Chevy Chase Bank, F.S.B. is the largest local banking company in the Washington Metropolitan Area. It was acquired by Capital One in 2009 and renamed Capital One Bank in 2010. Regardless of its name, Chevy Chase Bank is a federal savings regulated by the Office of Supervision of Goods, not a bank. It was previously held and controlled by B. Saa Saa Investment Real Estate Investment; B. Francis Saul II, who founded REIT and was the grandson of Company founder B. F. Saul, served as its chairman.
Video Chevy Chase Bank
Histori
The bank tracks its history until 1892, when Bernard Francis Saul founded the Company Saul B.F., a mortgage and real estate company. On October 11, 1955, a savings and loan charter was granted to a group of Baltimore businessmen but was never used. In 1969, the charter was purchased and the Chevy Chase Savings And Loan Association was established, taking its name from Chevy Chase, Maryland. Saul's grandson, B. Francis Saul II, opens S & amp; L on December 1, 1969, 50 years after his grandfather, BF Saul opened Savings and Home Loans (later incorporated into American Security Bank - now part of Bank of America). It became a federal bank that FDIC guaranteed in 1985 and changed its name to Chevy Chase Savings Bank, F.S.B. as per the following year. It acquired the Standard Savings and Loans Association of Grundy, Virginia, in 1988.
It adopted its latest name in 1994 and on January 16, 1996, transferred its registration from Chevy Chase to McLean. It moved to its actual headquarters in Bethesda in 2001.
In 1995, it acquired the historic Alex. Chocolate & amp; Sons Building in Baltimore, Maryland, which was renovated the following year and used for branch offices.
On 4 December 2008, Capital One announced it would acquire Chevy Chase Bank. The acquisition was completed on February 27, 2009. On Friday, September 10, 2010 at 7 pm, Chevy Chase Bank spilled its name, opening its doors on Monday, September 13, 2010 as Capital One Bank.
Maps Chevy Chase Bank
Business structure
The bank's core business is housing mortgages and consumer banking; its mortgage subsidiary, B.F. Saul Mortgage Company, is one of the leading mortgage advocates in the region. As of December 31, 2007, they saved $ 14.0 billion in deposits.
Chevy Chase Bank has more than 290 branches in Delaware, Maryland, Virginia, and the District of Columbia, and claims to have the largest ATM network in the Washington area.
According to ABA routing information, it is based in Laurel, Maryland, while the bank's headquarters are in downtown Bethesda, Maryland, on the corner of Wisconsin Avenue and East-West Highway. According to its FDIC certificate, the company is headquartered in McLean, Virginia. This was before it was acquired by McLean's Capital One, not after.
Competition
Its main competitors are the larger retail banking division, supraregional companies such as Bank of America, BB & amp; T, SunTrust Banks, and Wachovia, and so emphasize the local nature and community involvement in advertising. The Bank uses Benjamin Franklin's caricature portrayal as its ad mascot, which repeats the slogan of Leading Local Bank in its television commercials.
Litigation
Chevy Chase Bank is the subject of two national class action suits for the violation of the Truth in Lending Act of 1968 involving as many as 7,000 mortgage borrowers. The federal district court ruled against the bank in January 2007, but the verdict was pending an appeal to the 7th US Circuit Court of Appeals. The Seventh Circuit Court of Appeal overturned the federal district decision in September 2008. The bank also agreed to pay $ 16 million to settle a class action lawsuit stating that it imposes late fees and high interest rates to credit card holders, although it denies any wrongdoing.
References
External links
- The Chevy Chase Bank website
- US. Department of Justice, USA v. Chevy Chase Bank
Source of the article : Wikipedia
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