FALLS CHURCH, Va., March 1 /PRNewswire/ -- Capital One Financial
Corporation (NYSE: COF) announced today the conclusion of a direct marketing
test relationship with Sprint PCS (NYSE: PCS) that began in August 2000. Under
the terms of this agreement, Capital One originated wireless telephone
accounts for Sprint PCS and Sprint PCS provided the wireless telephone service
and managed these accounts as Sprint PCS customers. This relationship was in a
test phase to determine the economic value of this business to both companies.
"After evaluating the test results, we determined that the rates of return
available to us in this relationship did not compare favorably with our other
investment opportunities," said Richard D. Fairbank, Chairman and Chief
Executive Officer for Capital One. "The talent and resources that were devoted
to this relationship will best serve Capital One by being deployed to business
segments producing higher returns."
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 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: Paul Paquin, Vice President, Investor Relations, 703-205-1039,
or Tatiana Stead, Media Relations, 703-205-1070, both of Capital One Financial