RICHMOND, Va. - Signet Banking Corp. said it will complete the spinoff of Capital One Financial Corp., its credit card unit, with a stock distribution Feb. 28.
The bank will distribute one share of Capital One stock for each share of its own stock held on record as of Feb. 10.
Beginning March 1, the two companies will operate as independent corporations with the stock symbols SBK for Signet Banking Corp. and COF for Capital One.
Signet, headquartered in Falls Church, Va., has $13 billion of assets and offices in Virginia, Maryland, and the District of Columbia.
Capital One, also based in Falls Church, has more than five million credit card customers, $3 billion of assets, and a managed credit card portfolio of $7.4 billion.