Capital One announced a $1 million investment to support Community Development Financial Institutions (CDFIs) in New Orleans. This initiative is part of a broader commitment following the company's acquisition of Hibernia Bank in 2005. The investment aims to provide CDFIs with additional resources to address local community development needs and advance solutions.
The investment marks the beginning of Capital One's $265 billion Community Benefits Plan. This five-year plan is tied to the proposed acquisition of Discover Financial Services, recently approved by regulators. The plan focuses on advancing economic opportunities and financial well-being nationwide.
"Capital One’s growth as a full-service retail and commercial bank has deep roots in New Orleans starting nearly two decades ago, through the transformative acquisition of Hibernia Bank. We’re proud to announce our first CBP commitment in this important market at another pivotal moment for Capital One,” stated Kerone Vatel, Senior Vice President of Community Finance, Impact & Investment at Capital One. “This investment enables Capital One and New Orleans-serving CDFIs to further our shared community revitalization goals and scale our joint impact across the region by spurring small business growth, creating and preserving affordable housing, increasing access to goods and services, and supporting hardworking families and individuals.”
Capital One’s investment will support redevelopment efforts and expand the capacity of both national and local CDFIs. "CDFIs are powerful local engines—especially in New Orleans, where adaptability and innovation are second nature," remarked Michelle Whetten, Vice President and Gulf Coast Market Leader at Enterprise Community Partners. "Capital One’s commitment will help local CDFIs deliver flexible, low-cost capital that drives economic development, provides critical support for first-time homebuyers and small businesses, and meets the urgent needs of our communities."
The $1 million investment was previewed last week at an event with 50 New Orleans changemakers and experts, focusing on affordable housing. Katharine Kay, Greater New Orleans Market President at Capital One, noted, “As a top community development lender, this investment aligns with Capital One’s mission and commitments to the greater New Orleans community. We’re proud to build on our longstanding history in the region and work with our partners, clients and community leaders to build momentum for the future.”
Capital One Financial Corporation, headquartered in McLean, Virginia, reported $367.5 billion in deposits and $493.6 billion in total assets as of March 31, 2025. As a Fortune 500 company, it trades on the New York Stock Exchange under the symbol “COF” and is included in the S&P 100 index.
Information concerning future expectations, projections, and assumptions about Capital One’s plans may be subject to uncertainties and risks, including potential delays or developments related to the merger with Discover Financial Services.