July 17th, 2008
Capital One now doing commercial real estate lending? Yep, they now are!
Capital One acquired the Long Island-based commercial bank North Fork Bancorp in 2006 for more than $13 billion, providing it with a built-in retail presence in the Northeast. The deal followed on the heels of Capital One's $4.9 billion acquisition of a Southern consumer bank, Hibernia, in 2005. It finished re-branding all of the branches in the spring.
Capital One is trying to be more than a credit card company; it is looking to go into retail banking, small business loans and commercial real estate lending. You already know how well it worked out for Indybank to go into retail banking, now you have a credit card company that I personally believe is a sub prime credit company going into a depository institution. Hhmm, seems a little nutty to me.
Next you know McDonalds will offer commercial loans in their drive-thru, just make sure you also ask for the apple pie.
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