The Office of the Delaware State Bank Commissioner has approved Capital One’s $35.3bn acquisition of digital banking and payment services company Discover Financial Services and its subsidiary, Discover Bank.
This approval marks a key step towards completing the merger. The deal, valued at $35.3bn, was initially announced in February 2024.
At close, shareholders of Capital One will own around 60% and Discover shareholders will own nearly 40% of the merged entity.
The deal is expected to create the sixth largest bank in the US by assets and a global payments platform at scale.
Planned to be completed in early 2025, the transaction awaits approval by the shareholders of both companies, as well as the Federal Reserve Board and the Office of the Comptroller of the Currency.
As part of the acquisition, shareholders of Discover Financial Services will receive 1.0192 Capital One shares for each share held.
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Capital One founder, chairman and CEO Richard Fairbank said: “Through this combination, we’re creating a company that is exceptionally well-positioned to create significant value for consumers, small businesses, merchants, and shareholders as technology continues to transform the payments and banking marketplace.”
In July 2024, Capital One unveiled a five-year, $265bn community benefits plan tied to the acquisition.
As of 30 September 2024, Capital One Financial reported $353.6bn in deposits and $486.4bn in total assets.
The company is engaged in providing a wide range of financial products and services to small businesses, consumers, and commercial clients through multiple channels.
Blake Amos-Whitfield’s 17 points powered Lawrence to a 64-43 victory over Delaware Valley in Frenchtown.
Amos-Whitfield knocked down three 3-pointers en route to his 17 points.
Behind Amos-Whitfield, Lawrence received help from Michael Carrick and Marvin McNeill, who scored 12 and 10 points, respectively
Tommy Denvir led Delaware Valley in scoring with 13 points.
Lawrence (10-5) hosts Princeton Day at 5:30 p.m. on Jan. 21. Delaware Valley (10-4) travels to Bernards at 7 p.m. on Jan. 20.
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Initial filings for unemployment benefits in Delaware rose last week compared with the week prior, the U.S. Department of Labor said Jan. 15.
New jobless claims, a proxy for layoffs, increased to 512 in the week ending Jan. 10, up from 390 the week before, the Labor Department said.
U.S. unemployment claims dropped to 198,000 last week, down 9,000 claims from 207,000 the week prior on a seasonally adjusted basis.
Tennessee saw the largest percentage increase in weekly claims, with claims jumping by 113.5%. New Hampshire, meanwhile, saw the largest percentage drop in new claims, with claims dropping by 31.7%.
USA TODAY Co. is publishing localized versions of this story on its news sites across the country, generated with data from the U.S. Department of Labor’s weekly unemployment insurance claims report.
The cold weather has lead to some serious sticker shock when some families in Delaware have opened their power bills recently.
Many customers who use Delmarva Power said that they are upset at the number on their bill and that the company is now looking into another rate hike.
“I track my bills year to year and month to month and just from last year this time it went up 135 dollars,” North Wilmington resident Danny Marsilii said.
Many residents on social media are pointing to the delivery charge that is so much higher than the actual cost of the electricity and gas.
A spokesperson for Delmarva Power said that the company has programs to help low and moderate income families with their power costs but he says they need to raise rates to keep up with aging infrastructure and expand service as needed.
“We recognize lots of people are frustrated with their power bills right now,” a Delmarva spokesperson said. “We are very prudent with our costs and make sure those projects are really needed at the time we do them.”
Meanwhile, Delaware’s public advocate, Jameson Tweedie, says that Delmarva’s reliability record is solid but he says he disagrees with the hike request as it also builds in a significant profit boost for the company.
“In this rate case, Delmarva is seeking a 10.5% return on equity. In my view that is way too high,” Tweedie said. “These are businesses that have a monopoly. They have captive customers. You can’t choose a different utility with tiny exceptions.”
In our region, we get our power from companies that want to make a profit and they answer to shareholders.
Plus, in Delaware the vast majority of the power is imported.
The state doesn’t make a significant amount of power which could then help handle demand.
Also, wind and solar has been very politicized so basically we are all left with very few choices when it comes to getting power.
For Arden resident Jeanette Honis, she said she is not sure how she can keep up with her small home’s bills because she is on a fixed income.
“I usually pay anywhere between $180 to $187. This bill was $300 and something,” she explained.
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