CAPITAL ONE FINANCIAL CORP acquires Hibernia Corporation

CAPITAL ONE FINANCIAL CORP acquired Hibernia Corporation for ~$4.9 billion stock and cash (at close; consideration set at $15.35 plus 0.2261 Capital One share per Hibernia share, subject to proration), a transaction completed in November 2005, structured as combination. The deal was a Merger.

Hibernia Corporation operates in Regional banking / deposits, is based in New Orleans, Louisiana, USA (Gulf South; Louisiana and Texas). Capital One merged Hibernia Corporation into Capital One, making Hibernia National Bank a subsidiary, in a stock-and-cash transaction valued at about $4.9 billion at close. Hibernia, one of the largest banking companies headquartered in the Gulf South, offered deposit, consumer, commercial, small-business, mortgage, private banking, trust, brokerage and insurance services across Louisiana and a growing Texas franchise. The deal was Capital One's entry into retail branch banking and made it the nation's ninth-largest consumer lender at the time.

Brings together national-scale consumer lending and local-scale banking, generating new opportunities for profitable growth by combining the best of each business.

An established Gulf South deposit and branch franchise providing Capital One's first move into local retail banking. Deposit funding and branch distribution paired with national lending; Hibernia CEO Herb Boydstun led the combined banking business. Hibernia National Bank became the base of Capital One's banking business under Herb Boydstun.

Advisory firms were not disclosed for this transaction.