The Federal Reserve Board has given its approval for Capital One Financial Corporation’s merger with Discover Financial Services in a $35.3 billion deal, the central bank said in an April 18 statement.
The transaction involves Discover Bank merging with Capital One’s national bank subsidiary Capital One, National Association (CONA), with CONA becoming the surviving entity, according to the Fed order.
At present, Capital One is the 11th largest bank in the United States, controlling $362.7 billion in consolidated deposits, representing 2 percent of the total amount of deposits at banks in the country.
Discover is the 32nd largest bank in the nation, controlling around $107.2 billion in consolidated deposits, less than 1 percent of the total deposits at American banks….