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Capital One Financial Corp. plans to change the name of Chevy Chase Bank branches to Capital One Bank, but a timeline has not been set, a Capital One spokeswoman said this week.

Executives with the Bethesda landmark institution, the third largest bank in Maryland in deposits, agreed last week to a $520 million purchase by the McLean, Va., financial holding company.

The acquiring company also hopes to minimize job cuts "given the relatively little overlap between the two companies," said Tatiana Stead, a spokeswoman for Capital One.

"We will take a measured approach to integration and only expect to combine certain functions over time where we identify efficiencies," Stead said.

Chevy Chase has shed almost 1,000 employees in the past year. The bank had about 3,900 employees in September, down from some 4,800 a year earlier, according to the Federal Deposit Insurance Corp. Chevy Chase has 153 branches in Maryland, and 72 percent, or $8.2 billion, of Chevy Chase's deposits are in the state.

There could also be a name change at Chevy Chase Bank Field at Byrd Stadium in College Park, home of the University of Maryland's football team. Chevy Chase paid $20 million for those naming rights in 2006, which are scheduled to run through 2032.

Shawn Nestor, a University of Maryland spokesman, said he hasn't heard of Capital One's plans and would not expect to until a potential purchase is finalized. The acquisition still requires regulatory approval, which Capital One executives expect to obtain by March.

"It doesn't change our contract," Nestor said. "If [a name change] is what they want to do, we will do whatever we need to do to fulfill the contract."

Other banks

see opportunities

Because Capital One is known more as a national credit card company than a commercial bank, Maryland community bankers see an opportunity to attract some former Chevy Chase customers who like the home-grown feel.

"There are significant opportunities for us as a local community bank," said John P. Hollerbach, president and CEO of HarVest Bank of Maryland. "We intend to be very visible out there and believe we can offer a more compelling banking experience."

HarVest has outgrown its headquarters on Shady Grove Road in Rockville and plans to move to a site on Gaither Road just over the Gaithersburg line in February, Hollerbach said. The bank's assets have increased by 53 percent in the past year to $215 million as of September, according to the FDIC.

While Capital One may be best known for its "What's in your wallet?" credit card commercials, the company purchased some banks in 2005 and 2006 and had $98.9 billion in deposits as of Sept. 30. Chevy Chase had $11.6 billion in deposits as of September. Most of Capital One's present branches are in New Jersey, New York, Louisiana and Texas.

Capital One is in a healthier position than many of its peers, although it has broad credit card exposure that could be trouble down the road, analysts say.

The decision to buy Chevy Chase was smart, as Capital One seeks to "combat upcoming losses from its credit card and subprime businesses," Michael Fowlkes, an analyst for investment research company Investors Observer, said in a report. The acquisition "should provide a bit more diversification and give the company a little better mix of funding."