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][4]
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.jpg) Credit One headquarters in Las Vegas, Nevada | |
| Company type | Private |
|---|---|
| Industry | Financial services |
| Founded | 1984, in San Rafael, California |
| Headquarters | Las Vegas, Nevada[1] |
Key people | Robert DeJong (CEO) |
| Products | Credit cards CDs Savings account |
| Revenue | US$752.514 million (2021)[2] |
| US$223.423 million (2021) | |
| Total assets | US$878.394 million (2021) |
| Website | www.CreditOneBank.com |
History
On July 30, 1984, First National Bank of Marin (FNBM) began operations as a full-service bank in San Rafael, California. FNBM received a limited purpose designation from the Office of the Comptroller of the Currency (OCC) in June 1996. Two years later, the bank moved from San Rafael to Las Vegas, Nevada.[1] In 2005, FNBM was sold to Sherman Financial Group and also obtained CEBA status. On February 1, 2006, FNBM changed its name to Credit One Bank, N.A. and debuted a new logo.[3] 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]
Credit One Bank moved its headquarters to a new facility in 2018[4][5] which was later expanded.[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 for its 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] The company has partnered with the Raiders on the "One for the Community" program which donates money to the After-School All-Stars and Boys & Girls Clubs of Southern Nevada for successful extra point kicks.[13]
Credit One Bank has sponsored the women's tennis Charleston Open since 2020, first with the special Credit One Bank Invitational that restarted tennis after the pandemic lockdowns.[14][15] A year later, Credit One replaced Chinese automaker Geely as the full title sponsor of the Charleston Open in South Carolina in addition to attaining the stadium's naming rights.[16] It was named the official credit card of the Las Vegas Raiders and announced the WWE Championship credit card that same year.[17][18]