Associated Press Regulators OK New Capital One Branch Associated Press 08.03.07, 4:31 PM ET
WASHINGTON - Capital One Financial Corp. won federal approval to open a new bank branch, the Treasury Department's Office of the Comptroller of the Currency said.
The OCC said in a weekly bulletin of regulatory activity, released Wednesday, that Capital One's request to open the new branch in Lake Worth, Texas, was approved July 26.
The agency also said it received applications from the bank July 26 to open two additional branches in Dallas and Galveston, Texas.
Once a stand-alone credit card company, Capital One recently acquired a pair of traditional banks in a bid to diversify its operations.
In November 2005, Capital One bought New Orleans-based Hibernia Corp., which had branches in Texas and Louisiana. In December, the company completed its acquisition of North Fork, which operates banks in New York, New Jersey and Connecticut.
Shares of Capital One dropped $3.86, or 5.4 percent, to $67.34 Friday. Earlier, shares fell to a new 52-week low of $66.52. The stock has ranged from $68.13 to $83.84 over the past year.