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Capital One Financial Corporation is buying Chevy Chase Bank in a cash and stock transaction valued at about $520 million.
Capital One says the acquisition will give it the largest network of branches and ATM machines in the Washington area. Chevy Chase Bank has more than $14 billion in assets, with 250 branches and more than 1,000 ATM machines in Maryland, Virginia and D.C.
Chevy Chase says customers can continue to do their banking as usual. There are no immediate changes to services or branches.
The deal is expected to close in the first quarter of 2009. Chevy Chase Trust Company is not included in the sale.
Rebecca Blatt reports...