Capital One Financial Corporation (NYSE:COF) shares are trading higher Wednesday. Capital One aims to acquire Discover Financial Services (NYSE:DFS), which reported better-than-expected second-quarter results after the bell.

The Details: Discover shares are trading higher after the company reported GAAP earnings of $6.06 per share, beating the estimate of $3.07 per share, and quarterly Net Interest Income (NII) of $3.524 billion.

Additionally, Capital One announced a community benefits plan Wednesday that commits more than $265 billion in lending, investment and philanthropy over five years as part of its proposed acquisition of Discover.

Capital One said the plan is twice as large as any other community commitment developed in connection with a bank acquisition and demonstrates that the combination of Capital One and Discover will create an opportunity to provide more lending, investment, and services to underserved communities than the institutions would undertake on a stand-alone basis.

"Our commitments to financial inclusion and well-being are core to who we are as a company," said Richard Fairbank, CEO of Capital One.

"That comes to life in our product portfolio, which serves the full spectrum of American consumers, and in the investments we make in our communities. We have a long history of developing innovative ways to serve these core constituencies, and we are committed to ensuring, through this community benefits plan, that our acquisition of Discover builds on our history of positive impact."

COF Price Action: According to Benzinga Pro, Capital One shares are up 3.16% after-hours at $154.20 at the time of publication Wednesday.

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