FALLS CHURCH, Va., Jan. 19 /PRNewswire/ -- Capital One Financial Corp.
(NYSE: COF) today announced the appointment of David M. Willey to Executive
Vice President and Chief Financial Officer. Willey previously served as
Capital One's Senior Vice President Corporate Financial Management since
December 1998. He has been with the company since its Initial Public Offering
in 1994 and was previously with its predecessor, Signet Bank, since 1989.
Willey is responsible for designing and managing Capital One's overall
financial strategy, which includes accounting and reporting, capital markets,
securitization, treasury operations, planning and risk management, corporate
finance, and corporate communications. He will continue to serve as a Director
of Capital One's principal subsidiaries, Capital One Bank and Capital One,
FSB, where he also serves as President.
"Since 1998, Dave has led the financial management team that has created
innovative ways to finance and support the growth and profitability of Capital
One," said Capital One's CEO Richard Fairbank. "His leadership skills and
financial management expertise are already proven winners for Capital One and
will be even more critical as we continue to expand into new geographic and
"I am proud to be part of such a top caliber management team," stated
Willey. "I look forward to helping the company continue its growth as a full
spectrum lender and diversified financial company."
Willey graduated with a B.A. in Economics from the University of Virginia
and returned to UVA to earn his MBA at the Darden Business School. He has
received numerous awards for his financial expertise including the prestigious
Alexander Hamilton Award for sophistication, ingenuity and best practices in
treasury management in 1999 and a CFO excellence award in 2000.
During the third quarter, Capital One posted its thirteenth consecutive
quarter of record earnings and added 2.3 million net new accounts, bringing
total accounts to 29.4 million with record earnings of $122.1 million. During
2000, Willey was responsible for Capital One's issuance of more than $5
billion in asset-backed securities and the establishment of a $5 billion
global senior bank note program. Also, Willey was instrumental in having the
three major rating agencies relax their respective credit enhancement levels
for Capital One Master Trust transactions.
As announced at its annual investor conference in October, Capital One
expects to achieve 30% earnings growth and at least 20% return on equity in
2001, which would represent the seventh consecutive year of earnings growth
and return on equity in excess of the company's 20 percent dual targets set at
its IPO in 1994.
The company cautioned, however, that its current expectations for 2001
earnings and return on equity 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 company's
ability to access the capital markets at attractive rates and terms to fund
its operations and future growth; and general economic conditions affecting
consumer income and 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 reports and reports filed with the Securities
and Exchange Commission, including, but not limited to, the company's reports
on Form 10-K for the year ended December 31, 1999 and Form 10-Q for the
quarter ended September 30, 2000.
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 33.8 million customers
and $29.5 billion in managed loans outstanding as of December 31, 2000.
Capital One is one of the major financial service providers on the Internet,
with online account decisioning, real-time account numbering, online retail
deposits and a growing number of customers serviced online. Capital One is a
FORTUNE 500 company that trades on the New York Stock Exchange under the
symbol "COF" and is included in the S&P 500 index.
SOURCE Capital One Financial Corporation
CONTACT: Tatiana Stead, Corporate Media, 703-205-1070, or Paul Paquin,
VP Investor Relations, 703-205-1039, both of Capital One Financial Corp./