Overview
- Capital One has completed its $35.3 billion all-stock acquisition of Discover Financial Services, announced in February 2024 and approved by regulators in April 2025.
- The merger establishes Capital One as the sixth-largest U.S. bank by asset size, combining two major credit card issuers into a unified payments network.
- Customer accounts and banking relationships for both Capital One and Discover remain unchanged, with future updates to be communicated in advance.
- Capital One's Board of Directors has expanded from 12 to 15 members, adding three former Discover directors to oversee the integrated company.
- As part of the merger, Capital One agreed to a $425 million settlement over allegations of misleading savings-account practices, addressing ongoing consumer-protection concerns.