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Capital One Financial is set to buy Chevy Chase Bank, the Wall Street Journal reported on Wednesday.
Capital One [COF
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] has offered $520 million in cash and stock for the Bethesda, Maryland-based bank, the newspaper reported.
McLean, Virginia-based Capital One expects Chevy Chase to have cumulative losses of about $1.75 billion on its $11.8 billion loan portfolio, the Wall Street Journal said, citing a person familiar with the situation.
A Capital One spokesman did not immediately comment and Chevy Chase executives could not be reached for comment.
Other bidders for Chevy Chase had included Citigroup [C
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] and JPMorgan Chase [JPM
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], sources told Reuters earlier this month.
U.S. banks are broadly looking to expand their branch networks and amass pools of low-cost retail deposits after seeing how unreliable funding through capital markets can be when times are tough.
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