Capital One (NYSE: COF) and Chevy Chase Bank join the long list of bank mergers that we have seen this year, as Capital One announced today that it would be acquiring Chevy Chase Bank for $520 million in cash and stock.Over the past couple of years, Capital One has acquired several regional banks as it moves to become a major player in the full banking services industry, after getting its start as primarily a credit card company. The move to acquire Chevy Chase Bank, which is headquartered in Bethesda, MD, involves a cash payment of $445 million in and 2.56 million shares of stock.
McLean, Va.-based Capital One is one of the banks that received part of the recent government bailout, reportedly getting $3.56 billion in exchange for preferred stock and warrants to purchase common stock.
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