Capital One Completes Acquisition of North Fork Bancorporation

Capital One Financial today announced that it has completed its acquisition of North Fork Bancorporation, Inc. As a result of the $13.2 billion stock and cash transaction, Capital One is the 11th largest bank in the United States, based on deposits, and the third-largest retail depository institution in the metro New York region.

North Fork, headquartered in New York, provides a broad range of deposit and lending services for consumer, commercial, and small business customers.

"The combination of Capital One and North Fork brings together the strengths of national lending and local banking," said Richard D. Fairbank, Chairman and Chief Executive Officer of Capital One. "I am particularly pleased to welcome John Kanas, along with North Fork's experienced management team and talented associates, to Capital One. John and his team have a proven ability to compete and win in the New York banking market, and they have a great track record of serving their customers and communities. With our national lending businesses, our strong banking franchises in Louisiana and Texas, and our new partners at North Fork, we are well-positioned to win in each of our markets, and to deliver profitable growth and enduring shareholder value."

Kanas will be the president of Capital One's banking business and join Capital One's Board of Directors. Kanas previously served as North Fork's Chairman, President and CEO.

"This transaction is about maintaining the continuity of the great business model and customer relationships that North Fork has built," said Kanas. "With Capital One, we are building an even stronger bank that will benefit our customers and our communities. Our customers will continue to enjoy the same personalized service and experienced local bankers they trust, along with a broader range of products and services to meet their financial needs."

Capital One and North Fork announced their intention to merge in March 2006.

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