MCLEAN, Va.,
June 28, 2017 /PRNewswire/
-- Capital One Financial Corporation (NYSE: COF) today
announced that the Federal Reserve Board has completed its 2017
Comprehensive Capital Analysis and Review ("CCAR") and did not
object to Capital One's proposed capital plan. As a condition
to not objecting to the company's capital plan, the Federal Reserve
Board is requiring the company to resubmit its capital plan by
December 28, 2017 to address certain
weaknesses in its capital planning process. If the Federal
Reserve Board objects to the resubmitted capital plan, it may
restrict subsequent capital distributions.
The company expects to maintain its quarterly dividend of
$0.40 per share, subject to approval
by its Board of Directors. In addition, the company's Board
of Directors has authorized the repurchase of up to $1.85 billion of shares of the company's common
stock beginning in the third quarter of 2017 through the end of the
second quarter of 2018.
"We will resubmit our capital plan and are fully committed
to addressing the Federal Reserve's concerns with our capital
planning process in a timely manner," said Richard D. Fairbank, Chairman and Chief
Executive Officer. "The capital distributions communicated in
today's announcement were assumed in the 2017 EPS guidance we
provided on our first quarter earnings call. Consistent with our
normal quarter-end processes, we expect to affirm or update our
guidance on our second quarter earnings call scheduled for
July 20, 2017."
The timing and exact amount of any Capital One common
stock repurchases will depend on various factors, including market
conditions, opportunities for growth, and the company's capital
position and amount of retained earnings. Capital One's share
repurchase program does not include specific price targets, may be
executed through open market purchases or privately negotiated
transactions, including utilizing Rule 10b5-1 programs, and may be
suspended at any time.
Forward-Looking Statements
Certain
statements in this release may constitute forward-looking
statements, which involve a number of risks and uncertainties.
Capital One cautions readers that any forward-looking information
is not a guarantee of future performance and that actual results
could differ materially from those contained in the forward-looking
information due to a number of factors, including those listed from
time to time in reports that Capital One files with the Securities
and Exchange Commission, including, but not limited to, the Annual
Report on Form 10-K for the year ended December 31, 2016.
About Capital
One
Capital One Financial
Corporation (www.capitalone.com) is
a financial holding company whose subsidiaries, which
include Capital One, N.A., and Capital One Bank
(USA), N.A., had $241.2
billion in deposits and $348.5 billion in total
assets as of March 31, 2017. Headquartered in McLean,
Virginia, Capital One offers a broad spectrum of
financial products and services to consumers, small businesses and
commercial clients through a variety of channels. Capital One,
N.A. has branches located primarily in New
York, Louisiana, Texas, Maryland, Virginia, New
Jersey and the District of Columbia. A Fortune 500 company, Capital
One trades on the New York Stock Exchange under the
symbol "COF" and is included in the S&P 100
index.
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SOURCE Capital One Financial Corporation