The merger happened inside the bank, too
When Capital One Financial Corporation completed its Discover acquisition on May 18, 2025, a second, less visible combination occurred inside the enlarged group. Discover Bank merged into Capital One, National Association, with the latter surviving. The transaction therefore changed the institution holding banking assets and obligations as well as the company owning the payments business. This profile concerns that surviving insured bank. The parent’s network volumes, consolidated earnings and market value answer different questions and are not treated as the bank’s own financial results. [1]
A charter older than the current brand
The FDIC’s October 2, 2026 directory identifies an active national bank in McLean, Virginia, under certificate 4297 and OCC charter 13688. Its recorded establishment date is May 22, 1933. That date follows the insured institution’s lineage; it does not mean the modern Capital One brand or holding company operated under that name in the 1930s. The Office of the Comptroller of the Currency is the bank’s primary federal regulator. [2]
An earlier consolidation took effect on October 1, 2022. Capital One Bank (USA), National Association, then a separate wholly owned card-bank subsidiary, merged into Capital One, National Association. The surviving bank already offered broader consumer and commercial banking services. This sequence explains why older records can refer to two Capital One banks while later reports use one principal national-bank charter. The discontinued card bank is a historical institution, rather than a second current bank to be added to today’s totals. [3]
Customer deposits connect the business to everyday cash
The July 15, 2026 agreement for 360 Performance Savings identifies Capital One, N.A. as the account provider. It allows funding through several channels, including transfers from linked accounts at other U.S. banks, and describes a savings account without a required minimum opening deposit or minimum balance to receive the stated yield. The terms also address transfer limits, deposit availability and bank discretion to reject deposits. These are contractual features of a particular product, not evidence that every deposit relationship has identical pricing or withdrawal terms. [4]
The bank’s June 2026 financial position
Bank-only FDIC data for June 30, 2026 reported $662.157 billion in assets, $512.600 billion in deposits and $434.466 billion in net loans. The corresponding June 2025 figures were $648.909 billion, $497.464 billion and $423.695 billion. Gross consumer loans were $348.449 billion, illustrating the importance of household credit. The wider loan book also included $37.129 billion of commercial and industrial loans and $24.247 billion of real-estate-secured loans. Those categories are not interchangeable with management’s business segments. [5]
First-half 2026 net income was $5.552 billion, compared with a $2.607 billion loss in the first half of 2025. The noncurrent-loan ratio was 1.49%, versus 1.63% a year earlier; it measures troubled loan status, not the annual rate of credit losses. Equity was $98.721 billion. The year-earlier period crossed the Discover acquisition, so the earnings comparison cannot isolate organic improvement or the merger’s contribution by itself. [5]
Approval brought obligations with the acquired business
The OCC conditionally approved the Discover Bank merger on April 18, 2025. Its announcement required the surviving bank to submit a plan addressing the underlying causes of outstanding Discover Bank enforcement actions. Approval allowed the combination to proceed; it did not erase the work needed to repair the acquired bank’s controls. This is an important operational counterpart to the larger balance sheet: customer accounts, systems and compliance responsibilities must be integrated as well as assets. The announcement does not establish that every required remedial step has since been completed. [6]
A smaller transaction moved retirement deposits out
On September 21, 2026, Axos Bank completed its acquisition of approximately $1.9 billion of IRA deposits from Capital One, National Association. The accounts were held in savings and certificates of deposit. Axos received cash equal to the transferred balances less a negotiated premium, according to its filing. This was a transfer of a defined deposit business, not a purchase of the entire bank. It also occurred after June 30, so its effect is outside the financial snapshot above. [7]
A savings dispute still has an unfinished ending
The court-authorized administrator for the 360 Savings interest-rate litigation reported a settlement approved on April 20, 2026 and an appeal filed June 18. The status page, checked October 6, said cash payments remained delayed because the settlement’s effective date had not occurred. It also said Capital One raised 360 Savings rates to match 360 Performance Savings on August 4 despite that delay. The change in rates and the unresolved distribution are separate events. A settlement should not be presented as a trial finding or as money already paid to every eligible customer. [8]
Sources
- Capital One: first-quarter 2026 Form 10-Q, completed Discover bank mergerFiling / reportBack to text: ↑
- FDIC institution directory: certificate 4297, October 2, 2026 indexOfficial sourceBack to text: ↑
- Capital One: October 1, 2022 bank-charter merger, Form 8-KFiling / reportBack to text: ↑
- Capital One: 360 Performance Savings account agreement, July 15, 2026SourceBack to text: ↑
- FDIC bank-only financial reports: certificate 4297, June 30, 2026 and June 30, 2025; amounts in thousands of dollarsOfficial sourceBack to text: ↑1↑2
- OCC: conditional approval of the Discover Bank merger, April 18, 2025Official releaseBack to text: ↑
- Axos: completed Capital One IRA-deposit acquisition, September 21, 2026 Form 8-KFiling / reportBack to text: ↑
- Court-authorized Capital One 360 Savings settlement administrator: status checked October 6, 2026SourceBack to text: ↑