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Chevy Chase Declines Comment on Citigroup "Rumor"

Chevy Chase bank this morning declined to comment on a report in the Wall Street Journal that it may be acquired by Citigroup. The report said that Citigroup is among several bidders for the Washington regional bank and might walk away from the deal.

“Chevy Chase Bank is a strong, successful bank with an enviable share of the Washington banking market. Not surprisingly, rumors have arisen from time to time over the years about the interest of other banks in seeking to acquire Chevy Chase Bank," said Thomas H. McCormick, executive vice president. "Chevy Chase Bank has never commented on such rumors.”

--Thomas Heath

By Sara Goo  |  November 13, 2008; 10:46 AM ET
Categories:  The Ticker  
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Typical non-denial statement, from a PR Flack.

The real question is why CC Bank wants a merger.
Citi is very sick, so, if they are merging, CC must be
even sicker.

Posted by: patb | November 13, 2008 11:28 AM | Report abuse

I've been a depositor with Chevy Chase Bank for over ten years and will only say that if this "rumor" is true, I'll be closing all my checking and savings accounts, and CD's upon maturity.

I wish Chevy Chase bank good luck!

Posted by: helloisanyoneoutthere | November 13, 2008 11:28 AM | Report abuse

Old BF Saul must be tired of the banking business and ready to get out.

Posted by: postisarag | November 13, 2008 11:39 AM | Report abuse

This news makes me sick to my stomach. I love CCB, why would they do this?

Posted by: jljardon2 | November 13, 2008 11:47 AM | Report abuse

The quality of Cheey Chase service has noticeably declined in the past year.

First -- shorter banking hours.

Secondly -- LONGER lines (almost as bad as the post office at Christmas time!) because of fewer tellers.

Whoever buys Chevy Chase had better straighten things out.

Posted by: bronxace | November 13, 2008 11:52 AM | Report abuse

I agree. I love my local bank. If CITI buys them, my accounts are going to my credit union.

Posted by: | November 13, 2008 11:53 AM | Report abuse

I asked one of my branch managers point-blank if Chevy Chase were at risk of being taken over. I was reassured that the bank was still "BF Saul's baby" and that the staff had received a calming internal memo. For what that's worth....

Posted by: cee-dub | November 13, 2008 12:08 PM | Report abuse

Citigroup sucks.

Just like Wells Fargo and Bank of America.

Stay the helll out of the DC market.

Posted by: mdpilot | November 13, 2008 12:14 PM | Report abuse

Chevy Chase is privately held, the company heads have made quite a bit of money by exploiting many of their own consumers. They make more money on their ATM machines than most other banks. They are not personable and over the last 2 years their quality of service has declined as the fess have increased. Citi is not a good match for them, maybe another bank would be, but not Citi.

Posted by: lvdave | November 13, 2008 12:30 PM | Report abuse

Banks actually have branches? And you people actually go to them? Where do you park your covered wagons?

Posted by: bryc3 | November 13, 2008 12:37 PM | Report abuse

This non-denial denial would make more sense coming from Chevy Chase the comedian rather than Chevy Chase the bank.

Posted by: TESimonton | November 13, 2008 1:26 PM | Report abuse

Great News!!! Chevy Chase Bank is the worst bank in DC. Thier ATM fees are ridiculous and thier lending division has screwed many homeowners in the area with their "option" arm mortgages they had pitched to folks for years. BF Saul is a joke and they have no idea what customer service is.

Bank of America, which I switched to from CC last year, has been wonderful and reasonable.

Posted by: inthemiddle2 | November 13, 2008 1:32 PM | Report abuse

I wonder who the other banks might be. Capital One is based in McLean. What about PNC or Commerce?

Posted by: usa24va | November 13, 2008 1:58 PM | Report abuse

I don't get it--what ATM fees? If you have an account with Chevy Chase, there are no fees. They have ATMs everywhere in Montgomery County, which is why I've been with CC for over 15 years. I don't keep most of my money there however because their interest rates stink--just keep enough to pay bills.

Posted by: smmd2007 | November 13, 2008 2:01 PM | Report abuse!

I've been banking with them since I was 12 years old and had a passbook for my savings account...we're looking at 30 years or so.

I won't stick around if they are taken over by those...those...those...JACKASSES at Citigroup!

For what it's worth.

Posted by: Skowronek | November 13, 2008 3:04 PM | Report abuse

Reading some of these comments, I cannot help but wonder how people can be so cruel. Thousands of people employed by CC could lose their livelihoods in the middle of a recession, and people are complaining about their own failures to avoid ATM fees and bad decisions to cash out on their homes with ARMs? Did CC do anything its competition didn't? Oh yeah, now I remember, the Clinton Justice Department went after CC and bullied it to open branches in parts of DC many people won't dare drive through and to make loans under the Community Reinvestment Act, a piece of socialist tripe and pet of the Dems that killed any banks that would have preferred to issue traditonal morgtages to folks with good credit scores. I say a pox on all meanspirited posters who make themselves feel better by slamming others who have the courage to take risks and actually give people an oportunity to work.

Posted by: catepower | November 13, 2008 3:24 PM | Report abuse

LOL @ bryc3:

Banks actually have branches? And you people actually go to them? Where do you park your covered wagons?

Posted by: bryc3 | November 13, 2008 12:37 PM

Posted by: ProfessorWrightBSU | November 13, 2008 4:11 PM | Report abuse

Banks are like doctors and attorneys, they are not to be trusted at face value, 9 out of 10 of them suck and just want to take your money while giving you lousy service. Doctors can be a whole category unto themselves because 5 out of 10 should not even be allowed to practice without a quack permit.

Posted by: matrox | November 13, 2008 4:16 PM | Report abuse

I'm glad they are closing. They only cater to spanish speaking "customers" and many of their staff people are moronic. Boo hoo.

Posted by: davis_renee | November 13, 2008 4:49 PM | Report abuse

CC bank played in the sub prime mess and is now paying for it. They have one of the highest loan defaults by % in the nation. Most do not know this due to them being privately held. They have closed all of their in store location to save on expenses as well. I am sure the feds said to find a buyer or go under.

Posted by: bankerdm | November 13, 2008 4:52 PM | Report abuse

bankerdm has absolutely no basis in fact for what s/he's talking about. CC was NEVER in the sub-prime market. What s/he is sure the Feds are allegedly requiring is nonsense, but it is just this kind of baseless rumor that sours attitudes and spurs loss of confidence in all of our financial and other institutions. Other than enemies of our country and potential speculators, who would want to do that? If the Feds had so much as asked to see CC's books, it would have been all over the financial news.

Posted by: catepower | November 13, 2008 6:06 PM | Report abuse

Catepower, August 2008
Fitch's downgrade reflects the continued deterioration of asset quality: nonperforming assets total 4.2% of loans and other real estate owned at June 30, 2008, a significant increase from 1.68% at Dec. 31, 2007.
The fed does not put it all out there to avoid a run on the bank. Why do you think PNC took over National Bank in Ohio?? The fed wanted them to so FDIC insurance would not have to be used.

Posted by: bankerdm | November 13, 2008 7:00 PM | Report abuse

didn't see that internal memo - i know many employees that are as in the dark as the rest. this will be hard on employees - there are lots of people at CCB who have been there many years, and it will be difficult to find good jobs in the market right now.

i am personally upset that the employees will be the last to hear the truth, when they are the ones who worked to make the bank a success.

also, having worked in banking for a long time and having had bank accounts since the age of 18, ALL banks are BUSINESSES, which means, they need to make money. yes, if you have a CCB account, ATM withdrawals are free at CCB ATMs - there are like 1,000 in the area! fees happen because people refuse to take responsibility for their choices or because, let's face it, their eyes are bigger than their account balance.

but no matter what experience you have with CCB, a sale to such a large bank will have SIGNIFICANT impact on the people who work there. we all have jobs to do, and most people want to do a good job - it's not different at CCB.

Posted by: bnkr | November 16, 2008 10:42 AM | Report abuse

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