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Capital One Completes Acquisition Of ING Direct

Friday, February 17, 2012 - 2:16 PMING DIRECT
It just took three days after it received Fed approval for Capital One to announce it has completed its acquisition of the ING Direct.

From the press release:
Capital One Financial Corporation (NYSE: COF) today announced that it has completed its acquisition of the ING Direct business in the United States from ING Groep for $6.3 billion in cash and approximately 54 million Capital One shares, representing a 9.7 percent ownership stake.  With the closing of the transaction and the addition of ING Direct's deposits, Capital One becomes the sixth largest depository institution and the leading direct bank in the United States. 
Customers to Experience No Changes to Account Services and Functionality
ING Direct customers now have the added benefit of an expanded free ATM network where they can make cash withdrawals from both Allpoint and Capital One ATMs.

It appears US Bank remains the fifth largest bank by deposits. You can see the top 20 largest banks as of June 2011 data in this November post.
Ken TuminKen Tumin5,471 posts since
Nov 29, 2009
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