FALLS CHURCH, Va., Jul 19, 2002 /PRNewswire-FirstCall via COMTEX/ -- Capital
One Chairman and Chief Executive Officer, Richard D. Fairbank, today purchased
150,000 shares of Capital One common stock at an aggregate purchase price of
approximately $5.0 million.
Commenting on the purchase, Mr. Fairbank said, "The fundamentals of the company
have never been stronger. Capital One is enjoying excellent credit quality,
strong loan growth and exceptional earnings power, and we expect these trends to
continue for the foreseeable future."
On July 16, 2002, the company announced its 20th consecutive quarter of record
earnings and that it was raising its target for earnings per share growth for
2002 to 30 percent, up from the previous guidance of 20 percent. The company
also announced that it expected to report earnings per share growth in 2003 of
20 percent or more, consistent with its historical financial performance since
1995. However, the company's stock price was down significantly for the week on
news that it expected to enter into an informal memorandum of understanding with
bank regulators addressing certain regulatory matters.
On Thursday, July 18, 2002 Capital One's stock price closed at $33.31 per share
as compared with a high for the past year of $65.90.
The company cautioned that its current expectations for 2002 earnings and future
growth are forward looking statements and actual results could differ materially
from current expectations due to a number of factors, including: competition in
the credit card industry; the actual account and balance growth achieved by the
company; the company's ability to access the capital markets at attractive rates
and terms to fund its operation and future growth; and general economic
conditions affecting consumer income spending, which may affect consumer
bankruptcies, defaults and charge-offs. A discussion of these and other factors
can be found in Capital One's annual and other reports filed with the Securities
and exchange Commission, including, but not limited to, Capital One's report of
Form 10-7 for the year ended December 31, 2001 and the current Form 8-K dated
July 16, 2002.
Headquartered in Falls Church, Virginia, Capital One Financial Corporation
(http://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 48.6 million accounts and $53.2
billion in managed loans outstanding as of June 30, 2002. Capital One, a Fortune
500 company, is one of the largest providers of MasterCard and Visa credit cards
in the world. Capital One trades on the New York Stock Exchange under the symbol
"COF" and is included in the S&P 500 index.
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SOURCE Capital One Financial Corporation
CONTACT: Paul Paquin, V.P., Investor Relations, +1-703-205-1039, or
Tatiana Stead, Director, Corporate Media, +1-703-205-1070, both of Capital One
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