Capital One 2010 Annual Report Download - page 21

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PART I
Item 1. Business
OVERVIEW
Capital One Financial Corporation, which was established in 1995, is a diversified financial services holding company headquartered
in McLean, Virginia. Capital One Financial Corporation and its subsidiaries (the “Company”) offer a broad array of financial products
and services to consumers, small businesses and commercial clients through branches, the internet and other distribution channels. Our
principal subsidiaries include:
● Capital One Bank (USA), National Association (“COBNA”) which currently offers credit and debit card products, other lending
products and deposit products.
● Capital One, National Association (“CONA”) which offers a broad spectrum of banking products and financial services to
consumers, small businesses and commercial clients.
The Company and its subsidiaries are hereafter collectively referred to as “we”, “us” or “our.” CONA and COBNA are hereafter
collectively referred to as the “Banks.”
We had $125.9 billion in total loans outstanding and $122.2 billion in deposits as of December 31, 2010, compared with $136.8 billion
in total managed loans outstanding and $115.8 billion in deposits as of December 31, 2009. We serve banking customers through
branch locations primarily in New York, New Jersey, Texas, Louisiana, Maryland, Virginia and the District of Columbia. In
September 2010, we rebranded Chevy Chase Bank, F.S.B. (“Chevy Chase Bank”), strengthening the Capital One brand in the
Washington, D.C. region. In addition to bank lending treasury management and depository services, we offer credit and debit card
products, auto loans and mortgage banking in markets across the United States. As of December 31, 2010, we were the fourth largest
issuer of Visa® (“Visa”) and MasterCard® (“MasterCard”) credit cards in the United States based on managed credit card loans
outstanding and the ninth largest depository institution in the United States based on deposits. In addition, we offer products outside of
the United States principally through Capital One (Europe) plc (“COEP”), an indirect subsidiary of COBNA organized and located in
the United Kingdom (U.K.), and through a branch of COBNA in Canada. COEP has authority, among other things, to provide credit
card and installment loans. On December 1, 2010, our U.K. operations transitioned to an Authorized Payment Institution (API), and,
as a result, we are no longer authorized to accept deposits in the U.K. Prior to November 19, 2010, COEP was referred to as Capital
One Bank (Europe) plc (“COBEP”) and our U.K. business was referred to as the U.K. Bank. Our branch of COBNA in Canada has the
authority to provide credit card loans.
Our common stock is listed on the NYSE and is traded under the symbol “COF.” As of January 31, 2011, there were 16,065 holders of
record of our common stock. Our principal executive office is located at 1680 Capital One Drive, McLean, Virginia 22102 (telephone
number [phone]). We maintain a Web site at www.capitalone.com. Documents available on our Web site include: (i) Our Code
of Business Conduct and Ethics for the Corporation; (ii) Our Corporate Governance Principles; and (iii) charters for the Audit and
Risk, Compensation, Finance and Trust Oversight, and Governance and Nominating Committees of the Board of Directors.
These documents also are available in print to any shareholder who requests a copy. In addition, we make available free of charge
through our website our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments
to those reports as soon as reasonably practicable after electronically filing or furnishing such material to the Securities and Exchange
Commission (“SEC”).
BUSINESS SEGMENTS
Our principal operations are currently organized, for management reporting purposes, into three major business segments, which are
defined based on the products and services provided, or the type of customer served: Credit Card, Consumer Banking and Commercial
Banking. The operations of acquired businesses have been integrated into our existing business segments.
● Credit Card: Consists of our domestic consumer and small business card lending, national small business lending, national closed
end installment lending and the international card lending businesses in Canada and the United Kingdom.
● Consumer Banking: Consists of our branch-based lending and deposit gathering activities for consumer and small businesses,
national deposit gathering, national automobile lending and consumer home loan lending and servicing activities.
● Commercial Banking: Consists of our lending, deposit gathering and treasury management services to commercial real estate and
middle market customers.