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Article: Chevy Chase, hit by loss, to sell part of its business. (Chevy Chase Federal Savings Bank F.S.B.) (Brief Article)
- Article from:
- American Banker
- Article date:
- August 21, 1992
- Author:
CopyrightCOPYRIGHT 1992 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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WASHINGTON -- Under-capitalized Chevy Chase Savings Bank had a fiscal third-quarter loss of $15.7 million and is planning to sell part of its business to raise funds.
The thrift lost $16.1 million during the same period of 1991, according to a quarterly filing this week with the Office of Thrift Supervision.
The institution, with $4.8 billion in assets, reported that federal thrift regulators have placed limits on its growth and that the Securities and Exchange Commission is informally investigating its reserves for losses going back to Oct. 1, 1988.
Profit for First 9 Months
Chevy Chase, the area's largest thrift, earned $6 million ...