Hibernia Shareholders Vote in Favor of Merger With Capital One
November 14 2005 - 11:14AM
Business Wire
Hibernia Corporation (NYSE: HIB) announced that, at a special
meeting held today in Houston, its shareholders voted to approve
the merger of the company into Capital One Financial Corporation.
Approximately 97% of the shares voting, which constitutes more than
57% of Hibernia Corporation's outstanding shares, approved an
amended proposal under which Capital One will acquire Hibernia in a
stock and cash transaction. The merger is expected to close Nov.
16. Upon completion of the transaction, Hibernia would become the
banking segment of Capital One Financial Corporation. Hibernia is
on Forbes magazine's list of the world's 2,000 largest companies
and Fortune magazine's list of America's top 1,000 companies
according to annual revenue. Hibernia has $23.2 billion in assets
and 328 locations in 34 Louisiana parishes and 36 Texas counties.
Hibernia Corporation's common stock (HIB) is listed on the New York
Stock Exchange. Headquartered in McLean, Va., Capital One Financial
Corporation (www.capitalone.com) is a financial holding company
whose principal subsidiaries -- Capital One Bank, Capital One,
F.S.B., and Capital One Auto Finance, Inc. -- offer a variety of
consumer lending products. As of Sept. 30, 2005, Capital One's
subsidiaries collectively had 49.2 million accounts and $84.8
billion in managed loans outstanding. Capital One is a Fortune 500
company and, through its subsidiaries, is one of the largest
providers of MasterCard and Visa credit cards in the world. Capital
One trades on the New York Stock Exchange under the symbol "COF"
and is included in the S&P 500 index. Forward-looking
statements Information in this press release contains
forward-looking statements, which involve a number of risks and
uncertainties. Any forward-looking information is not a guarantee
of future performance, and the actual results could differ
materially from those contained in the forward-looking information.
Among the factors that could cause actual results to differ
materially are the following: the impact of property, credit and
other losses expected as the result of Hurricane Katrina and
Hurricane Rita; the amount of government, private and philanthropic
investment, including deposits, in the geographic regions impacted
by Hurricane Katrina and Hurricane Rita; the pace and magnitude of
economic recovery in the region impacted by Hurricane Katrina and
Hurricane Rita; the potential impact of damages from future
hurricanes and other storms; an increase or decrease in credit
losses (including increases due to a worsening of general economic
conditions); financial, legal, regulatory or accounting changes or
actions; changes in interest rates; general economic conditions
affecting consumer income, spending, repayments and savings; the
amount of, and rate of growth in, Hibernia's expenses (including
salaries and associate benefits and marketing expenses); Hibernia's
ability to execute on its strategic and operational plans; the
costs and effects of litigation and of unexpected or adverse
outcomes in such litigation; continued intense competition from
numerous providers of products and services which compete with
Hibernia's business; various risks associated with the proposed
Capital One transaction in the event the transaction is completed,
including: the ability of Capital One and Hibernia to recruit and
retain experienced personnel to assist in management and
operations; the risk that the businesses of Capital One and
Hibernia will not be integrated successfully; the risk that the
cost savings and any other synergies from the proposed transaction
may not be fully realized or may take longer to realize than
expected; disruption from the proposed transaction making it more
difficult to maintain relationships with customers, employees or
suppliers; and other risk factors listed from time to time in
Hibernia's SEC reports, including, but not limited to, the
Quarterly Report on Form 10-Q for the quarter ended September 30,
2005.
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