Chevy Chase Bank
November 13, 2008 by Ross
Filed under audiobooks
In areport by The Business Journal, The Chevy Chase Bank is in talks to sell to Citigroup Inc., according to a report in the Wall Street Journal Thursday.
The newspaper said that Citigroup is one of a number of bidders pursuing Bethesda, Md.-based Chevy Chase, with $14.9 billion in assets, and it is not certain that Citi will prevail.
Chevy Chase Bank has been banged up by the real estate market decline. As of last month, $420 million, or about 4 percent, of its domestic real estate loans were in a non-accrual status. But Chevy Chase did manage to improve from a first quarter 2008 loss and post a second quarter profit of $2.2 million.
In the past year, Chevy Chase has trimmed its operations and holdings, putting the Lowes Island golf club up for sale, reducing hours at some branches, and ending its in-store banking relationship with Giant Food.
