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4mo ago

Capital One Finalizes $35.3 Billion Acquisition of Discover Financial Services

The merger creates the sixth-largest U.S. bank by assets, with no immediate changes for customers and a $425 million settlement addressing legal challenges.

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FILE - The logo for Capital One Financial is displayed above a trading post on the floor of the New York Stock Exchange, July 30, 2019. Capital One Financial is buying Discover Financial Services for $35 billion, in a deal that would bring together two of the nation's biggest lenders and credit card issuers, according to a news release issued by the companies Monday, Feb. 19, 2024. (AP Photo/Richard Drew, File)
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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.