Chevy Chase Bank winner
Originally uploaded by afagen
$520,000,000 is what Capital One is paying to acquire all of Chevy Chase Bank, according to the news tonight. Apparently, it will also acquire under $2,000,000,000 in CCB’s shaky and shady mortgages, as well. It’s interesting, though, that in doing so, they’ll be acquiring all of Chevy Chase’s neo-classical-style bank buildings, and with it, a significant brand image
How will Capital One handle their own (lackluster) branding and combine it? Will CCB stop to be a local fixture?
Edit: Fixed spelling of Capital One.
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So much for all that celebrating that Chevy Chase was locally owned and operated.
This just means that Capitol one will be asking for another bailout since they spent their first bailout to get deeper in dept and bad loans. Didn’t they learn anything from Citi buying wamu…or did they just learn that they can be as irresponsible as they want and just get more bailouts.
CapitalOne is locally owned an operated, too. They’re headquartered in McClean. Chevy Chase Bank is a fra classier operation, however. I’m bummed that Capital One (highest interest rates ever) bought them, but glad the jobs will stay in the area at least.