Capital One Financial Corporation has received approval from the Office of the Delaware State Bank Commissioner to proceed with its acquisition of Discover Financial Services and its subsidiary, Discover Bank. Discover Financial Services is a digital banking and payment services company, recognized for the Discover card. The Delaware-chartered bank has deep regional ties, and this milestone moves the merger closer to completion. Capital One expects the transaction to close in early 2025, pending final regulatory approvals from the Federal Reserve, the Office of the Comptroller of the Currency, and shareholder consent from both companies.
The merger, initially announced in February 2024, underscores Capital One's intent to enhance its community-focused initiatives. In 2024, Capital One revealed a landmark five-year, $265 billion community benefits plan tied to the acquisition. The plan includes $35 million in grants for Delaware-based nonprofits and assures the retention of Discover's branch in Sussex County. Capital One's acquisition aims to combine the strengths of both organizations to better serve communities and customers nationwide.
