Capital One closes Discover Financial acquisition
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Capital One Financial (NYSE:COF) announced the completion of the Discover Financial Services (NYSE:DFS) acquisition on May 18, as anticipated.
According to the Fed, the combined entity is set to become the eight largest U.S. insured depository organization, with consolidated assets of around $637.8B. That figure would represent 2.2% of the country’s total insured deposits.
The two companies on April 18 had announced the receipt of the final regulatory approvals for their $35B merger.
Capital One has expanded its board from 12 to 15 directors, and appointed Discover’s directors, Thomas Maheras, Michael Shepherd, and Jennifer Wong, to its board.