Yearly Certificateholders' Statement (K)

                 CAPITOL REVOLVING HOME EQUITY LOAN TRUST 1997-1

     Under  subsection  5.3 of the Pooling and Servicing  Agreement  dated as of
November 1, 1997 by and between Chevy Chase Bank, F.S.B., a federally  chartered
savings bank,  as Transferor  and  Servicer,  and US Bank  National  Assoc.,  as
Trustee and Custodial Agent (hereinafter as such agreement may have been, or may
from time to time be, amended,  supplemented or otherwise modified,  the Pooling
and  Servicing  Agreement"),  Chevy  Chase Bank,  F.S.B.,  as the  Servicer,  is
required  to  prepare  certain   information   each  month   regarding   current
distributions on the  Certificates and the performance of the Capitol  Revolving
Home  Equity  Loan Trust  1997-1 (the  "Trust")  during the  related  Collection
Period.  The  information  that is required to be prepared  with  respect to the
distribution to Holders (the  "Certificateholders")  of the Certificates for the
calendar  year  ended  December  31,  1997 is set forth  below.  Certain  of the
information is presented on the basis of an original  principal amount of $1,000
per Certificate,  as the case may be.  Capitalized  terms used and not otherwise
defined  herein have the  meanings  assigned  them in the Pooling and  Servicing
Agreement.

A.   Information Regarding the Current Year Distribution to Certificateholders
     (Per $1,000 Original Principal Amount of a Certificate).

     1.   The Investor Certificate distribution amount...........$58.70

     2.   The amount of Investor Certificate Interest  included in
          such distribution, the related Investor Certificate
          Rate and the portion
          thereof attributable to collections in
          respect of the Mortgage Loans..........................$14.2441
          .......................................................$14.2441


     3.   The amount, if any, of any Unpaid Investor
          Certificate Interest Shortfall included in
          such distribution (and the amount of interest
          thereon)...............................................$0.00
          .......................................................$0.00

     4.   The amount, if any, of the remaining Unpaid
          Investor Certificate Interest Shortfall
          giving effect to such distribution.....................$0.00

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     5.   The amount, if any, of principal included in
          such distribution, separately stating the
          components thereof (including the portion
          thereof attributable to collections in respect of
          the Mortgage Loans)....................................$44.45

     6.   The amount, if any, of the reimbursement of
          previous Investor Loss Reduction Amount
          included such distribution.............................$0.00

     7.   The Accelerated Principal Distribution
          Amount, if any.........................................$0.00

     8.   The amount, if any, of the aggregate
          unreimbursed Investor Loss Reduction
          Amounts after giving effect to such distribution.......$0.00

     9.   The Certificate Insurance Draw Amount, if any..........$0.00


     IN WITNESS WHEREOF,  the undersigned has caused this Certificate to be duly
executed this 20th day of March, 1998

                                             CHEVY CHASE BANK, F.S.B.
                                             as Servicer



                                             By:   Carol Thomas
                                                _____________________________
                                                   Carol Thomas
                                                   Vice President