So says SNL Financial, which notes Thursday that the $9 billion deal will vault Capital One (cof) past PNC Financial (pnc), U.S. Bancorp (usb) and the TD Bank unit of Toronto-Dominion (td) on the list of the biggest U.S. banks by deposits (see chart, right).
So the deal makes Capital One a lot bigger, though the bank’s press release does make you wonder if there is anything to say beyond that. CEO Richard Fairbank’s statement is chock full of the buzzwords the flacks resort to when they have nothing better to say:
Key sources of shareholder value indeed. Well, for now the stock market agrees, sending Capital One up 2%.