North Fork Bank was an American bank that operated from 1950 until 2008 when it became
Capital One Bank
Capital One Financial Corporation is an American bank holding company specializing in credit cards, auto loans, banking, and savings accounts, headquartered in McLean, Virginia with operations primarily in the United States. It is on the list o ...
(after the name of its new parent). In November 2007, it had 365 branches in the
New York metropolitan area.
History
North Fork early history was dominated by mergers of banks on the
North Fork, Suffolk County, New York. Its earliest component was Southold Savings Bank in
Southold, New York (although the company dates its history from 1905 with the founding of Mattituck Bank in
Mattituck, New York
Mattituck is a hamlet and census-designated place (CDP) in Suffolk County, New York, United States. The population was 4,219 at the 2010 census.
Located in the Town of Southold, Mattituck CDP roughly corresponds to the hamlet by the same name.
...
, which would become the most active early partner).
It first assumed the name of North Fork Bank & Trust Company in 1950 through the consolidation of Mattituck and First National Bank of Cutchogue in
Cutchogue, New York. North Fork Bancorporation was formed in 1980 and Southold Savings was acquired in 1988.
In the 1990s, it began an aggressive move into
New York City market with the acquisition of
At the time of its acquisition, the bank served the
New York City metropolitan area
The New York metropolitan area, also commonly referred to as the Tri-State area, is the largest metropolitan area in the world by urban area, urban landmass, at , and one of the list of most populous metropolitan areas, most populous urban agg ...
with over 350 branches and around
$60 billion in assets.
[ The bank specialized in commercial banking. North Fork Bank CEO John Kanas incorporated the bank in 1980, joined Capital One with the 2006 acquisition, and in 2007, stepped down from his position as Capital One's head of banking.
The bank's reporting of unusual transactions of New York Governor ]Eliot Spitzer
Eliot Laurence Spitzer (born June 10, 1959) is an American politician and attorney. A member of the Democratic Party (United States), Democratic Party, he was the 54th governor of New York from 2007 until his resignation in 2008.
Spitzer was b ...
led to the criminal investigation that led to the Governor stepping down in March 2008.
GreenPoint Mortgage
In 2005, North Fork Bank acquired Greenpoint Finance Corp, one of the first innovators of Alt-A An Alt-A mortgage, short for Alternative A-paper, is a type of U.S. mortgage that, for various reasons, is considered riskier than A-paper, or "prime", and less risky than "subprime," the riskiest category. For these reasons, as well as in some ca ...
mortgages. Capital One later acquired North Fork and thus Greenpoint along with it. In August 2007, as a result of the 2007 subprime mortgage financial crisis
The United States subprime mortgage crisis was a multinational financial crisis that occurred between 2007 and 2010 that contributed to the 2007–2008 global financial crisis. It was triggered by a large decline in US home prices after the coll ...
, Capital One announced that it was eliminating its GreenPoint Mortgage unit, citing an inability to sell its mortgages on the secondary market. As of November 8, 2017, Capital One no longer offers mortgages.
Capital One acquired Greenopoint and its Melville, New York, headquarters for $14.6 billion U.S. dollars
The United States dollar (symbol: $; code: USD; also abbreviated US$ or U.S. Dollar, to distinguish it from other dollar-denominated currencies; referred to as the dollar, U.S. dollar, American dollar, or colloquially buck) is the official ...
. It was only the second bank bought by Capital One, and was the larger of two acquisitions comprising Capital One's 2005-06 expansion into retail banking. On March 10, 2008, all North Fork Banks began using the Capital One branding.
The bank has naming rights to the North Fork Theatre at Westbury (formerly the Westbury Music Fair). It is located in the Westbury postal-zone section of Jericho, New York.
References
External links
* {{official website, https://web.archive.org/web/20060705060335/http://www.northforkbank.com:80/home.asp, Archived official website
Funding Universe History of bank
Banks established in 1950
Banks based in New York (state)
Companies based in Suffolk County, New York
Capital One
Defunct banks of the United States
2006 mergers and acquisitions