Fed Approves Capital One–Discover Merger to Create 8th Largest US Bank

The merger process is expected to be completed by May 18, with the transaction having received backing from shareholders.

The logo and ticker for Capital One are displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, on May 21, 2018. Brendan McDermid/Reuters

The Federal Reserve Board has given its approval for Capital One Financial Corporation’s merger with Discover Financial Services in a $35.3 billion deal, the central bank said in an April 18 statement.

The transaction involves Discover Bank merging with Capital One’s national bank subsidiary Capital One, National Association (CONA), with CONA becoming the surviving entity, according to the Fed order.