Capital One Financial Corp., one of the largest employers in the Richmond area, is cutting costs by eliminating positions here and reducing the dividend it pays to shareholders by 87 percent. The credit-card and financial-services company is eliminating 35 full-time jobs in accounting and finance in the Richmond area, company spokeswoman Julie Rakes said yesterday. The jobs will be phased out by June and the work will be outsourced.

Billions of dollars flooded into banks’ coffers as the credit crunch gripped the U.S. economy last year, but only a fraction of that stimulus money is going back into the community as loans, regulatory records show. Richmond-area banks that received taxpayer money meant to kickstart lending show only modest increases in loans on their books, a Richmond Times-Dispatch review of hundreds of pages of filings found.

Americans are going to have to curb their credit habit—either live with less credit or none at all—until the financial market gets flowing again. “The current economy is essentially giving people the shock treatment,“ said Ed Mierzwinski, program director for U.S. PIRG, a consumer advocacy group. “People are getting laid off. Their credit-card company is lowering their available credit limit, or they may not be able to get new credit,“ he said. “For many Americans who have been running on the debt treadmill, the economy may be a wake-up call for them.“

Capital One Financial Corp. wants to know why Goochland County billed it for 23 million gallons of water during a two-month period last year when it used only 1 million gallons during the same period the year before. The credit-card company paid the bill for $96,256 but is asking the county to investigate. It’s the latest in a growing list of questions that Goochland is trying to answer about its utilities department.

With a bit of financial savvy and inspiration from a red rubber ball, students at Fairfield Court Elementary School can get what they want in life. Those dreams are big—video games and singing lessons, college and medical school, cars and beach houses. Volunteers from Capital One hosted a lively event yesterday at Capital One’s West Creek complex in eastern Goochland County for more than 100 fourthand fifth-graders, a community service project in lieu of a fancy holiday party. Activities included inspirational talks, financial literacy lessons and games—including some with those all-important bouncing balls.

So far, the one Richmond-based financial firm that’s getting help from the federal bailout is the one that says it doesn’t need it.

One of the Richmond area’s biggest employers is about to become metropolitan Washington’s biggest bank. Capital One Financial Corp. announced yesterday its plans to buy 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.

Jasmine Starkes’ budget was looking pretty grim. Her expenses were adding up fast: $690 for her mortgage, $160 for electricity, $575 for her car payment, $70 for a cell phone, $703 for groceries, $144 for insurance . . . the list went on. A night out at the movies was another $45. Dinner for three, $38, including the tip.