Capital One to purchase Chevy Chase Bank

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Credit card and banking company Capital One Financial Group is planning to buy Chevy Chase Bank, a major bank in the Washington, D.C.-area, according to The Washington Post.

The announcement is expected today. Capital One received a $3.56 billion investment from the Treasury Department, which many analysts expected would be used to purchase other banks.

McLean-based Capital One would pay $520 million in cash and stock for the bank. (The Washington Post)

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