Capital One ( COF) is close to a $14.5 billion deal to buy North Fork Bancorp ( NFB), according to a media report.
Citing people familiar with the matter, The Wall Street Journal reported Sunday evening that a deal could be announced as early as Monday morning. North Fork shareholders would receive $31.19 a share, or about a 23% premium to North Fork¿s Friday closing price of $25.40, the report said. Shareholders would receive about two-thirds of the price in Capital One stock and one-third in cash. Capital One has already expanded from its core credit card-issuing business into auto loans and last year bought Hibernia Bank. But the North Fork deal would mark a bolder move into the banking business. North Fork is one of New York¿s largest regional bank and mortgage companies, the report noted. Capital One shares finished Friday up $4.02, or 4.7%, at $89.92.