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M&A Deals: Capital One Buys Hibernia, Regions Sells.
McLean, VA -- Credit card giant Capital One Financial here has agreed to buy Hibernia Corp., New Orleans, one of the largest lenders in Louisiana, for $5.3 billion in stock and cash.
The deal, once completed, will bolster the credit card company's presence in the residential mortgage market.
Late last year, Capital One acquired eSmartLoan, an online originator of home-equity loans from National Bank of Kansas City, paying $155 million in cash. (Capital One also bought a related escrow company from eSmartLoan's management.)
Hibernia National Bank is the largest residential lender in the New Orleans metropolitan area, according to figures compiled by the Federal Reserve under the Home Mortgage Disclosure Act.
However, in the fourth quarter, Hibernia's residential loan production fell dramatically to $150 million compared to $911 million in the year-ago quarter. (An official at Hibernia blamed its production falloff on declining refinancings.)
Not only is Hibernia's residential production off, but last fall the bank exited the servicing arena, selling its $11 billion portfolio to CitiMortgage of St. Louis. (A few years ago it exited the warehouse lending business as well.)
Capital One services $79.9 billion in receivables - most of it credit cards or auto loans.
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