Posted on 11/20/2008 12:12:26 PM PST by RockinRight
NEW YORK (Reuters) – Citigroup Inc (C.N), JPMorgan Chase & Co (JPM.N) and Capital One Financial Corp (COF.N) are among the final bidders for Chevy Chase Bank, a Bethesda, Maryland, lender, sources familiar with the matter said. Other banks that looked at Chevy Chase include SunTrust Banks Inc (STI.N) and BB&T Corp (BBT.N), one source said. Chevy Chase has $11.4 billion of deposits and 292 branches, according to the Federal Deposit Insurance Corp website. "The key thing with that bank is that the asset side is not very attractive, but the deposit side is incredibly valuable because it is in Washington, D.C.," the source said. Citi, JPMorgan and SunTrust declined to comment. BB&T, Capital One and Chevy Chase were not immediately available.
(Excerpt) Read more at news.yahoo.com ...
Chevy Chase, from what I understand, is still pretty strong overall, but are in danger due to high mortgage delinquency rates - a good chunk of their portfolio is "Option ARM" negative amortization loans.
Their branch network, however, is strong, and would greatly increase the purchasing bank's presence in the Washington and Baltimore markets.
I always knew he was for sale, ever since he did “Memoirs of an Invisible Man.”
“What’s in YOUR wallet?”
The disgusting part to me (besides Chevy Chase’s obscene ATM fees), is that all of their potential buyers are doing it with money from Uncle Sugar.
Yep, all three of those outfits got TARP money.
Now I understand what Joe Battalia(sp?) was talking about. He kept saying that the $700 billion bailout wasn’t for the public’s benefit. The banks are taking the money instead and buying other banks. The general public won’t receive a dime of the bailout monies.
What would they want with a decrepit old reprobate like him? Oh ... the bank. Nevermind. /Latella
What are their ATM fees? I bank at and work for a competitor, so I’m just curious.
Good evening, I’m Chevy Chase and you’re not.
I sincerely hope that competitor isn't Provident. In my experience, they were one of the most nickel-and-dime banks that I've ever dealt with.
Nope. I won’t say who, for my own employer’s protection, but it’s not Provident.
I would like to bid $20 on Chevy Chase! He is a lousy actor and a real pain in the a** when it comes to intelligence and politics, but he is kinda cute, so I bid $20.
He used to be a funny dude...
Good :)
The last time I used my Credit Union ATM card at a Chevy Chase ATM was at the Double Tree on Massachusetts Ave NW in DC. The fee was $3.00.
Everyone big enough to buy CC is getting TARP money. They aren't really being given a choice.
She was great and is much missed. Him, however...
He was funny at one time.
Do you live solid, bank solid?
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