Capital One Financial Corporation and Discover Financial Services announced that their stockholders have approved Capital One’s acquisition of Discover. At their respective Special Meetings, over 99.8% of Capital One shares and 99.3% of Discover shares voted in favor of the transaction, representing 85.1% and 81.6% of total outstanding shares as of December 27, 2024.

The approval marks a key milestone in the merger process, which is expected to be completed in early 2025, pending regulatory approvals from the Federal Reserve and the Office of the Comptroller of the Currency. The Delaware State Bank Commissioner had previously approved the acquisition on December 18, 2024.

Capital One, a Fortune 500 company, had $362.7 billion in deposits and $490.1 billion in total assets as of December 31, 2024. Discover, a major digital banking and payment services company, is known for its credit card business and payment networks. The merger aims to enhance financial services for consumers, businesses, and merchants. Further details are available at www.capitalonediscover.com.

Capital One Financial Corporation reported its credit charge-off and delinquency metrics for January 2025. Domestic credit card loans held for investment totaled $151.7 billion at period-end, with net charge-offs amounting to $774 million, reflecting a 6.12% charge-off rate. The 30+ day performing delinquency rate for domestic credit cards stood at 4.61%, with $6.99 billion in delinquent loans.

In consumer banking, auto loans held for investment reached $77 billion at period-end. Net charge-offs in this category were $125 million, resulting in a 1.95% charge-off rate. The 30+ day performing delinquency rate was 5.63%, representing $4.34 billion in delinquent auto loans. Nonperforming auto loans totaled $686 million, equating to a 0.89% nonperforming loan rate.

The reported metrics highlight trends in credit quality and loan performance, with net charge-offs and delinquency rates subject to fluctuations due to recoveries and debt sales.