WASHINGTON — Cabela’s, the big outdoor sporting gear retailer that opened its first D.C.-area store in Gainesville, Virginia, in March, will move forward with its planned merger with Bass Pro Shops after revising a deal to turn its credit card business over to Capital One Financial.
Cabela’s has agreed to sell its banking business to Columbus, Georgia-based financial services company Synovus Financial Corp.
Cabela’s financial subsidiary is called World’s Foremost Bank.
The deal is a two-step process under which Synovus will acquire World’s Foremost Bank and retain $1.2 billion in deposits, then sell the bank’s credit card business to McLean, Virginia-based Capital One. Synovus will keep the bank’s deposits.
Capital One will be the exclusive issuing partner for Cabela’s store-branded credit card under a 10-year agreement.
Bass Pro Shops is acquiring Cabela’s for $5 billion. The deal, announced in October, still needs shareholder and regulatory approvals and is expected to close in the third quarter of 2017.
The closest D.C.-area Bass Pro Shops location is at Arundel Mills in Hanover, Maryland.
