Chevy Chase Bank calls 8%, 10 3/8% preferreds, 6 7/8% notes

By Susanna Moon

Chicago, Feb. 20 - Chevy Chase Bank said it will redeem its 8% series C non-cumulative perpetual preferred stock, 6 7/8% debentures due 2013 and the 10 3/8% series A non-cumulative exchangeable preferred stock issued by the bank's subsidiary, Chevy Chase Preferred Capital Corp.

The redemptions are contingent upon the closing of Capital One Financial Corp.'s acquisition of Chevy Chase Bank.

All regulatory approvals required for the sale of the Bethesda, Md.-based bank have been obtained, and the deal is scheduled to close in late February.

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