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: Banks
The company opened 15 branches last year and reached a 25-year, $20 million deal with the University of Maryland to change the name of its sports field to the Chevy Chase Bank Field at Byrd Stadium.
A federal district court judge ruled in January that the bank violated the federal Truth in Lending Act, which requires lenders to clearly explain loan terms to borrowers. The ruling, which was stayed pending appeal, would allow as many as 7,000 borrowers to rescind their mortgages—canceling the loan and receiving a refund of all payments made and closing costs. The bank has appealed the ruling to the U.S. Court of Appeals for the 7th Circuit in Chicago.
Chevy Chase also agreed to pay $16 million to settle a class-action lawsuit alleging it charged late fees and high interest rates that were not part of its agreements with its credit card holders. The bank denied wrongdoing but wanted to settle to avoid further litigation, according to the agreement.
Chairman and CEO: B. Francis Saul II
2006 Financial Data
Net Income: $46,758,000Total employees: 4,506 | Local employees: 4,250
Did You Know
Chevy Chase Bank FSB is the largest locally owned bank based in the Washington area, with more than $14 billion in assets, 270 branches and more than 1,000 automatic teller machines in the region. It operates in Maryland, Delaware, Virginia and the District. Privately held Chevy Chase is controlled by real estate developer B. Francis Saul II and his corporate entities, which are largely in real estate.
