Report: Capital One looking at Chevy Chase Bank
Washington Business Journal - by Jeff Clabaugh Staff Reporter
Chevy Chase Bank may stay in local hands if the latest reports on its possible acquisition prove true.
McLean-based Capital One Financial Corp. (NYSE: COF) is on the short list of financial firms courting Chevy Chase, according to Reuters. It says Citigroup (NYSE: C) and JPMorgan Chase (NYSE: JPM) are also among final bidders, citing people familiar with talks.
Chevy Chase Bank, with more than 280 local branches at $14.9 billion in assets, is the largest locally-based banking company. It has been hurt by the real estate decline this year, with about 4 percent of its domestic real estate loans in a non-accrual status.
In the past year, Chevy Chase has reduced operations and holdings, putting the Lowes Island golf club up for sale, reducing hours at some branches and ending its in-store banking relationship with Giant Food.
Other banks that had expressed interest in acquiring Chevy Chase were SunTrust Banks Inc (NYSE: STI) and BB&T Corp. (NYSE: BBT), according to Reuters.
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