North Fork Bank

North Fork Bank, a commercial bank holding institution built-in under the constitution of Delaware and registered under the 1956 Act of the Bank Holding Company in the United States, is just one of the myriad of banking institutions who have undergone many mergers and acquisitions in the course of operation. North Fork Bank has a wealthy history, in fact, its colorful milestones are comparable to that of established and well known banks in New York and Pittsburgh.

The North Fork Bank today has a combined gross asset of $60 billion. It now operates more than 355 branches in the United States and offers a wide array of financial services for both commercial and personal banking. Its major regional networks are New Jersey, Connecticut and the New York Metropolis. In 2004, the company’s non bank subsidiaries that include the Amivest Corporation, NFB Investment Services, the North Fork Equipment Leasing and the All Points Capitol Corporation, all provide a selection of products catering to brokerage, business equipment, leasing financing and investment management.

Before it reached its summit of success today, the North Fork Bank endured more than a century of humble beginnings. During its less than 150 years in the making, the North Fork Bank has had many ups and downs. 1858 saw the birth of Southold Savings Bank. In 1871 a separately-owned bank called Eastchester Savings was founded. 34 years later the Mattituck Bank was founded. These three banks would later become the founding predecessors of NorthFork Bank.

Before the first half of the 20th century caps, Mattituck Bank would be consolidated in with the First National Bank in Cutchogue forming the North Fork Bank and Trust Company. This was the first step to North Fork’s expansion of operation. In the 80s, the North Fork Bancorporation was founded and subsidizes the North Fork Bank and Trust Company a year later. Before the decade ends, the North Fork Bancorporation already had four subsidiaries under its wings including the North Fork Bank and Trust Company, the Compass Investments, Eastchester Savings bank and the Bayside Federal.

The 90s was both a good and bad turn for North Fork Bank. But the decade however is highlighted with more acquisitions than it ever had in the previous years of operation making the 90s as their most fruitful so far. This was the time when North Fork Bank would intensify and spread its network of operation.

The early 2000s, gave way to North Fork Bank’s strength in the financial services market. The US Banker, a leading banking and financial services publication in America, rated North Fork as the no. 1 bank among the thirty top and thrift companies in the continental United States. North Fork continues to expand by having more acquisitions and finally in 2006 becomes a part of Capital One Financial Corporation as a subsidiary.

Considered to be a good move for both the North Fork Bank and Capital One Financial, the acquisition was said to be a combination of strengths in national lending and local banking. Capital One Financial has been the eleventh leader in banking across US markets based on current deposits. North Fork, with headquarter in New York, offered a comprehensive set of lending and deposit services for personal, small business and commercial customers.

Both companies are eager with the acquisition and have expressed merger agreement. Capital One Chairman and CEO, Richard Fairbank said he was pleased to have the expertise of John Kanas who will be serving as Capital One’s president for banking business. Kanas, who has held a post in North Fork as CEO, President and Chairman expressed that the acquisition will further both companies’ strength in providing broader range of products and services for customers. In addition, Fairbank is banking on company’s strong lead on its North Fork Bank locations in order to deliver more profitable returns for their shareholders.