Fed OKs Capital One's Buyout Of ING Direct

Feb. 15--After several unexplained delays, the Federal Reserve on Tuesday approved a$9 billion acquisition by Capital One of ING Direct USA, paving the way for creation of the fifth-largest bank in the United States. The move also puts into question the future of about 550 ING Direct workers in Central Minnesota.


Brian Myres, head of sales for ING Direct with offices in downtown St. Cloud, would not comment on the deal late Tuesday and referred inquiries to Capital One.


In response to a message left by the Times, Capital One spokeswoman Tatiana Steadsaid via email: "We are very pleased that the Federal Reserve has approved our acquisition of ING Direct. ... We expect to close within the next few days as soon as the details associated with the transaction are finalized."

The Federal Reserve, which regulates bank holding companies, announced the unanimous vote after a closed-door meeting in Washington.


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