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