As an independently owned bank, Chevy Chase Bank originally traced its roots back more than 100 years to the founding of the B.F. Saul Company in 1892 by Mr. B. Francis Saul. The B.F. Saul Company became established as one of the leading mortgage banking companies in the Washington area and survived the great Depression of the 1930’s by offering a diversity of financial services to the real estate industry.
In 1969, Mr. B. Francis Saul II — the chairman and grandson of the founder —
founded Chevy Chase Bank, which began operation in a trailer located at the site of the Bank’s former headquarters on Connecticut Avenue. From its early beginnings, Chevy Chase Bank was an innovator in offering financial services to the public. Originally known as the "Home of the 6% Passbook," Chevy Chase Bank established a reputation as the bank where the consumer could obtain a better value than was generally available.
In 1975, Chevy Chase Bank acquired Gibralter Savings and Loan, which broadened the Bank’s scope to include the Silver Spring, Maryland, area. In 1982, Chevy Chase Bank acquired Government Services Savings and Loan, a major competitor, which was also known for its sound management and innovative products. The combination of services from the two organizations translated into opportunities, which greatly impacted Chevy Chase Bank’s operations. Our branch network and deposit base were significantly expanded. By 1999, with over $8.2 billion in assets, we became the largest banking institution in the Greater Washington area, with over 150 branch offices located in Maryland, Virginia and the District of Columbia.
In 1984, the B.F. Saul Mortgage Company, a leading originator of home mortgage loans, was acquired by Chevy Chase Bank. The Mortgage Company had long been affiliated with the original Saul Company. As a result of the savings and loan acquisitions and the addition of the B.F. Saul Mortgage Company, Chevy Chase Bank more than doubled in size.
Throughout the 1990's and 2000's, Chevy Chase Bank continued to expand with hundreds of branches and over 1,000 ATMs, along with enhancing products and services to meet the needs of the student, consumer, small business and commercial customer.
On February 27, 2009, Chevy Chase Bank was acquired by and became a wholly owned subsidiary of Capital One Financial Corporation. This event marked one of the most significant milestones in the history of both institutions. Together, we are now one of the top 10 banks in the United States, with nearly 1,000 branches and over 2,000 ATMs in New York, New Jersey, Maryland, Virginia, Washington, D.C., Louisiana and Texas.
On July 30, 2009, Chevy Chase Bank was further integrated into the Capital One family of companies by merging in and with Capital One, N.A.
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