Capital One Proposes Merger With Lake County-Based Discover

(Riverwoods, IL) (AP) Capital One Financial is buying Lake County based Discover Financial Services for $35 billion, in a deal that would bring together two of the nation’s biggest lenders and credit card issuers. Virginia-based Capital One was the 12th largest U.S. bank as of the third quarter, while Discover, whose headquarters is in Riverwoods,  was the 33rd biggest. Both banks have benefitted from Americans increasingly using their credit cards, but have also needed to set aside more money to guard against defaults. It’s unclear at this point, how the merger would affect employees of both companies.

Associated Press