Fed says ING Direct can go in Capital One's wallet
The central bank has approved Capital One's $8.9 billion acquisition of Wilmington-based ING Direct.
It's a green light for a big banking acquisition.
The Federal Reserve approved Capital One's $8.9 billion purchase of ING Direct, the online banking business based in Wilmington.
The combination of credit-card giant Capital One, with $127B in deposits, with ING Direct with $82B in deposits will create the nation's fifth-largest bank by deposits. (Trivia note of the day: The total amount of insured deposits in the U.S. was $8.9 trillion as of Sept. 30.)
Regulators said that 915 individuals and organizations had submitted comments on the deal, which was announced in June, with most supportive of it.
Some who opposed the transaction cited concerns about its impact on the "financial stability of the U.S. banking or financial system," the Fed said. Others were critical of the two institutions' compliance records for their mortgage lending groups.
You can read the Fed's 40-page order here.
ING Direct employs more than 2,200 people nationwide.