Capital One buying Chevy Chase Bank
Capital One Financial Corp. announced this morning that it will buy Washington-based Chevy Chase Bank.
Capital One said it will pay $520 million in cash and stock for Washington-based Chevy Chase.
As part of the purchse, Capital One will control Chevy Chase's 250 branches throughout the region.
Capital One, based in McLean, has received more than $3.5 billion from the U.S. Treasury Department as part of the bailout program.
As of Jan. 1, Capital One had about 6,400 employees in the Richmond area.
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Management’s vain ambitions have caused Capital One to miss the shareholder value boat big time once already, a stock price opportunity forever lost. When the government lets them know it’s time to be acquired by JP Morgan or such this coming year they won’t say no again, as they no longer have enough autonomy to make a choice.
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