Chevy Chase Bank, F.S.B.
was the largest locally-based banking
company in the Washington Metropolitan Area
. It was acquired by Capital One
in 2009 and rebranded as Capital One Bank
in 2010. Despite its name, Chevy Chase Bank was a federally chartered thrift
regulated by the Office of Thrift Supervision
, rather than a bank
. It was formerly held and controlled by the B. F. Saul Real Estate Investment Trust; B. Francis Saul II, who founded the REIT and is the grandson of the founder of the B. F. Saul Company
, served as its chairman.
The bank traces its history to 1892, when B. Francis Saul founded the B.F. Saul Company, a mortgage and real estate firm, a savings and loan charter was granted to some Baltimore-area businessmen but never used. In 1969, the charter was purchased and the Chevy Chase Savings And Loan Association
was established, taking the name from Chevy Chase, Maryland
. Saul's grandson, B. Francis Saul II, opened the S&L on December 1, 1969, 50 years to the day after his grandfather, B. F. Saul opened Home Savings and Loan (subsequently merged into American Security Bank - now part of Bank of America). It became an FDIC
-insured federal savings bank in 1985 and changed its name to Chevy Chase Savings Bank, F.S.B.
accordingly the following year.... Read More