Capital One Financial Corporation has completed its acquisition of Chevy Chase Bank. With the closing of the transaction and the addition of Chevy Chase Bank’s $13 billion in deposits, Capital One is now the largest consumer and commercial banking institution headquartered in the Washington, DC region.
Headquartered in Bethesda, Maryland, Chevy Chase Bank has the largest branch network in the Washington, DC metropolitan area, providing a broad range of deposit and lending services for consumer, commercial, and small business customers. The bank also maintains the largest ATM network in the area.
“With the addition of Chevy Chase Bank to our company, we are combining the strength of national scale lending with customer-focused excellence in local scale banking,” says Richard D. Fairbank, chairman and chief executive officer of Capital One. “Chevy Chase Bank is a local banking icon with a strong deposit base in one of the most attractive local markets in the United States. It provides us with greater scope and scale across the Mid-Atlantic region. I am pleased to welcome Chevy Chase Bank’s experienced management team and talented associates to Capital One.”
“The Chevy Chase Bank team has a proven ability to compete and win in the Washington, DC banking market, and they have a great track record of serving their customers and communities,” says Lynn Pike, president of Capital One Bank. “Our overarching goal will be to maintain the great customer relationships that Chevy Chase Bank has built over the last 40 years. Customers across the Washington, D.C. area will continue to experience the best that banking has to offer — personal service, convenience, great products — and a company that is committed to its employees and to our shared local community. We want to make what is already a great local bank even better.”
“With Capital One, we are joining forces with a great national brand and a strong financial institution that respects and shares the long tradition of customer and community service that is the hallmark of Chevy Chase Bank,” says B. Francis Saul II, founder of Chevy Chase Bank. “The combined strengths of our two companies will greatly benefit our customers, communities and talented banking associates across the Washington, D.C. metropolitan area.”
The transaction is expected to have minimal impact on customers. Chevy Chase Bank will continue to offer its broad spectrum of products and services to both consumer and commercial customers, and Chevy Chase Bank customers can continue to bank as usual through the bank’s extensive branch and ATM network, by phone, or using Chevy Chase Bank’s online banking service, which can be accessed through www.chevychasebank.com.
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