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Article: Bookkeeping Dispute Puts Thrift in Bind; Chevy Chase Federal Reports Quarterly Loss
- Article from:
- The Washington Post
- Article date:
- August 5, 1991
- Author:
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Chevy Chase Federal Savings Bank, the area's largest savings
and loan, has been embroiled in a dispute over bookkeeping with
federal banking regulators that could result in significant losses
at the thrift and federal restrictions on Chevy Chase's operations,
according to a filing with the Securities and Exchange Commission.
The privately held thrift, part of Chairman B.F. Saul II's
sprawling financial holdings, already has shown signs of weakening
this year. The S&L lost $3.6 million before taxes in its second
fiscal quarter ended March 31 because of troubled real estate loans,
the May filing showed. And if federal regulators succeed in forcing
Chevy Chase to change its accounting ...