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Article: Chevy Chase Closing Trust Operation After Sale Fails
- Article from:
- The Washington Post
- Article date:
- October 9, 1991
- Author:
CopyrightThis material is published under license from the Washington Post. All inquiries regarding rights should be directed to the Washington Post. (Hide copyright information)
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Financially troubled Chevy Chase Federal Savings Bank, the
area's largest savings and loan, is closing its small, unprofitable
trust operation after failing to find a buyer for the business.
The trust operation, which managed more than $250 million in
trust accounts and employed about 15 people, had been for sale since
June as part of Chevy Chase's overall plan to cut expenses and
improve profitability. However, sources said Chevy Chase last week
opted to close the business after negotiations for its sale fell
through.
According to sources close to the talks, Chevy Chase began
negotiations six weeks ago with Baltimore-based First National Bank
of Maryland, the U.S. operating ...