Summary: Chevy Chase Bank, FSB Mar 06

Standard & Poors, March 2006

Abstract
The ratings on Chevy Chase Bank, FSB (Chevy) reflect its growing franchise in attractive markets, excellent asset quality, and low credit risk profile. Volatile earnings, weak capital metrics, a high expense base, and a growing business concentration in residential mortgage loans somewhat offset these key rating strengths. As the largest independent bank in the attractive D.C. area, Chevy has developed a solid franchise. Among retail banks, Chevy ranks fifth in deposit market share within the D.C. MSA, and has the No. 1 deposit share in Montgomery County, an affluent suburb. Last fiscal year alone, Chevy added 23 de novo branches, bringing the network to a total of 251 branches. Going forward, management expects to add 20-25 de novo branches per...

Companies mentioned in this report are:
- Capital One N.A.

Action: Review

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

- Capital One N.A.

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