Capital One Financial has completed its acquisition of Chevy Chase Bank, headquartered in Bethesda, Maryland, US.
Capital One Financial said that with the closing of the transaction and the addition of Chevy Chase Bank’s $13 billion in deposits, the company is now the largest consumer and commercial banking institution headquartered in the Washington, DC region.
Richard Fairbank, chairman and CEO of Capital One, said: With the addition of Chevy Chase Bank to our company, we are combining the strength of national scale lending with customer-focused excellence in local scale banking. Chevy Chase Bank is a local banking icon with a strong deposit base in one of the most attractive local markets in the US. It provides us with greater scope and scale across the Mid-Atlantic region.
Francis Saul II, founder of Chevy Chase Bank, said: With Capital One, we are joining forces with a great national brand and a strong financial institution that respects and shares the long tradition of customer and community service that is the hallmark of Chevy Chase Bank. The combined strengths of our two companies will greatly benefit our customers, communities and talented banking associates across the Washington, DC metropolitan area.
