) Anthem: The Star-Spangled Banner Capital Washington, D.C. Largest city New York City Official language(s) None at the federal level; English de facto Government Federal Republic  - President George W. Bush (R)  - Vice President Dick Cheney (R) Independence - Declared - Recognized... Richard Fairbank founded Capital One with Nigel Morris in 1988, and is currently the Chairman and CEO. He also serves on the board of directors of MasterCard International, and is the Chairman of MasterCard Internationals U.S. Region Board of Directors. ... Chief Executive Officer (CEO) is the job of having the ultimate executive responsibility or authority within an organization or corporation. ... Gary Perlin was born in Chicago, Illinois. ... CFO is usually short for Chief Financial Officer, but may also mean: Carrier frequency offset Ceramic fiber optics Chief Fire Officer Chief of Flight Operations Conselho Federal de Odontologia (cfo. ... Financial services is a term used to refer to the services provided by the finance industry. ... This article is about the payment system. ... For other uses, see Loan (disambiguation). ... For the tax agency in Ireland of the same name, see Revenue Commissioners. ... USD redirects here. ... Earnings before interest and taxes (EBIT), also known as operating income and operating profit, is a term used to describe a companys earnings. ... Net income is equal to the income that a firm has after subtracting costs and expenses from the total revenue. ... This article is about work. ... Look up slogan in Wiktionary, the free dictionary. ... A website (alternatively, Web site or web site) is a collection of Web pages, images, videos or other digital assets that is hosted on one or several Web server(s), usually accessible via the Internet, cell phone or a LAN. A Web page is a document, typically written in HTML... Image File history File linksMetadata Download high-resolution version (2048x1376, 708 KB) File links The following pages on the English Wikipedia link to this file (pages on other projects are not listed): Capital One Metadata This file contains additional information, probably added from the digital camera or scanner used to... Image File history File linksMetadata Download high-resolution version (2048x1376, 708 KB) File links The following pages on the English Wikipedia link to this file (pages on other projects are not listed): Capital One Metadata This file contains additional information, probably added from the digital camera or scanner used to... Wake Village is a city located in Bowie County, Texas. ... The New York Stock Exchange (NYSE), nicknamed the Big Board, is a New York City-based stock exchange. ... Boundaries of the McLean CDP as of 2003. ... A bank holding company is a company that owns two or more banks. ... A credit card system is a type of retail transaction settlement and credit system, named after the small plastic card issued to users of the system. ... This article is about the legal mechanism used to secure property in favor of a creditor. ... A loan is a type of debt. ... For other uses, see Bank (disambiguation). ... The passbook is the traditional document to keep track of earnings in a savings account Savings accounts are accounts maintained by commercial banks, savings and loan associations, credit unions, and mutual savings banks that pay interest but can not be used directly as money (by, for example, writing a cheque). ... USPS and Usps redirect here. ...


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.). Richard Fairbank founded Capital One with Nigel Morris in 1988, and is currently the Chairman and CEO. He also serves on the board of directors of MasterCard International, and is the Chairman of MasterCard Internationals U.S. Region Board of Directors. ... Nigel Morris is a businessman who co-founded Capital One with Richard Fairbank, and retired as COO in 2004. ... For Moravian settlements in North Carolina, see Wachovia, North Carolina. ...


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.[4][5] According to investopedia. ... NOLA redirects here. ... Hibernia National Bank is a personal banking and commercial lending institution headquartered in New Orleans. ... Melville is a hamlet and census-designated place in the town of Huntington in Suffolk County on Long Island, New York, in the United States. ... North Fork Bank is an American bank headquartered in Melville, New York. ...


Capital One responded to the 2007 subprime mortgage financial crisis by jettisoning its mortgage platform, GreenPoint Mortgage, due in part to investor pressures. The subprime mortgage financial crisis, is an ongoing financial crisis that has caused a sharp rise in home foreclosures. ...

Contents

Divisions

Capital One Auto Finance

Capital One Financial Corporation is the parent company of Capital One Auto Finance, or COAF, based in Plano, Texas. After buying PeopleFirst, it became the largest Internet auto lender, as well as one of the top US auto lenders overall. For the band, see Big Brother and the Holding Company. ... Nickname: Location within the state of Texas Coordinates: , County Government  - Mayor Pat Evans Area  - City 185. ...


The company, which previously sold auto loans only through direct mail and auto dealerships, lets auto owners refinance existing auto loans and shoppers apply for new auto loans online. A decision usually comes within 15 minutes, after which the buyer receives a "blank check" for up to the approved auto loan amount, which the buyer uses to purchase a car. To the dealership, it is as if the buyer were paying cash. The checks can be used to purchase a new or used vehicle, refinance, or buy out a lease (providing the negotiating power of cash). Direct marketing is a form of marketing that attempts to send its messages directly to consumers, often without the use of intervening media. ... This article is about car dealerships. ... Refinancing refers to applying for a secured loan intended to replace an existing loan secured by the same assets. ... A blank check (carte blanche) is a check that has no numerical value written in, but is still signed; check owners are normally advised to specify the amount before signing. ... A used car, also known as a pre-owned vehicle and second hand car, is a vehicle that has previously had one or more owners. ... This article or section should include material from Tenancy agreement A lease is a contract conveying from one person (the lessor) to another person (the lessee) the right to use and control some article of property for a specified period of time (the term), without conveying ownership, in exchange for... “Negotiation” redirects here. ...


COAF sells auto loans across the credit spectrum, then securitizes and resells them. Securitization is a financial technique that pools assets together and, in effect, turns them into a tradeable security. ...


Unlike other financial service companies of similar size, Capital One is notable for abstaining from student lending.


International operations

Capital One commenced operations in Canada in 1996. Its head office is located in Toronto, Ontario. Unlike its diversified American parent, the Canadian business does not currently operate outside of the credit card market. Similar to the US Parent, Capital One Canada is Canada Post's second largest customer. Motto: Ut Incepit Fidelis Sic Permanet (Latin: Loyal she began, loyal she remains) Capital Toronto Largest city Toronto Official languages English (de facto) Government Lieutenant-Governor David C. Onley Premier Dalton McGuinty (Liberal) Federal representation in Canadian Parliament House seats 107 Senate seats 24 Confederation July 1, 1867 (1st) Area... Canada Post Corporation (French: Société canadienne des postes) is a Canadian postal service operated as a crown corporation. ...


The UK headquarters of Capital One is in Nottingham, England. The United Kingdom of Great Britain and Northern Ireland is a country in western Europe, and member of the Commonwealth of Nations, the G8, the European Union, and NATO. Usually known simply as the United Kingdom, the UK, or (inaccurately) as Great Britain or Britain, the UK has four constituent... For other uses, see Nottingham (disambiguation). ... For other uses, see England (disambiguation). ...


Capital One also has a presence in Spain, with the local office located in Madrid. This article is about the Spanish capital. ...


The company was once active in France and South Africa, but has since withdrawn from these markets.


Unusual growth

Unlike other diversified financial services firms, Capital One began as consumer lending "monoline" -- a company that only does consumer lending. Remaining a monoline is precarious because of the often-cyclical nature of consumer lending; it can be very profitable industry in good times and markedly unprofitable in bad, such that a monoline company -- which lacks other sources of revenue -- will go out of business or be acquired fairly cheaply during hard times. Most consumer lending monolines in the past 20 years have either gone out of business (e.g. The Money Store, NextCard, Royal Acceptance) or have been acquired (e.g. MBNA, Beneficial, First USA); Capital One is notable for having experienced neither.[6] Consumer lending or consumer loans refers to any type of loan product that is not a mortgage; such as a car, boat, manufactured home, home equity loan, home equity line of credit, signature loan, signature line of credit, recreational vehicle, or Certificate of Deposit loans. ... NextCard, Inc. ... MBNA logo, 2004-2006 MBNA Corporation was a bank holding company headquartered in Wilmington, Delaware, prior to being acquired by Bank of America in 2005. ... HSBC Finance Corporation is a financial services company and a member of the HSBC Group. ... Bank One, based in Chicago, Illinois, was the sixth-largest bank in the United States. ...


Prior to this the company experienced tremendous growth as a monoline which it credited to its Information Business Strategy, a strategy it pioneered to use customer data to help tailor its products to customers, particularly subprime consumers.[citation needed] Capital One had one of the largest databases of consumer data at one time, over 4 TeraBytes of data by 1999.[citation needed] It attempted to leverage this strategy outside of the finance industry, most notably in the cell phone market as AmericaOne which it eventually sold to Sprint. While many monolines were acquired by larger, diverse banks, Capital One adopted the opposite strategy by expanding into retail banking in 2005. This was accomplished through the acquisition of Hibernia and North Fork, two large regional banks.


Sponsorships

Capital One is a major sponsor of sports teams. In 2001 Capital One became the principal sponsor of the Florida Citrus Bowl, an annual college football game played in Orlando, Florida, renaming it the Capital One Bowl. In the UK, the company currently sponsors football, Coca Cola Championship club Sheffield United and Coca Cola League 1 club Nottingham Forest. This article covers college football played in the United States. ... Orlando redirects here. ... The Capital One Bowl is an annual college football bowl game played in Orlando, Florida at the Citrus Bowl, and previously known as the Tangerine Bowl (1947-1982) and the Florida Citrus Bowl (1983-2001). ... The Football League Championship (often referred to as The Championship for short, or the Coca-Cola Football League Championship for sponsorship reasons) is the highest division of The Football League and second-highest division overall in the English football league system after the Premier League. ... Sheffield United F.C. are a football club in The Football League. ... Football League One (often referred to as League One for short or Coca-Cola Football League 1 for sponsorship reasons) is the second-highest division of The Football League and third-highest division overall in the English football league system. ... History Nottingham Forest F.C. are an English football club, based at the City Ground, which is just outside the official boundary of Nottingham on the south side of the River Trent. ...


Diversity and awards

Capital One received a 100% rating on the Corporate Equality Index released by the Human Rights Campaign starting in 2003, the second year of the report. Capital One's American division has a large number of foreign-born employees: in 2003 it sponsored more people for H-1B visas than any other financial services company (19th overall),[7] though in 2005 it was 4th in financial services (34th overall).[8] The Corporate Equality Index is a report published by the Human Rights Campaign Foundation as a tool to rate American businesses on their treatment of gay, lesbian, bisexual and transgender employees, consumers and investors. ... HRC logo The Human Rights Campaign (HRC) is one of the largest lesbian, gay, bisexual, and transgender (LGBT) equal rights organization in the United States. ... The H-1B is a non-immigrant visa in the United States under the Immigration & Nationality Act, section 101(a)(15)(H). ... Financial services is a term used to refer to the services provided by the finance industry. ...


In 2002, Capital One won the Wharton Infosys Business Transformation Award for its innovative strategy specifically related to their credit card products. In 2002, the Wharton Business School of the University of Pennsylvania and Infosys started the Wharton Infosys Business Transformation Award. ...


Controversy

Like most credit card companies that issue cards to people with poor or no credit (called "subprime"), Capital One offers multiple cards with low limits to some consumers, which can result in multiple over-limit and late payment fees and is considered by some consumer advocates to be predatory.[9] Defenders of the practice argue that credit issuers should not be held responsible for borrowers' decisions. Subprime lending (also known as B-paper, near-prime, or second chance lending) is lending at a higher rate than the prime rate. ...


To date, Capital One has not disclosed its customers' total credit limits to credit reporting agencies.[10] This could result in lower credit scores for the company's customers, since it could artificially increase a customer's utilization, a measure of credit balance as a percentage of credit line. Capital One announced plans to end this practice, and announced that it would report credit limits to credit reporting agencies by the end of 2007.[11] A Credit reporting agency (The legal term under the Federal Fair Credit Reporting Act (FCRA) is consumer reporting agency (CRA))(Also sometimes referred to as a credit bureau in the USA) is an organisation that collects and collates personal financial data on individuals, from financial institutions with which they have...


Management and corporate governance

Key executives include:[citations needed]

The current members of the board of directors of Capital One are:[citations needed] Richard Fairbank founded Capital One with Nigel Morris in 1988, and is currently the Chairman and CEO. He also serves on the board of directors of MasterCard International, and is the Chairman of MasterCard Internationals U.S. Region Board of Directors. ... Chief Executive redirects here. ... Gary Perlin was born in Chicago, Illinois. ... CFO redirects here. ... A General Counsel is the chief lawyer of a legal department, usually in a corporation or government department. ... A Company Secretary is a senior position in a private company or public organisation. ... // Human Resource Management (HRM) is the strategic and coherent approach to the management of an organizations most valued assets - the people working there who individually and collectively contribute to the achievement of the objectives of the business. ... A Chief Operating Officer (COO) is a corporate officer responsible for managing the day-to-day activities of the corporation. ... The Chief Information Officer or CIO is a job title for the head of the information technology group within an organization. ... Chairman of the Board redirects here. ...

Hibernia National Bank is a personal banking and commercial lending institution headquartered in New Orleans. ... Richard Fairbank founded Capital One with Nigel Morris in 1988, and is currently the Chairman and CEO. He also serves on the board of directors of MasterCard International, and is the Chairman of MasterCard Internationals U.S. Region Board of Directors. ... American Management Systems was founded in 1970 as a technology and management consulting firm. ... Florida Power & Light Company, the principal subsidary of FPL Group, Inc. ... Deere & Company (usually known by its brand name John Deere) (NYSE: DE) is an American corporation based in Moline, Illinois, and the leading manufacturer of agricultural machinery in the world. ... Mayo A. Shattuck III (b. ... Constellation Energy (NYSE: CEG), headquartered in Baltimore, Maryland, generates, trades, supplies, and distributes energy. ... The Westfield Group is a multinational company that owns shopping centres in Australia, New Zealand, the United Kingdom, and the United States. ...

See also

Hibernia National Bank is a personal banking and commercial lending institution headquartered in New Orleans. ... Year 2005 (MMV) was a common year starting on Saturday (link displays full calendar) of the Gregorian calendar. ... North Fork Bank is an American bank headquartered in Melville, New York. ... Year 2006 (MMVI) was a common year starting on Sunday of the Gregorian calendar. ... Capital One Tower (formerly Hibernia)in downtown Lake Charles after Hurricane Rita The Capitol One Tower is located in Lake Charles, Louisiana and is the tallest building in southwest Louisiana. ...

References

  1. ^ a b c Capital One Financial Corporation. Hoover's, Inc.. Retrieved on 2008-01-28.
  2. ^ Capital One Services, Inc. (2008-01-23). "Capital One Reports Fourth Quarter Earnings". Press release. Retrieved on 2008-01-28.
  3. ^ PRC Says OK To Capital One NSA Extension. Retrieved on 2006-11-27.
  4. ^ http://www.northforkbank.com/, Retrieved on 2008-04-04.
  5. ^ http://superiorsavings.com/, Retrieved on 2008-04-04.
  6. ^ Virginia Business Online: Q&A with Richard Fairbank
  7. ^ H1B.info
  8. ^ Top 500 H1B Visa Sponsors 2005
  9. ^ A big lender's credit card trap - MSN Money
  10. ^ Credit Card Limits Often Unreported. Retrieved on 2007-1-8.
  11. ^ Capital One Policy Change a Help to Borrowers.

2008 (MMVIII) is the current year, a leap year that started on Tuesday of the Anno Domini (or common era), in accordance to the Gregorian calendar. ... is the 28th day of the year in the Gregorian calendar. ... 2008 (MMVIII) is the current year, a leap year that started on Tuesday of the Anno Domini (or common era), in accordance to the Gregorian calendar. ... is the 23rd day of the year in the Gregorian calendar. ... For information on Wikipedia press releases, see Wikipedia:Press releases. ... 2008 (MMVIII) is the current year, a leap year that started on Tuesday of the Anno Domini (or common era), in accordance to the Gregorian calendar. ... is the 28th day of the year in the Gregorian calendar. ... Year 2006 (MMVI) was a common year starting on Sunday of the Gregorian calendar. ... is the 331st day of the year (332nd in leap years) in the Gregorian calendar. ...

External links

Yahoo! Inc. ... Richard Fairbank founded Capital One with Nigel Morris in 1988, and is currently the Chairman and CEO. He also serves on the board of directors of MasterCard International, and is the Chairman of MasterCard Internationals U.S. Region Board of Directors. ... This article does not cite any references or sources. ... A bank holding company is a company that owns two or more banks. ... Associated Banc-Corp is a bank holding company headquartered in Green Bay, Wisconsin. ... Bank of the West is the fifth-largest general services bank headquartered in California. ... Bank of America (NYSE: BAC TYO: 8648) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. ... The Bank of New York Mellon Corporation (NYSE: BK), is a global financial services company formed on 2 July 2007 as result of the merger of The Bank of New York and Mellon Financial Corporation. ... BBVA headoffice building in Bilbao. ... The BB&T Corporation (NYSE: BBT) is one of Americas largest banks, offering full-service commercial and retail banking services along with other financial services like insurance, investments, retail brokerage, mortgage, corporate finance, consumer finance, payment services, international banking, leasing, and trust. ... BOK Tower BOK Financial Corporation (BOKF) NASDAQ: BOKF, based in Tulsa, Oklahoma, is a financial services company in the West South Central States region of the United States. ... Citi redirects here. ... Citizens Financial Group, Inc. ... City National Bank, headquartered in Beverly Hills, California, is owned by City National Corporation (NYSE: CYN) with total assets of $15. ... Colonial Bancgroup Inc. ... Comerica Incorporated NYSE: CMA is a financial services company headquartered in Dallas, Texas. ... Commerce Bancorp is a Cherry Hill, New Jersey based bank holding company that offers banking, insurance, brokerage, and investment banking services in New Jersey, Pennsylvania, New York, Delaware, and Connecticut. ... This article is about the bank headquartered in Kansas City, Missouri. ... Fifth Third Bank (5/3 Bank) is a U.S. regional banking corporation, headquartered in Cincinnati, Ohio. ... First BanCorp is a financial holding company located in San Juan, Puerto Rico which offers a full range of financial services in Puerto Rico, US Virgin Islands, the British Virgin Islands, and in the State of Florida through its wholly-owned subsidiaries. ... First Citizens BancShares, Incorporated is a bank holding company headquartered in Raleigh, North Carolina. ... First Horizon National Corporation NYSE: FHN is a large banking company based in Memphis, Tennessee. ... First National of Nebraska is an interstate bank holding company; the largest banks it owns are First National Bank of Omaha, First National of Colorado, First National Bank of Kansas and First National Bank South Dakota. ... Harris Bank was founded by Norman Wait Harris. ... HSBC Holdings PLC (NYSE: HBC), (LSE: HSBA), (HKSE: 005), (Euronext: HSBC), is one of the largest banking groups in the world. ... The Huntington Center and Building in Downtown Columbus Huntington Bancshares Inc. ... JPMorgan Chase (NYSE: JPM) is one of the oldest financial services firms in the world. ... Key Bank is a bank headquartered in the Key Tower in Cleveland, Ohio. ... M&T Bank (NYSE: MTB) is an American bank. ... Marshall & Ilsley Corporation is a Fortune 500 company based in Milwaukee, Wisconsin, and founded in 1847. ... National City Corporation (NYSE: NCC), based in Cleveland, Ohio, is one of the ten largest banks in America in terms of deposits. ... New York Community Bank is the banking division of the pubicly traded company New York Bancorp. ... New York Private Bank & Trust Corporation is a bank holding company headquartered in New York City. ... Northern Trust Corporation NASDAQ: NTRS is a financial services company, headquartered in Chicago, providing fiduciary, banking and investment services for individuals and credit, operating, custody, trust and investment management services for organizations. ... PNC Financial Services (NYSE: PNC) is a U.S.-based financial services corporation, with assets of $92. ... Popular, Inc. ... The Royal Bank of Canada (TSX: RY) (NYSE: RY) is Canadas largest chartered bank. ... Regions Financial Corporation NYSE: RF is a publicly held company based in Birmingham, Alabama, with the corporate headquarters at the Regions Center. ... “STT” redirects here. ... SunTrust Headquarters at SunTrust Plaza in Atlanta, GA. SunTrust Banks, Inc. ... Synovus is a financial services company with over $21 billion in assets. ... Deutsche Bank AG (ISIN: DE0005140008, NYSE: DB) (German for German Bank) is a multinational bank operating worldwide and employing more than 67,400 people (January, 2007). ... TCF Financial Corporation (NYSE: TCB) is a financial services holding company based in Wayzata, Minnesota, USA. The holding company consists of several wholly owned subsidiaries; among them is TCF Bank. ... The companys logo TD Banknorth, formerly Banknorth, is a 100%-owned subsidiary of Toronto-Dominion Bank. ... It has been suggested that Firstar Corporation be merged into this article or section. ... UnionBanCal Corporation (NYSE: UB) is a bank holding company in San Francisco, California. ... The Westernbank logo. ... For Moravian settlements in North Carolina, see Wachovia, North Carolina. ... Webster Bank is a bank based based out of Waterbury, Connecticut. ... An older Wells Fargo branch, located in Berkeley, California Wells Fargos corporate headquarters and main branch Wells Fargo & Co. ... Zions Bancorporation (NASDAQ: ZION) is a member of the S&P 500, a bank holding company headquartered Salt Lake City, Utah. ...

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