Chevy Chase Bank FSB

About Chevy Chase Bank FSB

7501 Wisconsin Ave., Bethesda, Md. 20814
www.chevychasebank.com | 240-497-4102 | Founded: 1969

Industry: Banking | Category: Top Financial Companies

Chevy Chase continued its drive to become ubiquitous in the increasingly competitive Washington banking arena. It beat several rivals to win a five-year contract with Metro to be the exclusive provider of ATMs in subway stations. The broad contract, which has the potential to be renewed for an additional two years, gives the homegrown Chevy Chase a considerable competitive advantage in the growing battle for consumer banking business.
The bank's assets grew to $14.26 billion in fiscal 2005, which ended Sept. 30, an increase of $1 billion from fiscal 2004. But its operating income fell to $189.7 million from $231.2 million. The decrease was caused in part by increased prepayments by home mortgage holders and a continuing decline in car rental income resulting from the company's decision several years ago to exit that business. But expenses were also up.
Because of pressure from a growing list of competitors in this lucrative banking market, Chevy Chase had to significantly increase its advertising as well as salaries and other benefits to lure and retain top employees.

Chairman and CEO: B. Francis Saul II

2007 Financial Data

Total employees: 3,840 | Local employees: 3,840