Wow, just driving around Dallas over past few weeks I have already seen several spanking new branches from Capital One. I thought they were a credit card company. Then doing a little research, seems like they are transforming themselves in a traditional bank and TX is one of their key states to drive growth. Wonderfull...yet another competitor in the state.
I wonder how many branches they already have and in what cities?
I tyoed an answer to you thies week end but somehow it never got posted! ANyway COF is/was a credit card issuer that wanted cheaper access to funds for loan purposes. So they've been buying bank. A few years ago Hibernia out of N.O which gave them some presence in Texas. But they have really been growing their Texas presence with "de nova" banks. Last year COF bought NFB which I owned and took the cof shares. Right now the Greenpoint mortgage biz that nfb owned is hurting cof. cof seems to be run by bright and aggressive mgmnt. How long Wall Street will still consider cof a credit card issues as opposed to a bank is beyond me. A higher pe would seem to be in order down the road. And maybe, maybe a buyout of a Texas based bank with a market cap of about $3bil would be in order end of this year.