This article needs additional citations for verification. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed. (June 2012)

Capital One Financial Corporation

249px
Type	Public
Traded as	NYSE: COF S&P 500 Component
Industry	Financial services
Founded	Richmond, Virginia (1988)
Founder(s)	Richard Fairbank Nigel Morris
Headquarters	McLean, Virginia, U.S.[1] Tysons Corner, Virginia
Key people	Richard Fairbank (Chairman, President and CEO)
Products	Retail banking Credit cards Loans Savings
Revenue	US$16.171 billion (2010)[2]
Operating income	US$4.330 billion (2010)[2]
Net income	US$2.743 billion (2010)[2]
Total assets	US$197.503 billion (2010)[2]
Total equity	US$29.666 billion (2011)[2]
Employees	27,826 (2010)[2]
Website	capitalone.com

Capital One Bank in Wake Village, Texas

Capital One Financial Corp. (NYSE: COF) is a U.S.-based bank holding company specializing in credit cards, home loans, auto loans, banking and savings products. A member of the Fortune 500, the company helped pioneer the mass marketing of credit cards in the early 1990s, and it is now the fourth-largest customer of the United States Postal Service^[3] and has the fifth-largest deposit portfolio in the United States.^{[clarification needed][4]}

It has its corporate offices in Tysons Corner, unincorporated Fairfax County, Virginia, near McLean.^[5]

History[link]

Capital One was founded in 1988 by Richard Fairbank and Nigel Morris^[6] as a spin-off of Richmond, Virginia-based Signet Banking Corp (which was subsequently acquired in 1997 by First Union Corporation, which merged with Wachovia in 2001 and is now part of Wells Fargo).

Capital One entered the retail banking market with its acquisition of New Orleans, Louisiana-based Hibernia National Bank in 2005 and Melville, New York-based North Fork Bancorporation in 2006. North Fork Bank and Superior Savings of New England, both subsidiaries of North Fork Bancorporation, began using the branding of Capital One Bank on March 10, 2008.^[7][8] On December 4, 2008, Capital One announced it would purchase Chevy Chase Bank for US$520 million.^[9]

Capital One responded to the 2007 subprime mortgage financial crisis by jettisoning its mortgage platform, GreenPoint Mortgage, due in part to investor pressures.^[10]

On November 14, 2008, Capital One Financial Corporation was the recipient of US$3.56 billion of the Emergency Economic Stabilization Act Federal bail-out in the form of a preferred stock purchase.^[11] On June 17, 2009, Capital One completed the repurchase of the 3,555,199 shares of the preferred stock the company issued to the U.S. Treasury.^[12]

February 2012, Capital One acquired ING DIRECT, USA.

Divisions[link]

Capital One Auto Finance[link]

This unreferenced section requires citations to ensure verifiability.

Capital One Financial Corporation is the parent company of Capital One Auto Finance, or COAF, based in Plano, Texas. After buying PeopleFirst, it became the largest Internet auto lender, as well as one of the top US auto lenders overall.

The company, which previously sold auto loans only through direct mail and auto dealerships, lets auto owners refinance existing auto loans and shoppers apply for new auto loans online. A decision usually comes within 15 minutes, after which the buyer receives a "blank check" for up to the approved auto loan amount, which the buyer uses to purchase a car. To the dealership, it is as if the buyer were paying cash. The checks can be used to purchase a new or used vehicle, or to refinance an existing auto loan with another lender.

COAF originates auto loans across the credit spectrum.

International operations[link]

Capital One commenced operations in Canada in 1996. Its head office is located in Toronto, Ontario. Unlike its diversified American parent, the Canadian business does not currently operate outside of the credit card market. Similar to the US Parent, Capital One Canada is Canada Post's second largest customer. In October 2008, Capital One Canada was named one of Greater Toronto's Top Employers by Mediacorp Canada Inc., which was announced by the Toronto Star newspaper.^[13]

The UK headquarters of Capital One is in Nottingham Trent House, Station Street, England. The company was once active in Spain, Italy, France and South Africa, but has since withdrawn from these markets.^{[citation needed]}

Unusual growth[link]

Unlike other diversified financial services firms, Capital One began as consumer lending "monoline".^{[note 1]} Remaining a monoline is precarious because of the often-cyclical nature of consumer lending; it can be very profitable industry in good times and markedly unprofitable in bad, such that a monoline company will go out of business or be acquired fairly cheaply during hard times.^{[note 2]} Most consumer-lending monolines in the past twenty years have either gone out of business (e.g., The Money Store, NextCard, Royal Acceptance) or have been acquired (e.g., MBNA, Beneficial, First USA); Capital One is notable for having experienced neither.^[14][15]

Prior to this the company experienced tremendous growth as a monoline which it credited to its Information Based Strategy, a strategy it pioneered to use customer data to help tailor its products to customers, particularly subprime consumers.^[15] The company had one of the largest databases of consumer data at one time: over three terabytes of data by 1998.^[16] It attempted to leverage this strategy outside of the finance industry, most notably in the cell phone market as AmericaOne which it eventually sold to Sprint.

While many monolines were acquired by larger, diverse banks, Capital One adopted the opposite strategy by expanding into retail banking in 2005. This was accomplished through the acquisition of Hibernia, North Fork and Chevy Chase Bank, three large regional banks.

On June 16, 2011, ING Groep N.V. announced it reached an agreement to sell ING Direct USA for a total consideration of US$9.0 billion (€6.3 billion) to Capital One Financial Corporation. The deal would make Capital One the fifth-largest depository in the United States.^{[clarification needed]} Under the terms of the agreement, ING will receive US$6.2 billion in cash and US$2.8 billion in the form of 55.9 million shares in Capital One. With its pro forma 9.9% stake, ING will become the largest single shareholder in Capital One. After closing ING has the right to be represented by one member of the Board of Directors of Capital One.^[17]

On August 26, 2011, the Federal Reserve Board of Governors announced it would hold public hearings on the Capital One acquisition of ING Direct, as well as extend the public comment period previously slated to end August 22 to October 12, 2011.^[18] The move came amidst rising scrutiny of the deal on systemic risk, or "Too-Big-to-Fail," performance under the Community Reinvestment Act, and pending legal challenges. A coalition of national civil rights and consumer groups, led by the National Community Reinvestment Coalition, were joined by Rep. Barney Frank (D-MA) to challenge immediate approval of the deal. The groups have argued that the acquisition is a test of the Dodd-Frank Wall Street Reform and Consumer Protection Act, under which systemically risky firms must demonstrate a public benefit that outweighs new risk before they are allowed to grow.

Other skeptics of the deal include Kansas City Federal Reserve Bank head Thomas M. Hoenig,^[19] and columnist Steven Pearlstein.^[20] The acquisition was approved by regulators on February 14, 2012.

A June 2011 bid by Capital One to acquire the US credit card operations of HSBC is currently in review.^{[citation needed]}. The deal would be a US$30 billion credit card portfolio to Capital One, and make the company the fourth-largest credit card issuer in the country.^{[citation needed]}

Sponsorships[link]

This unreferenced section requires citations to ensure verifiability.

The company is a major sponsor of sports teams. In 2001, it became the principal sponsor of the Florida Citrus Bowl, an annual college football game played in Orlando, Florida, renaming it the Capital One Citrus Bowl and then eventually the Capital One Bowl. In the UK, the company sponsored Football League Championship football clubs Nottingham Forest from 2004 to 2009 and Sheffield United from 2006 to 2008.

In 2008 and 2009, the company sponsored several curling events all across Canada.

It sponsors a mascot challenge every year. The winner is announced on the day of the Capital One Bowl.

On June 1, 2012, it was announced that Capital One had entered into a 4 year agreement to sponsor the English Football League Cup.^{[citation needed]}

Decoupled debit card[link]

In May 2007, the company began an experiment that came to be known as a decoupled debit card.^[21][22] This card is novel in that prior to this launch, a debit card was always tied to a traditional financial institution, such as a bank or credit union.

CapitalOne's Mastercard-branded decoupled card did not require an account be opened with a "retail" financial institution, and was made in partnership with the Ukrop's Super Markets, a Richmond-based grocery-store chain, and Sheetz, a regional gas-station and convenience-store chain. The Ukrops card was also tied to the grocer's reward program.

That one-year experiment ended in May 2008,^[23] and was followed up with a national rollout of its own version of a decoupled debit card tied to its own reward program.^[24]

See also[link]

Companies portal

• Capital One Tower
• Chevy Chase Bank (acquired in 2009)
• Hibernia National Bank (acquired in 2005)
• North Fork Bank (acquired in 2006)

Notes[link]

1. ^ A company whose sole business is consumer lending.
2. ^ Such companies are extremely vulnerable to consumer borrowing behavior, which decreases (or ceases) during such hard times.

References[link]

This article uses bare URLs for citations. Please consider adding full citations so that the article remains verifiable. Several templates and the Reflinks tool are available to assist in formatting. (Reflinks documentation) (September 2011)

External links[link]

Wikimedia Commons has media related to: Capital One

• Capital One's web site
• Capital One Canada web site
• Capital One's UK web site
• COF Profile from Yahoo Inc.

David Spade
David Spade, 2008
Born	David Wayne Spade (1964-07-22) July 22, 1964 (age 47) Birmingham, Michigan, U.S.
Occupation	Actor comedian Television presenter
Years active	1987–present
Children	Harper (born 2008)
Website
DavidSpade.com

David Wayne Spade (born July 22, 1964) is an American actor, comedian and television personality who first became famous in the 1990s as a cast member on Saturday Night Live, and from 1997 until 2003 when he starred as Dennis Finch on Just Shoot Me!. He also starred as C.J. Barnes, along with Katey Sagal, James Garner and Kaley Cuoco on 8 Simple Rules.

He currently stars as Russell Dunbar on the CBS sitcom Rules of Engagement. He is also working with TBS on an animated series based on his film Joe Dirt.^[1]

Early life[link]

Spade was born in Birmingham, Michigan, the son of Judith M, a writer and magazine editor, and Sam Spade, a sales representative.^[2][3][4] His brothers are Bryan and Andy Spade; Andy Spade is the husband of designer Kate Spade and CEO of Kate Spade New York.

Spade attended Scottsdale Community College and briefly went on to Arizona State University, where he was a member of the Sigma Alpha Epsilon fraternity.^[5] Spade performed standup at the university's long-running sketch comedy show, Farce Side Comedy Hour, on numerous occasions. In the mid-80s he also did standup in the Monday night comedy show at Greasy Tony's Pizza in Tempe, Arizona. Before finding success as a comedian, Spade made money by working as a busboy, a valet parker, a skee ball championship competitor and a shop employee.

Career[link]

With the help of friend and fellow comedian Dennis Miller, he joined Saturday Night Live in 1990 as a regular cast member and writer. Here, he made popular his well-known sarcastic, smart aleck characters in a number of sketches, some of which include: a flight attendant who bids a perceived-as-unpleasant "Buh-Bye" to each passenger upon disembarking; a receptionist for Dick Clark who, as a matter of policy, asks people indiscriminately "And you are?"; and the sarcastic "Hollywood Minute" reporter who communicates with celebrities by means of one-liners. Other characters include Christy Henderson from the Gap Girls, and Karl from the Karl's Video sketches. He has also done impressions of famous celebrities, such as Brad Pitt and Michael J. Fox. According to interviews with Spade, most of the material that he wrote early on was given to Dana Carvey to perform on the show. Due to his relatively low work rate, he was in danger of being fired as a performer, until the Hollywood Minute segment secured his position.

Though most of the cast left in 1995, Spade stayed on the following year to help in the transition with the new cast. He then quit in 1996, citing "burnout" as the reason. Said Spade, "When I leave, it will be to ease the pressure, not to be a movie star. You can't stay there forever – it kills you inside. It ages you in dog years. It's a tough place." He returned to host an episode in 1998 and another in 2005. He recently also voiced a chihuahua in an animated short, written by Fred Wolf, in 2010.

Spade's attempt at a film career met with success. Movies such as Joe Dirt and Dickie Roberts: Former Child Star were not very successful critically, although both made back their budget and were well received by the audience. (They were both written by Spade with Fred Wolf.) He worked with fellow Saturday Night Live cast member Chris Farley in the movies Tommy Boy and Black Sheep, in an attempt to form a modern-day Laurel and Hardy. The two were planning a third movie together when Farley died of a drug overdose at the age of 33.

Although he received several offers to star in his own TV shows, he turned them down and joined the ensemble cast of Steven Levitan's office sitcom Just Shoot Me!, which ran for seven seasons from 1997 to 2003. He played to type as sarcastic receptionist Dennis Finch, which earned him an Emmy nomination and two Golden Globe nominations.

Spade hosted both the Teen Choice Awards and SpikeTV's Video Game Awards in 2003. He voiced characters on several episodes of Beavis and Butt-head, and produced his own TV series Sammy in 2000. From 2002 to 2006, Spade regularly appeared in commercials for Capital One with Nate Torrence, where he plays the employee of a fictional rival company whose policy toward honoring credit card rewards (and just about everything else) is "always no." In 2004 he joined the cast of 8 Simple Rules, following the death of the sitcom's star, John Ritter.

On September 5, 2003, Spade received a star on the Hollywood Walk of Fame. His star is located at 7018 Hollywood Blvd. He was the host of the Comedy Central show, The Showbiz Show with David Spade, which began in September 2005. On the show, Spade made fun of Hollywood and celebrities in a manner similar to his old "Hollywood Minute" segment on SNL. The Showbiz Show with David Spade was canceled in October 2007 after three seasons.^[6]

Along with actors Elijah Wood and Gary Oldman, Spade is one of the voice talents for The Legend of Spyro: A New Beginning, the sixth installment of the platform game series Spyro the Dragon. He provides the voice for Spyro's dragonfly companion, Sparx.^[7]

Currently, he stars as Russell Dunbar in the CBS comedy, Rules of Engagement.

Personal life[link]

Spade has one daughter with Playboy Playmate Jillian Grace. Spade confirmed his paternity on September 3, 2008.^[8]

Spade is very sensitive to light. The combination of bright lights on-set and working under sunlight while filming Black Sheep caused permanent damage to his eyes. On his condition: "I have to wear a hat even indoors and flashes in particular freak me out. I even have to make them turn down the lights in the make-up trailers. I've become such a pain in the butt with this light-sensitive thing, it's a wonder they don't just shoot me!"^[9]

In December 2008, Spade donated $100,000 to the police department in his hometown of Phoenix, Arizona, as part of a program designed to provide patrol officers with rifles.^[10] Spade's contribution will buy 50 AR-15 semi-automatic rifles for Phoenix police officers.^[11]

Filmography[link]

Film[link]

Television[link]

Videos[link]

Video games[link]

References[link]

Wikiquote has a collection of quotations related to: David Spade

External links[link]

Wikimedia Commons has media related to: David Spade

• Official website
• David Spade at the Internet Movie Database
• David Spade at MySpace
• David Spade HBO Stand-Up Special Videos