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Article: Chevy Chase S&L Falls Below Federal Soundness Standards; Thrift Reports $16 Million Loss in SEC Filing
- Article from:
- The Washington Post
- Article date:
- August 22, 1991
- Author:
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Chevy Chase Federal Savings Bank, long considered by analysts
to be one of the area's healthiest savings and loans, has fallen
below federal standards for financial soundness, according to a
filing made this week with the Securities and Exchange Commission.
Failure to meet these standards, while a serious sign of
financial distress, does not mean that Chevy Chase is in danger of
collapsing, and the S&L's deposits remain federally insured up to
$100,000 per customer account.
The S&L lost more than $16 million in its fiscal third quarter
ended June 30, the filing said, and it no longer meets one of the
three standards for capital - the cash and assets that S&L owners