Today in Philly Tech History 2/14/2012: Capital One's $9 billion acquisition of Wilmington-based ING Direct USA gets Fed approval
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Five years ago, on February 14, 2012, Capital One's $9 billion acquisition of Wilmington-based Internet bank ING Direct USA won approval from the Federal Reserve, clearing the way for the deal to close within a few days.
The deal, announced in June 2011, featured a Wilmington-bred success story although its parent, Netherlands-based ING Groep NV, had to auction it off to satisfy European banking regulators. ING Direct USA added $80 billion in deposits and 7 million customers to Capital One.
ING Diect's loyal customer base was concerned about how Capital One would change its newly acquired bank. Indeed, some of those changes were just implemented, as ING Direct has been renamed Capital One 360, and ING Direct's famous orange logo was taken down early this month and driven away and replaced with a spiffy new Capital One sign on the headquarters building in downtown Wilmington.