|
|
NEWS
RECALLS
COMPLAINT FORM
SCAM ALERTS
RESOURCES
Small Claims Guide Class Actions Lemon Laws FAQ Newsletters |
|
| Automotive Education Employment Electronics Family Finance Health Homeowners Insurance Pets Shopping Travel |
|
|
|
![]() |
Capital One Buys Cash-Rich Chevy Chase BankDeal gives Cap One branches, ATMs and hordes of cash |
||||||||
|
By Truman Lewis December 4, 2008
Capital One said Chevy Chase's cash cache will help it ride out the deepening recession, along with the $3.6 billion Capital One expects to get from the taxpayer-financed bank rescue program. CitiGroup had also been bidding on Chevy Chase. While it's not the Washington Monument, Chevy Chase is regarded as a monument in the Washington area. Founded 39 years ago by B.F. Saul, Chevy Chase is still controlled by Saul's family. The Saul family has turned aside would-be buyers for years but the bank now faces massive losses on its portfolio of risky home loans made to borrowers during the housing bubble, making Capital One's offer hard to pass up. Chevy Chase is based in — no, not Chevy Chase — Bethesda, Md. It has been one of the leading mortgage lenders in the always-hot Washington area real estate market, pumping billions of dollars into suburbs that have spread their tentacles through the rolling hills of Virginia and Maryland, fueled by the growth of the federal government and its high-tech contractors. In 1994, the federal government accused Chevy Chase of redlining inner-city D.C. neighborhoods. The bank denied any wrongdoing but paid $11 million to settle the charges. Chevy Chase has nearly identical white-columned bank branches in just about every shopping center in D.C. and its Maryland and Virginia suburbs and in many supermarkets in the region. Newcomers complain they can't find their way around because every corner has a Chevy Chase bank or two, making it look like every other corner. The acquisition gives Capital One, based in McLean, Va., the largest network of branches and ATMs in the Washington area. Most of its current branches are in New York, New Jersey, Texas and Louisiana. "Chevy Chase is a great strategic fit for Capital One, and the combination of our two banks is economically compelling," Richard D. Fairbank, chairman and chief executive of Capital One, said in a statement. "Chevy Chase provides an opportunity to acquire a well-run retail bank with local scale in one of the best local banking markets in the U.S." More about ...
Report Your Experience
|
||||||||
Back to the top | |
|||||||||
Advertisement
|
|
Custom Search
|
||||
|
AUTOMOTIVE Dealers Manufacturers Service Extended Warranties Lemon Laws Recalls Tires Transporters FAMILY Aging Children, Parenting Recalls Dating Education Entertainment Pets Weddings |
FINANCE Annuities Banks Credit Cards Debt Collection Debt Counseling Insurance Investing Loans Mortgages Payday Loans Student Loans Tax Prep HEALTH Doctors Drugs, Pharmacies Health Clubs Hearing Care Hospitals Nursing Homes Nutrition, Diets Vision Care Weight Loss |
HOUSE & HOME Appliances Cookware Furniture Home Improvements Lawn & Garden Movers Pools & Spas Realtors, Rental Agents Recalls Utilities ELECTRONICS Cable TV/DBS Cameras Cell Phones Computers Home Electronics Internet Access Local Phone Service Long Distance VoIP |
SHOPPING In-Home Online Retail Stores Sporting Goods Supermarkets Telemarketers TRAVEL Airlines Bus Lines Car Rental Cruises Hotels Travel Agents Trains RESOURCES Class Actions Complaint Form Small Claims Guide Lemon Laws |
CONSUMER NEWS Latest News Automotive Telecom Financial Health Homeowners Scams Seniors Travel More ... RECALLS Automotive Children's Products Drugs Food Household Products Sporting Goods ABOUT US FAQ Privacy Policy Advertise With Us Newsroom Syndication Terms of Use |
Terms of Use Your use of this site constitutes acceptance of the Terms of Use
Copyright © 2010 ConsumerAffairs.com Inc. All Rights Reserved. The contents of this site may not be republished, reprinted, rewritten or recirculated without written permission. |
|