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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