PROVIDENCE, R.I. (WPRI) — One of the final regulatory hurdles has been completed in merging Capital One and Discover, two of the largest credit card issuers in the country. Capital One Financial Corp. announced it received approval from the Office of the Delaware State Bank Commissioner on Wednesday to acquire Discover Financial Services. "This approval represents an important step toward the completion of the merger," the company said in a press release. Capital One first announced the merger, an all-stock transaction valued at $35.3 billion, in February. "The transaction brings together two companies with long-standing track records of delivering attractive and resilient financial results, award-winning customer experiences, breakthrough innovation, and financial inclusion," Capital One stated in the announcement. Roughly five months later, it announced a five-year $265 billion community benefits plan in connection with the deal. The transaction is expected to close in early 2025, subject to the completion of the final closing conditions between the companies, including approval from stockholders, the Board of Governors of the Federal Reserve System, and the Office of the Comptroller of the Currency. How will this impact existing customers? Capital One said it intends to keep Discover products branded under Discover, alongside other cards currently offered by Capital One. Given Discover's position as the smallest U.S.-based payment network, the acquisition is expected to bring scale and investment, making it a more credible alternative, according to Capital One. AHEAD: RI leaders persist in keeping Hasbro local amid HQ search Close Thanks for signing up! Watch for us in your inbox. Subscribe Now Daily Roundup SIGN UP NOW