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Citi, JPMorgan, Capital One bid for Chevy Chase-sources

Thu Nov 20, 2008 11:12am EST
 
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NEW YORK, Nov 20 (Reuters) - Citigroup Inc (C.N), JPMorgan Chase & Co (JPM.N) and Capital One Financial Corp (COF.N) are among the final bidders for Chevy Chase Bank, a Bethesda, Maryland, lender, sources familiar with the matter said.

Other banks that looked at Chevy Chase include SunTrust Banks Inc (STI.N) and BB&T Corp (BBT.N), one source said.

Chevy Chase has $11.4 billion of deposits and 292 branches, according to the Federal Deposit Insurance Corp website.

"The key thing with that bank is that the asset side is not very attractive, but the deposit side is incredibly valuable because it is in Washington, D.C.," the source said.

Citi, JPMorgan and SunTrust declined to comment. BB&T, Capital One and Chevy Chase were not immediately available. (Reporting by Paritosh Bansal and Dan Wilchins; Editing by Lisa Von Ahn) (For more M&A news and our DealZone blog, go to www.reuters.com/deals)

 

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