Credit One Bank, N.A.
TypePrivate
IndustryFinancial services
Founded1984 (1984), in San Rafael, California
HeadquartersLas Vegas, Nevada[1]
Key people
Robert DeJong (CEO)
ProductsCredit cards
RevenueUS$752.514 million (2021)[2]
US$223.423 million (2021)
Total assetsUS$878.394 million (2021)
Websitewww.CreditOneBank.com

Credit One Bank, N.A. is an American bank and financial services company specializing in credit cards, particularly for borrowers with low credit scores. It is a wholly-owned subsidiary of Credit One Financial, incorporated in Nevada. Credit One Financial is an S corporation that is affiliated with Sherman Financial Group through common beneficial ownership.[1][3] Despite the similar names and "nearly identical" logos, Credit One is not affiliated with the much larger Capital One.[4]

History

Credit One Bank began operations as a full-service bank under the name First National Bank of Marin (FNBM) in San Rafael, California, on July 30, 1984. FNBM maintained a wide range of products until 1995 when it began focusing primarily on two types of products, partially and fully secured credit cards. FNBM received a limited purpose designation from the Office of the Comptroller of the Currency (OCC), a bureau of the United States Department of the Treasury, in June 1996. Limited purpose banks offer only a narrow product line. The bank moved from San Rafael, California, to Las Vegas, Nevada, in November 1998. FNBM obtained its CEBA status in March 2005 and subsequently changed its name to Credit One Bank, N.A. on February 1, 2006, debuting a new logo. The Credit One Bank logo and the Capital One logo both have an arcing "swoosh" above their names, leading to some confusion among consumers. Capital One adopted its blue and red logo in 2008. Capital One's subsequent $13 billion marketing campaign led to a large number of new customers for both itself and Credit One, some of whom were unaware that the two were different companies.[4]

In 2018, Credit One Bank moved its headquarters to a new facility. [4][5] In 2021, the bank expanded its headquarters.[6]

In June 2022, a bankruptcy judge found Credit One Bank liable to roughly 288,000 credit card customers whose credit reports weren't corrected to reflect a filing of personal bankruptcy.[7]

Sponsorships

Credit One Bank started sponsoring Chip Ganassi Racing in 2016. In 2017, Jamie McMurray drove a Credit One Bank No. 1 car for four races. The next year, the bank changed its sponsorship to Kyle Larson, who drove a sponsored No. 42 car in eight Monster Energy Cup events and two NASCAR Xfinity Series events. After Target’s departure from NASCAR after 2017, Credit One Bank became Larson's primary sponsor for the No. 42 Chevrolet starting the following season.[8] Since 2016, Credit One Bank has been sponsoring the broadcast of the white flag lap of most NASCAR races.[9]

In 2017, Credit One Bank became a sponsor of the National Hockey League's Vegas Golden Knights in their inaugural season.[10]

In 2019, Credit One Bank became a founding partner with Minor League Baseball's Las Vegas Aviators, a Triple-A affiliate of the Oakland Athletics.[11] Credit One Bank is also a sponsor of the Las Vegas Raiders.[12]

Credit One Bank sponsored a 2020 women's tennis tournament, The Credit One Bank Invitational.[13]

References

  1. 1 2 "Community Reinvestment Act Performance Evaluation" (PDF). Archived (PDF) from the original on December 10, 2019. Retrieved December 10, 2019.
  2. ↑ "Community Reinvestment Act Performance Evaluation" (PDF). January 31, 2022.
  3. ↑ "Community Reinvestment Act Performance Evaluation" (PDF). Archived from the original (PDF) on July 21, 2011.
  4. 1 2 3 "The Strange Case of the Look-Alike Credit Cards". Archived from the original on December 9, 2019. Retrieved December 9, 2019.
  5. ↑ "Office/Retail/Mixed Use Best Project: Credit One Bank Corporate Headquarters and Campus". Archived from the original on December 9, 2019. Retrieved December 9, 2019.
  6. ↑ "Grand Canyon Development Partners Completes Phase II of New Credit One Bank Headquarters Building In Las Vegas". Nevada Business Magazine. September 14, 2021. Archived from the original on October 6, 2021. Retrieved October 6, 2021.
  7. ↑ Randles, Jonathan; Matsuda, Akiko (June 9, 2022). "Credit-Card Issuer Credit One Rebuked in Debt-Reporting Lawsuit". Wall Street Journal.
  8. ↑ "Credit One Bank becomes primary sponsor for Larson's #42 Chevy". Archived from the original on December 9, 2019. Retrieved December 9, 2019.
  9. ↑ "NASCAR Relationship Demonstrates Credit One Bank's Broader Strategy". Archived from the original on October 29, 2020. Retrieved September 18, 2020.
  10. ↑ "Credit One Bank Announces Partnership With Vegas Golden Knights". Archived from the original on December 9, 2019. Retrieved December 9, 2019.
  11. ↑ "Credit One Bank & The Howard Hughes Corporation Announce New Las Vegas Aviators Multi-Year Founding Level Partnership". Archived from the original on December 9, 2019. Retrieved December 9, 2019.
  12. ↑ "Oakland Raiders and Credit One Bank agree Allegiant Stadium partnership". Archived from the original on December 9, 2019. Retrieved December 9, 2019.
  13. ↑ McGrogan, Ed (June 29, 2020). "Mattek-Sands doubles down on doubles, and it pays off in Charleston". Tennis.com.
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