Chevy Chase Bank

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This article discusses the current entity which operates as Chevy Chase Bank. An unrelated institution, Chevy Chase Bank and Trust Company, was founded in 1969 and subsequently merged with Citizens Bank and Trust Company of Maryland in 1977, now part of SunTrust Banks.

Chevy Chase Bank, FSB is the largest bank based in the Baltimore-Washington Metropolitan Area. It is privately held and controlled by the B.F. Saul Real Estate Investment Trust, representing the family of real estate developer B. Francis Saul II, who also serves as its chairman and CEO.

The bank's core business is residential mortgages and consumer banking; its mortgage subsidiary, the B.F. Saul Mortgage Company, is one of the leading mortgage originators in the region.[link] As of March 31, 2006 it held $10,649,183 in deposits. It is federally chartered and regulated by the Office of Thrift Supervision.

Chevy Chase Bank operates 242 offices in Delaware, Maryland, Virginia, and the District of Columbia, and claims to have the largest network of ATMs in the Washington area. Officially it is based in McLean, Virginia but its headquarters offices are in downtown Bethesda, Maryland, at the corner of Wisconsin Avenue and East-West Highway.

Its main competitors are the retail banking divisions of much larger, supraregional companies such as Bank of America, BB&T, SunTrust Banks, and Wachovia, and so emphasizes its local nature and community involvement in its advertising. It uses Benjamin Franklin as its advertising mascot, who repeats the tagline The Leading Local Bank in its television commercials.

History

Saul founded the institution as the Chevy Chase Savings And Loan Association on October 11, 1955, taking the name from Chevy Chase, Maryland. It became an FDIC-insured federal savings bank in 1985, and changed its name to Chevy Chase Savings Bank, FSB accordingly the following year. It acquired the Standard Savings And Loan Association of Grundy, Virginia in 1988. In 1994 it adopted its current name and on January 16, 1996 moved its headquarters from Chevy Chase to McLean.

References

External link

[Chevy Chase Bank website]

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