FALLS CHURCH, Va., Jan. 27 /PRNewswire/ -- Capital One Financial Corporation (NYSE: COF) announced plans to open the Company's first facility on the West Coast. Specifically, the Company plans to build a 130,000 square foot processing plant in Federal Way, just south of Seattle, Washington, to be operational in February 2000. Capital One will employ approximately 500 associates by 2001 at this facility. A temporary facility will be operational in May 1999. Capital One will begin hiring in the next few months, and those interested in opportunities are invited to call the Company's hiring line 1-800-77-HIRE-1.

Washington Governor Gary Locke commented on Capital One's expansion plans, "It's my honor to welcome a great company and a great employer to Washington. Not only is Capital One creating 500 jobs -- they are making a commitment to the Federal Way community and education with their gifts to the Washington Reading Corps and the Federal Way schools. They are a model for what a good corporate citizen can and should be."

The state-of-the-art West Coast facility will be fully equipped to support 24-hour, seven-day processing for the credit card business. The permanent facility will be located at East Campus Corporate Park; the temporary facility, located a mile away, is at 2200 South 320 Street. Associates in Capital One's processing plant will implement the Company's operational needs -- the behind-the-scenes department that supports the Company's infrastructure with cutting-edge technology.

"Capital One's growth rate has been phenomenal," said Chairman and Chief Executive Officer Richard D. Fairbank. "We are adding customers at a rate of 20,000 per day. This new facility will help us maintain our high levels of service to our existing customers, and allow us to support our future growth into new markets and new industries."

As part of the day's celebration, Capital One announced a partnership with the Washington Reading Corps (WRC) to fund a Train-the-Trainer Conference for Washington state teachers and volunteers. The $100,000 Capital One grant will also be used to purchase books for children in two Federal Way schools -- Mirror Lake Elementary School and Sunnycrest Elementary School -- that participate in the WRC program.

Nigel Morris, President of Capital One, stressed Capital One's commitment to its local operating communities. "Not only do we want to be an employer of choice with high caliber jobs in the area, but we also want to be a good neighbor. We care about our communities, and hope to lead by example and move the needle to help at-risk children." Currently, Capital One has domestic operations in Virginia, Florida and Texas, as well as overseas offices in the United Kingdom.

Headquartered in Falls Church, Virginia, Capital One Financial Corporation (www.capitalone.com) is a holding company whose principal subsidiaries, Capital One Bank and Capital One, F.S.B., offer consumer lending products. Capital One's subsidiaries collectively had 16.7 million customers and $17.4 billion in managed loans outstanding as of December 31, 1998, and are among the largest providers of MasterCard and Visa credit cards in the world. Capital One is included in the S&P 500 Index.

SOURCE  Capital One Financial Corporation
    -0-                             01/27/99
    /CONTACT:  Diana Don of Capital One, 703-205-1165/
    /Web site:  http://www.capitalone.com/
    (COF)

CO:  Capital One Financial Corporation
ST:  Virginia, Washington
IN:  FIN
SU:


AH
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1884 01/27/99 10:40 EST http://www.prnewswire.com









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