Capital One Financial Group in McLean, Va., has pledged $265 billion over the next five years to support underserved markets as part of its $35 billion purchase of Discover Financial Services.
Capital One agreed to maintain its lending to low- and moderate-income consumers and communities at $200 billion over the five-year period. The company will maintain 30% of branches and cafes in LMI neighborhoods.
The company also pledged to retain all front-line personnel.
Capital One committed more than $35 billion to back affordable housing for LMI communities and individuals, representing a roughly 30% increase from what had been pledged.
“Our commitments to financial inclusion and well-being are core to who we are as a company,” Richard Fairbank, Capital One’s chairman and CEO, said in the release.
“That comes to life in our product portfolio, which serves the full spectrum of American consumers, and in the investments we make in our communities,” he added. “We have a long history of developing innovative ways to serve these core constituencies, and we are committed to ensuring, through this community benefits plan, that our acquisition of Discover builds on our history of positive impact.”