Capital One said Wednesday it plans to offer $265 billion in lending, investing and philanthropy projects as part of its pending $35 billion merger with Discover Financial. The plan is designed to appease federal bank regulators, who have been initially skeptical of approving the merger, which would create the world’s largest credit card company if it goes through.
The five-year, $265 billion community benefit plan consists of several initiatives by Capital One, including a plan to lend $200 billion to low- and middle-income consumers, $44 billion in community development work and hundreds of millions of dollars to nonprofits, small businesses and minority-owned financial institutions.
Announced back in February, Capital One said it plans to buy and merge with Discover Financial Services, which will create the seventh-largest bank in the country as well as the largest credit card company. Capital One would also acquire Discover’s payment network, a rare asset.
Capital One is currently the second largest bank in the Capital Region by deposits and maintains 11 local branches in the area.
