Washington-based regional bank
Chevy Chase will officially rebrand its branches to Capital One
later this year, in line with a drive to strengthen its retail
banking arm.
The brand change will apply to
Chevy’s 247-branch-strong network with the announcement unveiled as
Capital One posted a net income of $636.3m for the first quarter of
2010, compared to a loss of $172.3m for the year-ago quarter.
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“Contractors are in the process of
preparing the internal and external signage replacement in Chevy
Chase bank branches throughout the Mid-Atlantic by installing
permanent Capital One bank signs with temporary Chevy Chase Bank
covers,” said a spokeswoman for the bank in a statement.
The spokeswoman added that Capital
One plans to introduce new products to follow the rebranding, but
“preserve the unique feel” of Chevy Chase.
Capital One acquired Chevy in a
$475.9m deal in early 2009, in the process becoming a top 10 US
bank by deposits.
