Capital One Financial Corp. has completed its acquisition of Discover Financial Services, finalizing a deal that unites two major players in the consumer finance and credit card services industries.
The merger, first announced in February 2024, received regulatory approvals from the Federal Reserve, the Office of the Comptroller of the Currency, and the Delaware State Bank Commissioner, as well as stockholder approval from both companies earlier this year.
“This deal brings together two innovative, mission-driven companies,” said Richard D. Fairbank, Capital One founder and CEO, in a statement. “We are well-positioned to continue our quest to change banking for good for millions of customers.”
As part of the acquisition, Capital One expanded its board from 12 to 15 members, adding former Discover directors Thomas G. Maheras, Michael Shepherd and Jennifer L. Wong.
For now, customer accounts and services remain unchanged. Capital One plans to maintain Discover-branded credit cards alongside its existing card portfolio and will integrate the Discover, PULSE, and Diners Club International networks.
The deal also activates Capital One’s $265 billion Community Benefits Plan, developed with input from community organizations to expand access to lending, investment and financial services across the country.
Additional details about the acquisition are available at www.capitalonediscover.com.
