Capital One Financial Corp., which bought Chevy Chase Bank earlier this year, is closing half a dozen branches of Chevy Chase Bank that were erected over the past decade in the Washington, D.C. area to improve branch efficiency and performance, while also managing costs.
Capital One merged Chevy Chase Bank into its charter July 30th and plans to begin converting Chevy Chase to Capital One Bank in the second half of next year. Chevy Chase Bank locations in Bethesda, Hagerstown, Laurel and Rockville will close Dec. 19, 2009. Branches in Waldorf and Bethesda are scheduled to be closed Jan. 9, 2010.
According to deposit figures released by the FDIC on June 30th, Charlotte, N.C.-based Bank of America saw a surge in local deposits and overshot Wachovia Bank, which lost deposits, to become the area’s largest bank. Bank of America’s increase was driven by growth in its retail banking business. The figures are from the FDIC’s annual survey of each branch. McLean-based Chevy Chase Bank also gained ground with deposits,
