Add-on Acquisition • Financial Services

Capital One Acquires Chevy Chase Bank

On December 4, 2008, Capital One acquired financial services company Chevy Chase Bank for 520M USD

Acquisition Context
  • This is Capital One’s 8th transaction in the Financial Services sector.
  • This is Capital One’s 6th largest (disclosed) transaction.
  • This is Capital One’s 7th transaction in the United States.
  • This is Capital One’s 1st transaction in Maryland.

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M&A Deal Summary

Date December 4, 2008
Target Chevy Chase Bank
Sector Financial Services
Buyer(s) Capital One
Deal Type Add-on Acquisition
Deal Value 520M USD
Advisor(s) Citi (Financial)

Target Company

Chevy Chase Bank

Bethesda, Maryland, United States
Chevy Chase Bank is the greater Washington region's largest locally-owned banking institution providing a complete array of financial products and services to consumers and businesses in Maryland, Virginia, and the District of Columbia.
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Buyer Overview 1

Buyer

Capital One

McLean, Virginia, United States

Category Company
Founded 1988
Sector Financial Services
Employees52,600
Revenue 39.1B USD (2024)
DESCRIPTION
Capital One's headquarters in McLean, Virginia.
Capital One's headquarters in McLean, Virginia.

Capital One Financial is a diversified financial services holding company with banking and non-banking subsidiaries. Capital One Financial Corporation and its subsidiaries offer a broad array of financial products and services to consumers, small businesses and commercial clients through branches, the internet and other distribution channels. Capital One was incorporated in 1988 and is based in McLean, Virginia.


Deal Context for Buyer #
Overall 8 of 23
Sector: Financial Services 8 of 14
Type: Add-on Acquisition 7 of 19
State: Maryland 1 of 2
Country: United States 7 of 22
Year: 2008 1 of 1
Size (of disclosed) 6 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-11-19 ShareBuilder

Seattle, Washington, United States

ShareBuilder Corp. is an investing site and mobile application to help consumers trade stocks.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-06-16 ING Direct USA

Wilmington, Delaware, United States

ING Direct USA is a direct to consumer bank formed in 2000.

Buy $9.0B