Summary
Capital One Financial Corporation (COF) announced the completion of its merger with North Fork Bancorporation, Inc. on December 1, 2006. This significant event, as reported in their 8-K filing, marks the finalization of the acquisition initiated by the Agreement and Plan of Merger dated March 12, 2006. North Fork has been merged into Capital One, with Capital One as the surviving entity. This transaction represents a substantial expansion for Capital One, integrating North Fork's operations and customer base into its existing business structure. The merger consideration involved a mix of cash and Capital One common stock, totaling approximately $13.2 billion. Each North Fork stockholder had the option to receive either a specified amount of cash or a fraction of a share of Capital One stock, subject to proration mechanisms detailed in the merger agreement. Additionally, Capital One has expanded its board of directors by appointing John Adam Kanas, a former executive of North Fork, to fill a new seat. This appointment signifies the integration of key leadership from the acquired company.
Key Highlights
- 1Capital One Financial Corporation has successfully completed its merger with North Fork Bancorporation, Inc. as of December 1, 2006.
- 2The merger was executed under the terms of the Agreement and Plan of Merger dated March 12, 2006.
- 3North Fork Bancorporation, Inc. has been merged into Capital One Financial Corporation, with Capital One as the surviving corporation.
- 4The total value of the transaction is approximately $13.2 billion, paid through a combination of cash and Capital One common stock.
- 5North Fork stockholders received either cash or Capital One common stock based on their elections, subject to proration.
- 6Capital One's board of directors has been expanded to ten members with the appointment of John Adam Kanas.
- 7John Adam Kanas, formerly of North Fork, has been appointed to Capital One's board of directors and will also serve as an executive officer.