North Fork Bank's Journey with Capital One

North Fork Bank's Journey with Capital One began in 2006 when Capital One acquired North Fork Bank for $13.6 billion. This acquisition marked a significant milestone in the bank's history.

The acquisition expanded Capital One's presence in the Northeast and provided access to a new customer base. North Fork Bank's customers were offered a range of products and services, including credit cards, loans, and banking services.

Capital One's acquisition of North Fork Bank was a strategic move to increase its market share and competitiveness in the banking industry.

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North Fork Bank has a rich history that dates back to the early 20th century. Its earliest component was Southold Savings Bank in Southold, New York, which was founded in 1905.

The bank's name changed to North Fork Bank & Trust Company in 1950 after the consolidation of Mattituck and First National Bank of Cutchogue. This marked the beginning of a new era for the bank.

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In the 1980s, North Fork Bancorporation was formed, and Southold Savings was acquired in 1988. This expansion paved the way for the bank's aggressive move into the New York City market.

Here are some key acquisitions that helped North Fork Bank expand its reach:

At the time of its acquisition, North Fork Bank served the New York City metropolitan area with over 350 branches and around $60 billion in assets. The bank specialized in commercial banking.

Capital One's Acquisition of North Fork Bank was a significant event in the banking industry. It happened in 2006, when Capital One acquired North Fork Bank for $14.6 billion.

North Fork Bank's extensive network of branches and ATMs made it an attractive acquisition for Capital One. The acquisition expanded Capital One's presence in the Northeast region.

The deal was completed in 2006, and North Fork Bank continued to operate under its own brand until 2012.

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Capital One acquired North Fork Bank in 2006 for approximately $14.6 billion, expanding its presence in the Northeast.

This acquisition marked a significant milestone in Capital One's history, as it entered the New York market for the first time.

North Fork Bank had over 300 branches and $40 billion in assets at the time of the acquisition.

The purchase was a strategic move by Capital One to increase its customer base and market share.

Capital One absorbed North Fork Bank's operations, retaining the North Fork brand for a time before eventually rebranding its operations under the Capital One name.

By acquiring North Fork Bank, Capital One gained a significant foothold in the Northeast, enhancing its ability to serve customers in the region.

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Capital One's stock fell 7.6% on Monday, but its acquisition of North Fork Bancorp Inc. lifted shares of New York-area banking companies, including North Fork's own stock, which rose 15%.

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The deal, worth $14.6 billion, would make Capital One the largest bank in the New York market, with $84 billion of deposits, $143 billion of loans, and 655 branches.

Capital One's long-term issuer rating was raised to BBB-plus by Fitch Inc. due to its progress in integrating Hibernia and the stable consumer business.

The American Banker index of 225 bank stocks rose 0.35% on Monday, while the index of top 50 banks rose 0.16%.

Capital One's acquisition of North Fork would bring a material residential mortgage banking platform and strong deposit share in the New York City metropolitan area.

North Fork's stock was among the day's top gainers in financial services, rising 15% on Monday.

The larger a core deposit base a company has in the region, the more attractive the institution, according to Jeff K. Davis, an analyst at First Horizon National Corp.'s FTN Midwest Research Securities Corp.

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