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Chevy Chase Bank, FSB
Chevy Chase Bank, FSB (CCB), established in 1974, is a federally-chartered stock savings bank. CCB is the largest bank headquartered in the Washington, D.C. metropolitan area. The main office is located in McLean, Virginia, and operates many branches in Maryland, Virginia, Delaware and the District of Columbia. The mortgage subsidiary of CCB, the B.F. Saul Mortgage Company "(BFSMC"), offers a complete range of home financing services and is one of the leading mortgage loan originators in the metropolitan D.C. area. Home lending programs provided by CCB include individual home mortgages, home improvement loans, home equity loans, and home equity lines of credit. Other loan products include personal loans, automobile loans, business loans, and credit card services.
| Chairman & CEO |
B. Francis Saul, II.
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| Total Assets |
$11.3 Billion Bank Wide (as of September 30, 2002)
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| Total Deposits |
$344.2 Million in the District of Columbia (as of September 30, 2002 fiscal year)
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| Branches |
Sixteen
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| ATMs |
Eighty-three
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| CRA Rating |
Outstanding (as of January 27, 2003)
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| CRA Statement |
CCB is a participating lender with many state and local affordable housing programs including the District of Columbia Housing Finance Agency and the District of Columbia Department of Housing and Community Development. CCB participates in several local mortgage programs in the District of Columbia. Section 8 Home Ownership Program - Innovative program enabling renters to apply their Section 8 vouchers towards the purchase of a home. Wheeler Creek Hope VI Project - Helps to eradicate distressed public housing and replacing it with mixed-income and mixed-used developments. Trinidad/Ivy City "Heart of the City" Revitalization Program - Provides special mortgage and rehabilitation loans for the neighborhood's large stock of owner-occupied housing allowing many seniors to remain in their homes. Dupont Commons - Leading provider of mortgage financing for this development, which is reserved for working class families earning less than 65% of the DC area median income. Wardman Court - Rehabilitation of the apartment buildings in the Clifton Terrace public housing site. CCB participates in the following loan funds: the Latino Economic Development Corporation and the DC Disaster Emergency Relief Loan Fund. In addition, CCB has partnered with Home Free USA, a non-profit, membership based organization, to deliver financial workshops to the metropolitan area. This partnership has helped make HomeFree USA a major source of financing for low and moderate-income homeowners in the area. CCB's community commitment is apparent in its wide range of investments. Low-Income Housing Tax Credits - An investment in multi-family housing developments for low and moderate-income residents and in low and moderate-income neighborhoods. The New Market Growth Fund - An innovative fund providing loans to small businesses in low-income areas.
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Primary Focus
of CRA Activity |
Chevy Chase focuses primarily on residential mortgage and consumer loans.
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