Capital One receives Delaware State Bank Commissioner approval for Discover deal

Capital One (COF) announced that it received approval from the Office of the Delaware State Bank Commissioner on December 18, to complete its previously announced acquisition of Discover Financial Services (DFS) and its subsidiary bank, Discover Bank, which is a Delaware-chartered bank. Capital One anticipates that the transaction will close in early 2025, subject to the satisfaction of the remaining closing conditions set forth in the merger agreement between the companies, including approval by the stockholders of Discover and Capital One and approval by the Board of Governors of the Federal Reserve System and the Office of the Comptroller of the Currency. Capital One first announced its proposed acquisition of Discover in February, which was followed by its July announcement of a five-year, $265B community benefits plan in connection with the acquisition. The plan was conceived in partnership with leading community groups and represents a comprehensive package of community-focused solutions. It includes $35M in grants to Delaware-based nonprofit organizations, as well as retention of Discover’s branch in Sussex County.