Feb. 27, 2009 -- Capital One Financial Corporation (NYSE: COF) today announced that it has completed its acquisition of Chevy Chase Bank. Additionally, Chevy Chase Bank announced today that the redemption date for its 8 percent Noncumulative Perpetual Preferred Stock, Series C (CCX-PrC), the 6-7/8 percent Debentures due 2013 issued by Chevy Chase Bank pursuant to an Indenture, dated December 2, 2003, by and between Chevy Chase Bank and Wells Fargo Bank Minnesota, N.A., and the 10-3/8 percent Noncumulative Exchangeable Preferred Stock, Series A (CCP-PrA), issued by Chevy Chase Bank's REIT subsidiary, Chevy Chase Preferred Capital Corporation, will be March 30, 2009. The redemption price for the Series C Preferred Stock will be $25.00 per share, plus the quarterly accrued and unpaid dividend (whether or not declared) to March 30, 2009, the redemption price for the Debentures will be 103.4375 percent of the aggregate principal amount of the outstanding debentures, plus accrued and unpaid interest to, but not including, March 30, 2009 and the redemption price for the Series A Preferred Stock will be 103.112 percent of the $50 liquidation preference, plus the quarterly accrued and unpaid dividend (whether or not declared) to March 30, 2009. Notices of redemption including instructions for the surrender of the securities will be mailed to holders on February 27, 2009. For additional information on redemption of the debentures, holders should contact the Trustee, Wells Fargo Bank, N.A., Corporate Trust Operations, MAC N9303-121, 6th Street & Marquette Avenue, Minneapolis, MN 55479, Telephone: 800-344-5128. For additional information on redemption of either series of preferred stock, stockholders should contact the paying agent, Wells Fargo Shareowner Services, Corporate Actions Department, P.O. Box 64858, St. Paul, MN 55164-0858, Telephone: 877-262-8260.

QUANTUMONLINE.COM SECURITY DESCRIPTION:  Chevy Chase Preferred Capital Corp., 10 3/8% Noncumulative Exchangeable Preferred Stock Series A, liquidation preference $50 per share, redeemable at the issuer's option on or after 1/15/2007 at 105.187% of the $50 per share liquidation preference which declines to 100% by 1/15/2012 (see page 43 of the prospectus for schedule), plus declared and unpaid dividends, with no stated maturity, and with noncumulative distributions of 10 3/8% per annum paid quarterly on 1/15, 4/15, 7/15 & 10/15 to holders of record on the date fixed by the board, not more than 45 days prior to the payment date. Dividends paid by preferreds issued by REITs are NOT eligible for the 15% tax rate on dividends and are also NOT eligible for the dividend received deduction for corporate holders. In regards to payment of dividends and upon liquidation, the preferred shares rank equally with other preferreds and senior to the common shares of the company. The preferred stock is exchangeable into preferred stock of Chevy Chase Bank SFB under some circumstances. Chevy Chase Preferred Capital Corp. is qualified as a real estate investment trust for federal income tax purposes. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below. Chevy Chase Preferred Capital Corp. is a wholly owned subsidiary of Chevy Chase Bank FSB (a privately owned bank).

Stock Exchange	Cpn Rate Ann Amt	LiqPref CallPrice	Call Date Matur Date	Moodys/S&P Dated	Distribution Dates	15% Tax Rate
NYSE Chart	10.38% $5.1875	$50.00 $51.56	Called for 3/30/2009 None	Ba1 BB 2/22/2009	1/15, 4/15, 7/15 & 10/15 Click for MW ExDiv Date Click for Yahoo ExDiv Date	No

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Address:   8401 Connecticut Avenue, Chevy Chase, MD 20815
Main Phone Number	301-986-7000
Fax Number	Not Available
Investor Contact	301-987-2265
Toll Free Phone Number	800-987-2265