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Article: Capital One To Buy Local Banking Icon Chevy Chase
- Article from:
- The Washington Post
- Article date:
- December 4, 2008
- 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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Capital One, a leading credit card company, plans to announce
today that it will buy Chevy Chase Bank, a landmark Washington
financial firm with branches throughout the region, according to
sources familiar with the matter.
The deal would be another sign of how the financial crisis is
fueling consolidation in the banking industry. Capital One, which
would pay $520 million in cash and stock, has received a $3.56
billion investment from the Treasury Department as part of the
government's effort to stabilize the banking industry.
Sources said the deal should not have any immediate effect on
Chevy Chase depositors or borrowers, and that no layoffs are
currently planned. Chevy Chase, which faced ...