Chevy Chase Preferred Capital Corp – ‘8-K’ for 8/13/02

On:  Tuesday, 8/13/02, at 5:35pm ET   ·   As of:  8/14/02   ·   For:  8/13/02   ·   Accession #:  1022527-2-27   ·   File #:  1-12477

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Current Report   —   Form 8-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 8-K         Chevy Chase Preferred Capital Corp                     2     12K 

Document Table of Contents

8-K
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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 

Date of Report (Date of earliest event reported):  August 13, 2002              

Chevy Chase Preferred Capital Corporation 
(Exact name of registrant as specified in its charter)

    Maryland                  333-10495                   52-1998335
----------------------------   ---------------------    ------------------------
(State or Other Jurisdiction                                   (IRS Employer    
     of Incorporation)        (Commission File Number)    Identification Number)

7501 Wisconsin Avenue, Bethesda, Maryland                          20814        
-----------------------------------------                      ------------     
(Address of Principal Executive Offices)                         (Zip Code)     

(301) 986-7000
----------------------------------------  

(Registrant's telephone number, including area code)

Not Applicable
------------------------------------------------------------- 
(Former name or former address, if changed since last report) 

Item 4. Changes in Registrant's Certifying Accountant.                          

     On August 13, 2002, the Board of Directors of Chevy Chase Preferred Capital
Corporation  (the  "Company"),  upon the unanimous  recommendation  of its Audit
Committee,  approved the dismissal of Arthur  Andersen LLP  ("Andersen")  as the
Company's principal  independent  accountant and the engagement of Ernst & Young
LLP ("Ernst & Young") to serve as the Company's principal independent accountant
to audit the Company's  financial  statements  for the year ending  December 31,
2002.                                                                           

     Andersen's  reports on the Company's  financial  statements for each of the
two most recent fiscal years ended December 31, 2001 and 2000 did not contain an
adverse opinion or disclaimer of opinion, nor were they qualified or modified as
to uncertainty, audit scope, or accounting principles.                          

     During the  Company's  two most  recent  fiscal  years and through the date
hereof,  there were no  disagreements  with Andersen on any matter of accounting
principles or practices,  financial statement  disclosure,  or auditing scope or
procedure which, if not resolved to Andersen's  satisfaction,  would have caused
them to make reference to the subject  matter in connection  with their reports;
and there were no  "reportable  events,"  as  defined in Item  304(a) (1) (v) of
Regulation S-K.                                                                 

     The Company  provided  Andersen with a copy of the  foregoing  disclosures.
Andersen  has  advised  the  Company  that it is no longer  issuing  any letters
regarding these matters.                                                        

     During the  Company's  two most  recent  fiscal  years and through the date
hereof,  the  Company  did  not  consult  Ernst  &  Young  with  respect  to the
application  of  accounting  principles  to  a  specified  transaction,   either
completed  or proposed,  or the type of audit  opinion that might be rendered on
the Company's  financial  statements,  or any other matters or reportable events
required to be disclosed under Items 304(a) (2) (i) and (ii) of Regulation S-K. 

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8-K
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SIGNATURES

     Pursuant to the  requirements  of the Securities  Exchange Act of 1934, the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned hereunto duly authorized.                                           

                               CHEVY CHASE PREFERRED CAPITAL CORPORATION

                        By:  /s/Stephen R. Halpin, Jr.
                          Stephen R. Halpin, Jr.
                            Executive Vice President
                               and Chief Financial Officer

Dated:  August 13, 2002                                                         

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Dates Referenced Herein   and   Documents Incorporated by Reference

				Referenced-On Page
This ‘8-K’ Filing		Date		First		Last			Other Filings
		12/31/02		1					10-K
Filed as of:		8/14/02							10-Q
Filed on / For Period End:		8/13/02		1		2			8-K
		12/31/01		1					10-K
		12/31/00		1					10-K
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