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Chevy Chase Bank sells credit card business

September 03, 1998

FREDERICK, Md. - Chevy Chase Bank has entered into a binding agreement to sell its first credit card business to First USA, according to a press release.

First USA will operate the Frederick facility and will offer employment to all credit card employees, according to the release. Under the terms of the agreement, First USA has agreed to offer the employees comparable positions with their compensation, benefits and seniority intact.

Chevy Chase will retain the ability to provide credit card products to its local depositor base, according to the release.

Headquartered in Wilmington, Del., First USA is one of the largest credit card issuers in the country. It is a wholly owned subsidiary of Banc One Corp.

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