September 20, 1999

Lila White
(804) 692-3110

Diana Don
Capital One
(703) 289-6815
Jill Lawrence
(804) 371-0049
Governor Gilmore Announces Capital One's Decision to Build New Facility in Spotsylvania County
--$30 million facility to result in 1,200 new jobs for Fredericksburg area- -

Richmond - Governor Jim Gilmore today announced Capital One's decision to locate a new customer service center in Spotsylvania County. The new $30 million facility, accommodating up to 1,200 new jobs, will be supported by Capital One's long-term tenancy. Virginia successfully competed with Texas, Florida and Washington for the investment.

This decision is in addition to Capital One's February announcement that it would expand operations throughout the Commonwealth by more than 3,000 new jobs in 1999. This new Spotsylvania County building will be located adjacent to a building Capital One already leases at Lee's Hill. Capital One currently employs approximately 1,000 associates in the Fredericksburg area.

"I am delighted by Capital One's decision to expand again in its home state," Governor Gilmore said. "Capital One is a valued corporate and technology leader and is showing its commitment to Virginia by already surpassing its employment projections for the Commonwealth this year. The company has also brought Virginia national recognition because of its innovative employment practices."

Capital One Financial Corporation was founded in Virginia in 1994 and is one of the nation's leading consumer credit companies. Capital One's subsidiaries, Capital One Bank and Capital One, F.S.B., collectively had 19.2 million customers and $17.9 billion in managed loans as of June 30, 1999. Headquartered in Falls Church, the company recently was ranked 41st by Fortune magazine in its listing of the "100 Best Companies to Work for in America." Capital One employs more than 14,000 worldwide with operations in Virginia, Texas, Florida, Massachusetts, Washington and Idaho, as well as London and Nottingham, United Kingdom.

"Capital One has been embraced by the Fredericksburg community over the past five years," Capital One's Fredericksburg Site Director Judy Pahren said. "Our success and continued growth is made possible by the extraordinary talents of the associates here in Fredericksburg. Capital One has been able to attract high caliber, energized and committed associates over the years to support our growing national franchise."

"Capital One continues to rely on Virginia's dedicated workforce to succeed," Secretary of Commerce and Trade Barry E. DuVal said. "The Commonwealth is committed to helping our existing companies grow since they serve as the foundation of our diversified economy."

Governor Gilmore approved a grant from the Governor's Opportunity Fund in the amount of $100,000 to assist Spotsylvania County with site preparation. The Virginia Economic Development Partnership, the Fredericksburg Regional Alliance and Spotsylvania County assisted Capital One with its decision. The company is eligible to receive workforce training services from the Virginia Department of Business Assistance.



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