Article: Bookkeeping Dispute Puts Thrift in Bind; Chevy Chase Federal Reports Quarterly Loss

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

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