M&A - DISCOVER CARD MASTER TRUST I

Form Type: 8-K

Filing Date: 2025-05-20

Corporate Action: Merger

Type: New

Accession Number: 000119312525123112

Filing Summary: On May 18, 2025, Capital One completed its acquisition of Discover Financial Services (DFS) in a structured merger following an Agreement and Plan of Merger dated February 19, 2024. The process involved a two-step merger where Merger Sub merged with DFS, continuing with DFS as the surviving corporation, followed by DFS merging into Capital One, which became the surviving entity. Concurrently, Discover Bank merged into Capital One, National Association (CONA), which assumed all rights and obligations of Discover Bank, including its responsibilities in managing the Discover Card Master Trust I and Discover Card Execution Note Trust. With this change, CONA took over the servicing of all credit card receivables previously managed by Discover Bank as well as its relationships with third-party service providers. The merger is aimed at consolidating resources and enhancing operational efficiencies of the involved entities.