Finance History | Capital One — The Signet Card Book That Left Richmond
· 1994-7
Unreviewed contributionBy kevin · · Report an issue
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Finance History | Capital One — The Signet Card Book That Left Richmond
kevin
People treat Capital One as a Tysons tower that always issued cards under its own name.
The first book sat inside a Richmond bank.
Richard Fairbank and Nigel Morris spent 1988 building a data-driven credit-card unit for Signet Bank after larger banks turned the idea down.
They priced offers by segment instead of handing every customer the same rate and annual fee.
In 1991 the unit mailed balance-transfer offers at a lower rate, a tactic that later became industry standard.
On 21 July 1994 Signet announced the spin-off, first named OakStone Financial, with Fairbank as chief executive.
After the November 1994 initial public offering the company took the Capital One name.
Fairbank has remained chief executive since that listing.
The operating headquarters later moved from Richmond to 1680 Capital One Drive in Tysons, Virginia.
Pin the public frontage of Capital One Center.
Describe only what is visible from the road.
The Signet rooms in Richmond no longer hold the card book.
What survived is a 1988 pricing experiment that outgrew the regional bank that first agreed to run it.
Photo: Capital One World Headquarters, Tysons, Lluck002, CC BY-SA, via Wikimedia Commons.
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