Capital One: We’re No. 5!

Jun 16, 2011

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:

The acquisition of ING Direct is a game-changing transaction that delivers attractive deal economics immediately and compelling long-term strategic value. The combination of Capital One and ING Direct creates a unique and valuable banking franchise that includes advantaged access to assets, great local scale branch banking in attractive markets, and with ING Direct, the leading direct bank customer franchise with national reach. Adding ING Direct enhances and sustains key sources of shareholder value over the long-term, including growth, returns and capital generation.

Key sources of shareholder value indeed. Well, for now the stock market agrees, sending Capital One up 2%.

All products and services featured are based solely on editorial selection. FORTUNE may receive compensation for some links to products and services on this website.

Quotes delayed at least 15 minutes. Market data provided by Interactive Data. ETF and Mutual Fund data provided by Morningstar, Inc. Dow Jones Terms & Conditions: S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Terms & Conditions. Powered and implemented by Interactive Data Managed Solutions