CAPITAL ONE FINANCIAL CORP acquires North Fork Bancorporation

CAPITAL ONE FINANCIAL CORP acquired North Fork Bancorporation for ~$13.2 billion stock and cash (at close; ~$14.6 billion at announcement), a transaction completed in December 2006, structured as combination. The deal was a Merger.

North Fork Bancorporation operates in Regional banking / deposits, is based in Melville, New York, USA (metro New York). Capital One merged North Fork Bancorporation into Capital One, with Capital One as the surviving corporation, in a stock-and-cash transaction the company valued at about $13.2 billion at close. North Fork, headquartered in New York, provided deposit and lending services to consumer, commercial and small-business customers, and made Capital One the third-largest retail depository institution in the metro New York region and, at the time, roughly the 11th-largest U.S. bank by deposits.

Brings together the strengths of national lending and local banking, adding a strong New York-area deposit franchise and experienced local management.

A leading metro-New York deposit franchise with a proven local management team led by John Kanas. Combines national-scale lending with local banking deposits; Kanas became president of Capital One's banking business and joined the board. North Fork operated as the core of Capital One's banking business under John Kanas.

The combination of Capital One and North Fork brings together the strengths of national lending and local banking.Richard D. Fairbank, Chairman and CEO, Capital One

This transaction is about maintaining the continuity of the great business model and customer relationships that North Fork has built.John Kanas, Chairman, President and CEO, North Fork Bancorporation

Advisory firms were not disclosed for this transaction.

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