Capital One and Discover stockholders have approved Capital One’s acquisition of Discover, marking a significant milestone in the process of combining the two financial institutions. At their respective special meetings, more than 99.8% of Capital One shareholders and over 99.3% of Discover shareholders voted in favor of the transaction, representing 85.1% and 81.6% of total outstanding shares, respectively.

The merger still requires regulatory approvals from the Federal Reserve Board and the Office of the Comptroller of the Currency, but it is expected to close in early 2025. Delaware’s State Bank Commissioner has already approved the deal.

The acquisition will bring together two companies with strong histories of serving consumers, small businesses, and merchants. Capital One, headquartered in McLean, Virginia, had $362.7 billion in deposits and $490.1 billion in total assets as of December 31, 2024. Discover, one of the largest card issuers in the U.S., operates a well-known digital banking and payments network.

Forward-looking statements in the announcement caution that the deal’s benefits, cost savings, and revenue synergies may not materialize as expected. Potential risks include regulatory scrutiny, integration challenges, and the impact on customers, employees, and business operations. However, the merger is seen as a strategic move that could reshape the financial services landscape.

Further details about the acquisition can be found at www.capitalonediscover.com.