Washington-based regional bank Chevy Chase has
officially rebranded to the Capital One brand.
Capital One acquired Chevy in a
$475.9m deal in early 2009 to strengthen its retail banking
arm. In the process it has become a top 10 US bank by
deposits.
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The branch change applies to Chevy’s
247-branch network and customers can expect to take advantage of
Capital One’s broader geographic coverage.
Products and services offered by
Capital One are available to former Chevy Chase customers.
James Jackson, Capital One’s
mid-Atlantic regional president said: “A great deal of work has
been done to ensure that the transition is a seamless and positive
change for our customers”.
Capital One posted a net income
of $608m in the second quarter of 2010 reversing its loss of
$277m in the year-ago period.
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By GlobalDataNet income at the bank’s consumer
banking arm stood at $305m for the second quarter, flat compared to
the preceding quarter but up from $81m on the year-ago period.
The bank’s credit card segment also
experienced a jump in net income to $568m in the second quarter
from $173m a year ago.
