May 18, 2000

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 Consolidate Operations in Fairfax County
--Virginia company to create 1,000 new jobs--

Richmond - Governor Jim Gilmore today announced Capital One's decision to consolidate its Northern Virginia operations in Fairfax County. The move will create 1,000 new jobs in the Commonwealth, increasing the number of Virginians employed by Capital One to approximately 12,000. Virginia successfully competed with Maryland for the investment.

"This decision is a natural progression for one of the most successful companies in the Commonwealth," Governor Gilmore said. "Capital One has brought Virginia national recognition because of its innovative employment practices. I am delighted that Capital One has once again selected Virginia as an ideal business location."

Capital One Financial Corporation 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 25.3 million customers and $20.3 billion in managed loans as of March 31, 2000. Currently headquartered in Falls Church, the company was ranked in the "100 Best Companies to Work for in America" listing for the second year in a row as reported by Fortune. Capital One employs more than 16,000 worldwide with operations in Virginia, Texas, Florida, Massachusetts, Washington State and Idaho, as well as London and Nottingham, United Kingdom.

"The consolidation and expansion of our Northern Virginia facilities is a reflection of the rapid growth of Capital One and our continued investment in Virginia," said Richard D. Fairbank, Chairman and Chief Executive Officer of Capital One. "With operations in Richmond and Fredericksburg and our headquarters in Northern Virginia, we look forward to continued growth right here in the Commonwealth."

Capital One's President Nigel Morris said, "Our business strategy, which is based on integrating information technology with marketing and operations, is dependent upon hiring the best and brightest professional associates. By consolidating our space in Northern Virginia, we will be able to facilitate an enhanced collaborative work environment, which is a crucial part of our culture and part of what makes Capital One a nationally-recognized great place to work."

"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."

The Virginia Economic Development Partnership, the Fairfax County Economic Development Authority and the Virginia Department of Transportation 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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