Chevy Chase Bank, Chevy Chase, Md., announced an agreement to purchase ASB Capital Management from NationsBank Corp., Charlotte, N.C. Terms of the deal were not disclosed.
"The new ownership will have little effect on our day-to-day operations, nor will there be any changes in the company's management structure," ASB President Robert M. Phillips said in a statement.
Washington-based ASB has $4 billion in assets under management.
Chevy Chase, the largest independent bank in the Washington metropolitan area, previously had no institutional money management units.
