- Significant financial and programmatic investments in support
of critical economic priorities including housing affordability,
no-fee banking access, and small business growth
- Includes $44 billion in community development financing, $600
million in support for Community Development Financial
Institutions, $575 million in philanthropy, $200 billion in
consumer lending to low- and moderate-income (LMI) consumers or
consumers in LMI communities, $15 billion in lending to small
businesses, and $5 billion in anticipated spending with diverse
suppliers
- Plan will be more than twice as large as any community
commitment previously developed in connection with a bank
acquisition
- Innovative approach brought together a coalition of four
leading community groups to negotiate and develop the comprehensive
package of community-focused solutions
Capital One Financial Corporation (NYSE: COF) today announced a
community benefits plan that commits more than $265 billion in
lending, investment, and philanthropy over five years as part of
its proposed acquisition of Discover Financial Services (NYSE:
DFS). The plan was developed in partnership with the National
Association for Latino Community Asset Builders (NALCAB),
NeighborWorks America, the Opportunity Finance Network (OFN), and
the Woodstock Institute.
This plan is twice as large as any other community commitment
developed in connection with a bank acquisition and demonstrates
that the combination of Capital One and Discover will create an
opportunity to provide more lending, investment, and services to
underserved communities than the institutions would undertake on a
stand-alone basis.
These commitments will aim to expand economic opportunity for
underserved consumers, including those in low- and moderate-income
(LMI) neighborhoods, rural areas, and communities of color. It will
support increased access to best-in-class products and services for
unbanked or underbanked consumers as well as consumers across the
credit spectrum and expand access to capital and opportunity.
“Our commitments to financial inclusion and well-being are core
to who we are as a company,” said Richard Fairbank, Founder, CEO,
and Chairman of Capital One. “That comes to life in our product
portfolio, which serves the full spectrum of American consumers,
and in the investments we make in our communities. We have a long
history of developing innovative ways to serve these core
constituencies, and we are committed to ensuring, through this
community benefits plan, that our acquisition of Discover builds on
our history of positive impact.”
In addition to a robust negotiating process led by the four
community groups identified above, which collectively represent
more than 800 nonprofit organizations nationwide, Capital One’s
plan was informed by engagement with the company’s long-standing
Community Advisory Council, more than 100 community organizations
nationwide, and more than 100 local, state, and federal elected
officials. This engagement included listening sessions with
community organizations in key markets across Capital One’s and
Discover’s footprint.
The plan is designed to enable greater access to safe and
affordable housing; expand access to credit so small business
owners can sustain and grow their businesses; increase access to
credit for LMI consumers; build high-quality local infrastructure
to facilitate the delivery of essential services; and support the
development of schools, civic centers, and healthcare facilities
that are vital to building strong and vibrant communities.
“This plan delivers high-impact, scalable solutions for low- and
moderate-income communities, and its commitments and ambition
reflect the robust, candid dialogue that drove its development,”
said Andres Navarrete, Executive Vice President and Head of
External Affairs at Capital One. “We have long valued community and
customer feedback on our products, policies, and programs,
recognizing that our partners are often the closest to the needs of
the community, and we are deeply grateful to our negotiating
partners and the many other community members and leaders across
the country whose feedback and innovative ideas are reflected in
this plan.”
Negotiating Partner Statements
“We’re thrilled to have had the chance to include our expertise
and our members’perspectives in the development of a community
benefits plan with Capital One,” said Marla Bilonick, President and
CEO of NALCAB. “Capital One consistently and proactively seeks
constructive community feedback—then takes it a step further by
incorporating that feedback into their product and service
delivery. We appreciate the chance to help guide their continued
investment in communities, and we look forward to helping bring the
plan to life.”
"We were proud to participate with Capital One in the
development of the community benefits plan. We applaud Capital
One’s efforts to bring national and local groups together around
the table to hear and learn of the needs in communities. At
NeighborWorks, we understand the need for intentional investments
and bold partnerships driven by a commitment to transformational
impact," said Marietta Rodriguez, President and CEO of
NeighborWorks America. "Capital One has been a dependable partner
in improving the financial future of residents across the country,
and this new community benefits plan will continue to build on that
commitment by expanding support for a broader range of products and
services, particularly benefiting underserved consumers."
“OFN is committed to working with partners across the country to
ensure our communities have access to affordable, responsible
financial solutions,” said Harold Pettigrew, President and CEO of
OFN. “Throughout this process, we were encouraged by Capital One’s
ownership of areas where it has room for improvement and openness
to discussing ideas beyond its comfort zone. We look forward to
continuing to work together to deliver on the plan’s commitments
and help drive capital to the communities that need it most.”
“We do not need another empty promise, a splashy marketing
campaign, or re-packaging existing activity as something new,” said
Horacio Mendez, President and CEO of Woodstock Institute.
“Woodstock Institute came to the table to challenge Capital One to
develop a community benefits plan that moves the industry forward
and sets an ambitious standard for others to follow. While nobody
got everything they asked for, everyone involved in this process
recognizes that substantive change and progress have been made on
important issues. Specific to Woodstock's mission, Capital One’s
commitment to fair and responsible lending, and to collaborate on
advocacy issues and policies that reflect our common interests,
creates a new and powerful alliance that can effectively advance
systemic solutions for those most in need.”
A Comprehensive Community Benefits Plan
The five-year plan includes significant financial and
programmatic commitments across community development, Community
Development Financial Institutions (CDFIs), philanthropy and pro
bono, consumer card and auto lending, small business and supplier
diversity, and bank access. The following sections highlight key
elements of Capital One’s commitments in each area.
Community Development
Capital One has ranked first or second among all banks in
Community Reinvestment Act (CRA) -qualified community development
lending by total dollar amount over the past six reported years and
will expand on this record through $44 billion in capital for
affordable housing, economic development, public infrastructure,
and alternative energy. This community development commitment
includes:
- Over $35 billion supporting affordable housing for LMI
communities and individuals, including Low-Income Housing Tax
Credit (LIHTC) investments, representing a nearly 30% increase over
previously planned activities.
- Over $5 billion supporting solutions to challenges LMI
communities face, including employment, food accessibility,
healthcare, education, renewable energy and public infrastructure,
via New Markets Tax Credits, alternative energy financing, and
municipal lending.
- Continuing Discover’s partnership with the Delaware State
Housing Authority (DSHA) to enable homeownership through bond
purchases and investments in mortgage-backed securities. The
commitment provides certainty of liquidity and funding to support
DSHA homeownership programs offering interest rates at or below
market, down payment or closing costs assistance to low to moderate
income households who are first time homebuyers or seeking to
refinance existing mortgages. The premium pricing in the
predetermined forward commitment is passed through to borrowers in
the rates or assistance offered.
Community Development Financial Institutions (CDFIs)
Capital One recognizes CDFIs as proven, highly effective
organizations for delivering capital to underserved communities and
connecting consumers to financial products and services. The
commitment includes:
- $600 million in capital to nonprofit CDFIs focused on
affordable housing, small business, and consumer lending, 6X
Capital One’s and Discover’s planned activities.
Philanthropy and Pro Bono
Building on Capital One’s existing five-year, $200 million
Impact Initiative, Capital One will significantly increase
philanthropic giving and capacity-building efforts. This plan
commits to a total of $575 million in philanthropy over its
duration, representing a nearly 30% increase over previously
planned activities. Included in this total is a $35 million
commitment to philanthropic support for nonprofits in Delaware,
including Discover’s CRA assessment area, and $20 million for
Chicago-based organizations, a portion of which is incremental to
Capital One and Discover’s historical support. New philanthropic
investments include:
- $50 million increase in new grants to CDFIs over the duration
of this community benefits plan, more than 3X planned CDFI
grantmaking. These grants, in addition to the expanded CDFI loans
and investments referenced above, will further enable CDFIs’
lending activities to small businesses and affordable housing, as
well as small dollar consumer lending, and assist Capital One’s
partners in building capacity and bolstering operations to deliver
their services more effectively.
- $25 million increase in new grants and pro bono initiatives to
support programs that enable homeownership, including down payment
assistance, funding repairs, and pre-purchase and foreclosure
prevention counseling.
- $25 million increase in new grants to support pre-development
activities, resident services, and rent reporting initiatives in
Capital One’s LIHTC-financed properties.
- $15 million increase in new grants to fund research related to
artificial intelligence (AI), focusing on the integration of AI in
the banking sector while emphasizing responsible
implementation.
Capital One is committed to helping nonprofit organizations
continue their critical work through an expanded pro bono program
and a range of capacity-building services, including:
- 10X expansion of current pro bono associate volunteering
program for nonprofits and small businesses.
- 5X expansion of current pro bono associate volunteering
programs for CDFIs, with a focus on data and technology management
and change management.
- Investing in long-term, interdisciplinary capacity-building
engagements with community partners in data, cyber, infrastructure,
machine learning, and AI, focused on strengthening the collective
capacity and impact of the CDFI industry and fostering growth,
innovation, and sustainability across the sector.
- Establishing a formal pro bono program to build the lobbying
and advocacy capacity of nonprofit partners.
- 30% growth for the Capital One Insights Center and
partnership-based research approaches to increase the number of
research projects conducted and commissioned each year.
- Partnering with community groups to develop a shared agenda on
key advocacy issues and policies that reflect Capital One’s and
these organizations’ shared interests.
Consumer Card and Auto Lending
Capital One is deepening its long-standing commitment to serving
and empowering consumers from across the credit spectrum with
best-in-class consumer credit products. Since its founding, Capital
One has enabled 42 million customers with subprime or no FICO
scores when they opened an account with the bank to achieve prime
or better FICO scores. Capital One is committed to supporting its
customers’ financial well-being through tools and programs driving
tangible and positive customer outcomes.
These programs include simple and flexible auto-pay options,
automatic enrollment in credit card payment alerts, and one-click
payments that have prevented over 25 million late payments and past
due fees in the past year alone. Capital One has invested in:
- Free digital tools like CreditWise, which currently serves
nearly 60 million customers and non-customers alike.
- A financial literacy partnership with Khan Academy, which has
reached over 850,000 learners who have spent over 21 million
minutes engaged with the content since its launch in July
2023.
- The Auto Navigator tool, which provides transparency and
education to auto loan customers and non-customers alike.
- The Keep Customers in their Cars program, which has leveraged
innovative loan adjustments and modifications to enable over one
million customers, who at another lender may have experienced
repossession, to stay in their cars. This program is specifically
designed to ensure customers maintain ongoing access to mobility, a
critical resource in accessing and maintaining jobs, affordable
housing, healthcare and healthy food, and other essential
services.
Capital One will build on this legacy by expanding access to its
products and delivering transparency, education, and hands-on
support throughout its customers’ financial lives, notably through
the following commitments:
- $125 billion in credit card lending to LMI consumers and
consumers who reside in LMI communities nationwide.
- $75 billion in automobile finance lending to LMI consumers and
consumers who reside in LMI communities nationwide.
- Expanding the Secured Card unsecuring program (returning
customers' deposits) with the goal of unsecuring 90%+ of customers
in good standing with Capital One and other bureau accounts once
they have been a customer for two years. This represents a 15-20%
expansion of this program and builds upon Capital One’s practice of
auto-reviewing accounts for unsecuring eligibility to proactively
support customers' ability to improve their credit standing.
- Launching a “Second Look” auto loan program to refer consumers
declined through Capital One’s Auto Navigator to CDFIs and provide
pro bono and technical assistance to CDFI partners to enable
greater scale and success in this effort.
In addition, Capital One will continue to empower customers to
have greater control over their financial decisions. This support
will include building on currently available resources that equip
customers with accessible financial education, providing simple
tools for customers to manage their finances, and supporting
customers through financial setbacks. These initiatives
include:
- Providing a streamlined ability to opt out of proposed credit
line increases through a simple and easy-to-use digital interface,
ensuring that customers can more easily control decisions regarding
their available credit.
- $15 million in additional grant funding to credit counseling
agencies (CCAs) over the duration of the community benefits plan,
including more proactive referrals of customers to reputable and
effective CCAs.
- Bringing an additional 600,000 borrowers into Capital One’s
Keep Customers in their Cars program, helping these individuals at
moments of need stay in their vehicles.
Small Businesses, Diverse Suppliers, and Diverse &
Culturally Relevant Marketers
Capital One continues to invest in helping small business owners
access the capital and tools they need to sustain and grow their
businesses and expanding opportunities for diverse suppliers by
committing to:
- Over $15 billion to small businesses and businesses in LMI
communities to improve access to credit and capital.
- Launching Ventures Lending, a mission-based credit card focused
on closing gaps in equity and opportunity targeted to traditionally
underserved small businesses. This new product will provide
below-market rate pricing, and Capital One will partner with CDFIs
to originate lending and deliver wrap-around services designed to
enhance the long-term viability of these businesses.
- Expanding opportunities for diverse suppliers to engage in
Capital One’s supplier process, with $5 billion in anticipated
spending with diverse suppliers, representing an over 70% increase
to historic levels over the duration of this plan.
- 30% increase to historic levels in Capital One’s diverse and
culturally relevant marketing spend over the duration of this
plan.
- Delivering tools for small businesses as they build and grow,
including Cash Flow Insights, a free digital dashboard to help
small businesses track and project expected income and expenses,
designed to help improve business financial health and stability
with relevant insights.
Bank Access
Capital One’s retail business has been a leader in delivering
innovative, market-leading products. Capital One is a national
bank, serving a broad and diverse customer base through a unique
blend of best-in-class digital and physical delivery channels.
Capital One and Discover customers will be able to access branches
in the company’s traditional bank footprint in the Washington, DC
and New York metro areas and the Gulf Coast; Cafés in 21 of the top
25 MSAs; over 16,000 cash deposit locations; and more than 70,000
fee-free ATMs nationwide.
Capital One was the first large bank to completely eliminate
overdraft fees, and remains the only large bank to offer overdraft
protection free of charge on a checking account without fees or
minimum balance requirements. Since eliminating overdraft fees in
2021, Capital One customers have saved over $500 million in
potential fees. All of Capital One’s retail bank products come with
no account maintenance fees, no minimum balance requirements, and
no overdraft fees. Capital One’s flagship 360 checking product is
fully Bank On certified, and the company has ranked #1 in US
National Banking Overall Satisfaction for four years running,
according to J.D. Power.
Capital One will build on this industry-leading position by
further committing to support financial inclusion through enhanced
products, services, and physical presence:
- Growing Capital One’s flagship Bank On certified checking
accounts by at least 50% over the company's current Bank On
certified checking accounts.
- Enabling access to ~100,000 consumers with Individual Tax
Identification Numbers (ITINs) through enhanced digital acceptance
programs.
- Maintaining 30% of Capital One’s retail locations (branches and
Cafés) in LMI neighborhoods to complement the company’s digital
delivery channels and support continued neighborhood economic
stabilization and investment.
- Opening new Capital One Cafés in LMI and underserved areas,
providing significant community and consumer benefits, financial
education programming, and free convening space for community
groups and civic organizations.
- Ensuring that consumers are able to meet short-term liquidity
challenges through a suite of new services and features, including
developing new Savings Builder features that can be used with
Capital One’s flagship savings product. These digital tools will
include savings goals and auto-saving tools and be integrated into
financial counseling workshops with nonprofit partners.
- Committing to working with CDFIs and credit unions to research
and deliver viable and sustainable small-dollar loan products to
consumers.
- Increasing Café community programming and resources to expand
the reach of financial health support, including expanding the Café
student ambassadors program, Money & Life mentoring, and
workshops through community sponsorships.
Discover’s Customers, Employees and Communities
Recognizing Discover’s long history of customer service and
long-standing partnerships, Capital One is also committing to:
- Following conversion of Discover deposits and credit card
accounts to Capital One’s systems, ensuring Discover customers gain
access to a broader set of financial products and services,
including a unique mix of best-in-class digital tools, Capital
One’s nationwide network of branches and Cafés, as well as tens of
thousands of cash-load partner locations and fee-free ATMs.
- Committing to no layoffs of front line associates in connection
with the proposed transaction.
- Growing Discover’s Customer Care Center in Chatham on the South
Side of Chicago to meet Discover’s original goal of employing more
than 1,000 individuals.
- Retaining Discover’s Customer Care Center in Whitehall,
Ohio.
- Retaining Discover’s sole physical branch and CRA assessment
area located in Greenwood, Delaware. This branch will convert to a
Capital One physical branch following conversion of Discover
deposit accounts to Capital One systems.
Capital One’s commitment to transparency and inclusivity will
continue once the plan is finalized. Capital One will report on its
progress to the Federal Reserve Board and the Office of the
Comptroller of the Currency on an annual basis, update the firm’s
Community Advisory Council during regularly scheduled meetings, and
post a report on its website.
“Capital One and Discover have long been leaders in investing in
our communities to help people live, work, and build wealth on
their own terms,” said Kerone Vatel, Head of Community Impact and
Investment at Capital One and Chair of the Capital One Foundation
Board. “This plan affords everyday consumers across America the
opportunity to navigate their finances with resilience. We will
continue to forge collaborative partnerships that build on Capital
One and Discover’s combined legacy of deep community investment
centered on the needs of the people who live there.”
Capital One’s Acquisition of Discover
In February 2024, Capital One and Discover announced that they
entered into a definitive agreement under which Capital One will
acquire Discover in a landmark deal. The transaction is expected to
close in late 2024 or early 2025, subject to satisfaction of
customary closing conditions, including regulatory approvals and
approval by the shareholders of each company. The Community
Benefits Plan is subject to the closing of the Discover
transaction.
Annual results of this commitment could fluctuate from year to
year based on market conditions and macroeconomic factors. If
market conditions and macroeconomic factors worsen, safety and
soundness will remain the company’s primary priority. Capital One
will discuss proposed material changes to this community benefits
plan with its negotiating partners.
More information on Capital One’s agreement to acquire Discover
Financial Services can be found at www.capitalonediscover.com.
About Capital One
Capital One Financial Corporation (www.capitalone.com) is a
financial holding company which, along with its subsidiaries, had
$351.0 billion in deposits and $481.7 billion in total assets as of
March 31, 2024. Headquartered in McLean, Virginia, Capital One
offers a broad spectrum of financial products and services to
consumers, small businesses and commercial clients through a
variety of channels. Capital One, N.A. has branches and Cafes
located primarily in New York, Louisiana, Texas, Maryland, Virginia
and the District of Columbia. A Fortune 500 company, Capital One
trades on the New York Stock Exchange under the symbol “COF” and is
included in the S&P 100 index.
Additional information about Capital One can be found at Capital
One About at www.capitalone.com/about.
Forward Looking Statements
Information in this communication, other than statements of
historical facts, may constitute forward-looking statements, within
the meaning of the Private Securities Litigation Reform Act of
1995. These statements include, but are not limited to, statements
about the benefits of the proposed transaction between Capital One
Financial Corporation (“Capital One”) and Discover Financial
Services (“Discover”), the combined company’s plans, objectives,
expectations and intentions, and other statements that are not
historical facts. Forward-looking statements may be identified by
terminology such as “may,” “will,” “should,” “targets,”
“scheduled,” “plans,” “intends,” “goal,” “anticipates,” “expects,”
“believes,” “forecasts,” “outlook,” “estimates,” “potential,” or
“continue” or negatives of such terms or other comparable
terminology.
All forward-looking statements are subject to risks,
uncertainties and other factors that may cause the actual results,
performance or achievements of Capital One or Discover to differ
materially from any results expressed or implied by such
forward-looking statements. Such factors include, among others, (1)
the risk that the cost savings and any revenue synergies and other
anticipated benefits from the transaction may not be fully realized
or may take longer than anticipated to be realized, the risk that
revenues following the transaction may be lower than expected
and/or the risk that certain expenses, such as the provision for
credit losses, of Discover, or Capital One following the
transaction, may be greater than expected, (2) disruption to the
parties’ businesses as a result of the announcement and pendency of
the transaction, (3) the risk that the integration of Discover’s
business and operations into Capital One, including the integration
into Capital One’s compliance management program, will be
materially delayed or will be more costly or difficult than
expected, or that Capital One is otherwise unable to successfully
integrate Discover’s businesses into its own, including as a result
of unexpected factors or events, (4) the possibility that the
requisite regulatory, stockholder or other approvals are not
received or other conditions to the closing are not satisfied on a
timely basis or at all, or are obtained subject to conditions that
are not anticipated (and the risk that requisite regulatory
approvals may result in the imposition of conditions that could
adversely affect Capital One or the expected benefits of the
transaction following the closing of the transaction), (5)
reputational risk and the reaction of each company’s customers,
suppliers, employees or other business partners to the transaction,
(6) the failure of the closing conditions in the merger agreement
to be satisfied, or any unexpected delay in completing the
transaction or the occurrence of any event, change or other
circumstances that could give rise to the termination of the merger
agreement, (7) the dilution caused by the issuance of additional
shares of Capital One’s common stock in connection with the
transaction, (8) the possibility that the transaction may be more
expensive to complete than anticipated, including as a result of
unexpected factors or events, (9) risks related to management and
oversight of the expanded business and operations of Capital One
following the transaction due to the increased size and complexity
of its business, (10) the possibility of increased scrutiny by,
and/or additional regulatory requirements of, governmental
authorities as a result of the transaction or the size, scope and
complexity of Capital One’s business operations following the
transaction, (11) the outcome of any legal or regulatory
proceedings that may be currently pending or later instituted
against Capital One before or after the transaction, or against
Discover, (12) the risk that expectations regarding the timing,
completion and accounting and tax treatments of the transaction are
not met, (13) the risk that any announcements relating to the
transaction could have adverse effects on the market price of
Capital One’s common stock, (14) certain restrictions during the
pendency of the transaction, (15) the diversion of management’s
attention from ongoing business operations and opportunities, (16)
Capital One’s and Discover’s success in executing their respective
business plans and strategies and managing the risks involved in
the foregoing, (17) effects of the announcement, pendency or
completion of the transaction on Capital One’s or Discover’s
ability to retain customers and retain and hire key personnel and
maintain relationships with Capital One’s and Discover’s suppliers
and other business partners, and on Capital One’s and Discover’s
operating results and businesses generally, (18) general
competitive, economic, political and market conditions and other
factors that may affect future results of Capital One and Discover,
including changes in asset quality and credit risk; the inability
to sustain revenue and earnings growth; changes in interest rates
and capital markets; inflation; customer borrowing, repayment,
investment and deposit practices; the impact, extent and timing of
technological changes; capital management activities and (19) any
other factors that may affect Capital One’s future results or the
future results of Discover; and other actions of the Federal
Reserve Board and legislative and regulatory actions and reforms.
Additional factors which could affect future results of Capital One
and Discover can be found in Capital One’s Annual Report on Form
10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form
8-K, and Discover’s Annual Report on Form 10-K, Quarterly Reports
on Form 10-Q, and Current Reports on Form 8-K, in each case filed
with the SEC and available on the SEC’s website at
http://www.sec.gov. Capital One and Discover disclaim any
obligation and do not intend to update or revise any
forward-looking statements contained in this communication, which
speak only as of the date hereof, whether as a result of new
information, future events or otherwise, except as required by
federal securities laws.
Important Information About the Transaction and Where to Find
It
Capital One filed a registration statement on Form S-4 (No.
333-278812) with the SEC on April 18, 2024, as amended on June 14,
2024, to register the shares of Capital One’s common stock that
will be issued to Discover stockholders in connection with the
proposed transaction. The registration statement, which is not yet
effective, includes a preliminary joint proxy statement of Capital
One and Discover that also constitutes a preliminary prospectus of
Capital One. If and when the registration statement becomes
effective and the joint proxy statement/prospectus is in definitive
form, such joint proxy statement/prospectus will be sent to the
stockholders of each of Capital One and Discover in connection with
the proposed transaction. INVESTORS AND SECURITY HOLDERS ARE URGED
TO READ THE REGISTRATION STATEMENT ON FORM S-4 AND THE RELATED
JOINT PROXY STATEMENT/PROSPECTUS (AND ANY OTHER AMENDMENTS OR
SUPPLEMENTS TO THESE DOCUMENTS AND ANY OTHER RELEVANT DOCUMENTS
FILED WITH THE SEC IN CONNECTION WITH THE TRANSACTION OR
INCORPORATED BY REFERENCE INTO THE JOINT PROXY
STATEMENT/PROSPECTUS) BECAUSE SUCH DOCUMENTS CONTAIN OR WILL
CONTAIN IMPORTANT INFORMATION REGARDING THE PROPOSED TRANSACTION
AND RELATED MATTERS. Investors and security holders may obtain free
copies of these documents and other documents filed with the SEC by
Capital One or Discover through the website maintained by the SEC
at http://www.sec.gov or by contacting the investor relations
department of Capital One or Discover at:
Capital One
Financial Corporation
Discover Financial
Services
1680 Capital One Drive
2500 Lake Cook Road
McLean, VA 22102
Riverwoods, IL 60015
Attention: Investor Relations
Attention: Investor Relations
investorrelations@capitalone.com
investorrelations@discover.com
(703) 720-1000
(224) 405-4555
Before making any voting or investment decision, investors
and security holders of Capital One and Discover are urged to read
carefully the entire registration statement and preliminary joint
proxy statement/prospectus, including any amendments thereto when
they become available, because they contain or will contain
important information about the proposed transaction. Free copies
of these documents may be obtained as described above.
Participants in Solicitation
Capital One, Discover and certain of their directors and
executive officers may be deemed participants in the solicitation
of proxies from the stockholders of each of Capital One and
Discover in connection with the proposed transaction. Information
regarding the directors and executive officers of Capital One and
Discover and other persons who may be deemed participants in the
solicitation of the stockholders of Capital One or of Discover in
connection with the proposed transaction will be included in the
joint proxy statement/prospectus related to the proposed
transaction, which will be filed by Capital One with the SEC.
Information about the directors and executive officers of Capital
One and their ownership of Capital One common stock can also be
found in Capital One’s definitive proxy statement in connection
with its 2024 annual meeting of stockholders, as filed with the SEC
on March 20, 2024, and other documents subsequently filed by
Capital One with the SEC. Information about the directors and
executive officers of Discover and their ownership of Discover
common stock can also be found in Discover’s definitive proxy
statement in connection with its 2024 annual meeting of
stockholders, as filed with the SEC on March 15, 2024, and other
documents subsequently filed by Discover with the SEC. Additional
information regarding the interests of such participants is
included in the preliminary joint proxy statement/prospectus and
other relevant documents regarding the proposed transaction filed
with the SEC when they become available.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240716113749/en/
Sie Soheili Sie.Soheili@capitalone.com
Carlisle Campbell Carlisle.Campbell@capitalone.com
Grafico Azioni Discover Financial Servi... (NYSE:DFS)
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