Chevy Chase Bank
 |
|
| Private | |
| Successor | Capital One (known as Capital One Bank) |
| Founded | 1955 |
| Founder | B. F. Saul II |
| Defunct | September 10, 2010 |
| Headquarters | Bethesda, Maryland, United States |
|
Number of locations
|
292 (Jun. 30, 2008) |
|
Area served
|
Washington Metropolitan Area |
| Total assets | $18.3 billion (Mar. 31, 2009) |
|
Number of employees
|
4,381 (Dec. 31, 2007) |
| Website | www.chevychasebank.com |
Chevy Chase Bank, F.S.B. was the largest locally based banking company in the Washington Metropolitan Area. It was acquired by Capital One in 2009 and rebranded as Capital One Bank in 2010. Despite its name, Chevy Chase Bank was a federally chartered thrift regulated by the Office of Thrift Supervision, rather than a bank. It was formerly held and controlled by the B. F. Saul Real Estate Investment Trust; B. Francis Saul II, who founded the REIT and is the grandson of the founder of the B. F. Saul Company, served as its chairman.
The bank traces its history to 1892, when Bernard Francis Saul founded the B.F. Saul Company, a mortgage and real estate firm. On October 11, 1955, a savings and loan charter was granted to a group of Baltimore-area businessmen but never used. In 1969, the charter was purchased and the Chevy Chase Savings And Loan Association was established, taking the name from Chevy Chase, Maryland. Saul's grandson, B. Francis Saul II, opened the S&L on December 1, 1969, 50 years to the day after his grandfather, B. F. Saul opened Home Savings and Loan (subsequently merged into American Security Bank – now part of Bank of America). It became an FDIC-insured federal savings bank in 1985 and changed its name to Chevy Chase Savings Bank, F.S.B. accordingly the following year. It acquired the Standard Savings and Loan Association of Grundy, Virginia, in 1988.
It adopted its most recent name in 1994 and on January 16, 1996, moved its registration from Chevy Chase to McLean. It moved into its actual headquarters in Bethesda in 2001.
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