Morning Brief: A Local Banking Dream Is Realized

Richard Fairbank, the chief executive of Capital One of McLean, had long desired the landmark Washington bank Chevy Chase, but he thought the privately held company was out of reach.

Then, just a day after telling his business associates about what he had dreamed, Fairbank learned that a New York investment banker had called with news: Chevy Chase of Bethesda was up for sale.

"I was a bit spooked by that prophesy that this might be possible," Fairbank told staff writers Zachary A. Goldfarb and Michael A. Rosenwald, recalling the episode.

Long out of reach, Chevy Chase is being bought by Capital One for $520 million in cash and stock. (By Bill O'leary -- The Washington Post)

The writers tell the back story of how Fairbank's dream became reality here. The deal stands to change the Washington banking landscape, with Capital One, a credit card company that has recently been buying regional banks, gaining a firm hold in its home region.

In other news, auto title lenders have popped up in Virginia, according to a story by staff writer Chris L. Jenkins. He tells the tale of Ella Butler, who got some fast cash last year to pay her back rent, a move that did nothing more than land her in more trouble.

Butler took out an $1,800 loan in October 2007 using her 2000 Toyota Camry as collateral. Almost immediately she fell behind in payments, and by February, she owed nearly $5,000 in interest and fees, she said. She still owes $2,500, and she is not alone. Check out the story here.

And in other local business news, Virginia businessman Earl W. Stafford began the start of an initiative to host the needy as well as the sick and forgotten at what he calls "the People's Inaugural."

The Stafford Foundation on Thursday officially launched its million-dollar project to bring disadvantaged people to President-elect Barack Obama's inauguration next month.

By Alejandro Lazo  |  December 5, 2008; 8:38 AM ET  | Category:  Capital One , Economy Watch , Morning Brief
Previous: Morning Brief: Capital One to Buy Chevy Chase | Next: More Layoffs at FBR Capital Markets


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Just an average working American.I love my family and I love my Country. You want to talk change? Lets talk change. The United States has just make history with our election for President.I know it is Very important to present President elect Obama to the Americans and to the world.However, when does excessive spending over ride common sense and respect for the hard working American tax payer?
As a tax paying American, when I hear about All the Weeks of partying going on for Obama my thoughts go to "change, ya right".What is the price tag for the taxpayer here? Will the tax payer ever REALY know the price tag? Why not have just ONE major party and be done with it? I relise the money that could be saved here is just a drop in the bucket. But if we have enough drops in that bucket we will eventuality have a full bucket.
Wonder what the thoughts of the homeless, hungry, sick and unemployed Americans will be while all this partying is going on.Bet it won't be on what the First Lady is wearing or what the party will be eating or drinking.

Posted by: RUBYROSE2 | December 6, 2008 10:45 AM

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