Headquartered in Wilmington, Delaware, ING Direct is the largest direct bank in the country and is dedicated to inspiring Americans to become a nation of savers. Since its inception in 2000, more than 7.6 million Americans have entrusted their savings to ING Direct, building the bank to nearly $83.0 billion in deposits as of December 31, 2011.

"We expect the ING Direct acquisition will deliver compelling financial results in the near-term, and enhance our ability to deliver sustained value over the long-term to our customers, our communities, and our shareholders," said Richard D. Fairbank, Chairman and CEO of Capital One. "Capital One has great national scale lending businesses, local banking scale in attractive markets, a powerful national brand, proven analytical capabilities, and tens of millions of customer relationships.  ING Direct brings the leading direct banking franchise in the nation, over seven million loyal customers who are early digital adopters, and national reach in banking with proven digital capabilities.  Together, we are well-positioned to create an institution at the forefront of where banking is going, and to continue to deliver strong and sustainable shareholder value through a combination of superior returns, growth potential, and strong capital generation."

ING Direct CEO Arkadi Kuhlmann is transitioning to a new role as an external consultant and will serve as a senior advisor to Capital One's CEO providing services in support of various initiatives, including the integration of ING Direct.

"In the world of direct banking, Arkadi was a pioneer.  Under his leadership, ING Direct created a truly unique franchise based on a mission to change the way people save," said Fairbank.  "Arkadi's passion, vision, creativity and energy will remain invaluable as we build on his legacy.   We are proud to welcome ING Direct's talented associates and incredibly loyal customers to Capital One."

"ING Direct has led the revolution in digital and customer-centric banking for more than a decade," commented Kuhlmann.  "Now, together with the resources and leadership of Capital One, we can continue to challenge the marketplace and create products that add value to the lives of our customers."

ING Direct Chief Operating Officer, Jim Kelly will lead ING Direct, reporting to Capital One's President of Retail and Direct Banking, Jonathan Witter. Additionally, Rudy Wolfs, ING Direct's Chief Information Officer and Chief Marketing Officer, will become a direct report to Capital One's Chief Information Officer Robert M. Alexander. Wolfs will provide oversight for ING Direct banking and ShareBuilder technology, and will assume additional responsibility for leading Capital One's digital and agent servicing IT teams.

"I'm excited about our future together," said Kelly. "The combination of ING Direct and Capital One heralds a brighter future for our customers, associates and the communities we serve. Both companies have a legacy of innovation that will sustain our mission to provide unparalleled value and convenience to the digital customer."

"ING Direct is a great franchise with a market-leading business and a talented team of associates," said Witter. "I am excited to work with Jim, Rudy and the rest of our new colleagues from ING Direct to deliver the high quality customer experience our customers have come to expect.  We believe that ING Direct's digitally centric model will become the preferred way of banking for many more Americans and we look forward to meeting their needs with the same great products and service that have made ING Direct a household name."