On December 18, Capital One (NYSE: COF) officially announced that it had received approval from the Delaware State Bank Commissioner, marking a key step forward in its acquisition of Discover Financial Services (NYSE: DFS) and its subsidiary, Discover Bank.
The transaction is expected to close in early 2025, subject to several remaining conditions, including approval from Discover and Capital One shareholders, as well as approvals from the Federal Reserve Board and the Office of the Comptroller of the Currency. Capital One first announced the acquisition plan back in February 2024, and then in July of the same year unveiled a historic community benefits plan that is expected to invest $265 billion over the next five years. The plan was developed together with several leading community organizations and is intended to provide a comprehensive set of solutions for local communities.
Capital One will retain Discover’s branch in Sussex County, allowing customers to continue enjoying convenient access to services. There is no news yet on what will happen to the credit card lineup, but several Discover cards have been around for a long time and have remained stable, so they will likely continue to be offered.
