Capital One Is Buying ING Direct USA

NEW YORK (AP) - Capital One Financial says it's buying ING's online banking unit in the U.S. for roughly $9 billion in cash and stock.

The deal calls for ING to receive $6.2 billion in cash. It will also get about 56 million shares of Capital One. They're worth about $2.8 billion based on a share price of $50.07.

Capital One says the deal will make it the fifth-largest bank in the country.

ING Direct employs about 550 people in downtown St. Cloud.