Innovation comes in all forms. In 2012, it came to Delaware in the form of a Virginia-based bank that at the time was best known for its Viking-themed TV ads and catchy slogan “What’s in Your Wallet?”
Capital One, now serving more than 100 million customers across the country, recently announced its plans to acquire Discover Financial Services. In the coming months, Capital One leaders will be meeting with members of the community across Delaware to share more about how this deal will help consumers and the economy. In the various required regulatory applications submitted this week, Capital One outlined a wide range of benefits the transaction would yield, including the potential to expand access to industry-leading no fee and no minimum bank accounts, reduce fraud and deliver new benefits for consumers and businesses and inject more competition into the credit card payments market by helping Discover take on global payments giants Visa, Mastercard and American Express.
Despite the positive benefits, a change of this scale has also understandably raised questions for many. It reminds me of a day 12 years ago, when Capital One acquired my then-employer, ING DIRECT, headquartered here in Wilmington.
At the time, I had never been part of a bank acquisition and was apprehensive about what the change would mean for me and my community. What I quickly discovered about Capital One was that it is a place that values people with a positive, forward looking approach and a curiosity to learn. I knew it was a place where I could grow as a leader, and in the last several years, I have had the opportunity to do just that, learning about different facets of the business and positioning me to lead a diverse and talented team. I have also had the honor of serving as Delaware market president since 2016.
Capital One saw the potential in me, and it also saw the potential in Delaware. With our state’s history, our entrepreneurial workforce and our drive for innovation, we have built an accessible, digital bank to empower individuals and small business customers to build their financial futures and drive investment into the community.
Over the last 12 years, our combined teams have worked tirelessly to make banking better for everyone — whether it’s business decisions like the one we made in 2021 to become the first bank to eliminate all overdraft and insufficient funds fees while still providing critical coverage, or the way we show up in our community here in Delaware, where last year our associates contributed 7,161 volunteer hours to local nonprofits. It’s also about how we treat our people. We’re proud to have been named to the News Journal’s Top Workplaces list every year for the last 13 years.
Today, I am excited about the opportunity to join forces with Discover, which has its own rich history of contributing meaningfully to improving financial health in the First State. Delaware is, and will continue to be, a special place to all of us.
Our two companies share many things in common. Beyond the fact that we are both Main Street banks, hailing from Virginia and Illinois, respectively, we were also both created with a drive to take on the centuries-old financial industry by challenging conventional thinking. I know this mindset will serve us well in the years ahead.
Joe Westcott is Delaware market president and vice president at Capital One.
© USA TODAY NETWORK
Licensed from IMAGN and used with permission. Link to original article can be found here: https://www.delawareonline.com/story/opinion/2024/03/21/capital-one-discover-deal-pushes-delaware-to-punch-above-its-weight/73042650007/
Want to read more?
Bloomberg
How Capital One’s $35 Billion Discover Merger Could Affect Consumers
WSJ