Capital One Wins Hurricane Tax Credits

Along with 13 other organizations, McLean, VA-based Capital One Financial Corp. received more than $600 million in tax credit. These tax credits go to businesses setting up operations in areas of the Gulf Coast devastated last year by hurricanes Katrina and Rita.

Capital One received about $100 million of that $600 million pie due to the loss of many Hibernia Banks in Louisiana. Capital One Financial Corp had purchased Hibernia Bank last November.

Capital One plans to offer these tax credits to a wide array of firms in low-income areas of Louisiana at interest rates three to four percentage points below market.

“This allocation will enable Capital One to continue to provide capital to underserved areas and pass along greater economic benefits to the borrower,” said Rob Stuart, Capital One’s commercial banking arena manager.

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