---

# SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

---

# FORM 10-K

FOR ANNUAL AND TRANSITION REPORTS
                                      PURSUANT TO SECTION 13 OR 15(d) OF THE
                                         SECURITIES EXCHANGE ACT OF 1934

# (Mark One)_X_ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

# For the fiscal year ended December 31, 2003

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

# For the transition period from ___________________ to ____________________

# Commission File Number 333-33733

---

# CAPITOL REVOLVING HOME EQUITY LOAN TRUST 1997-1(Issuer
in respect of the Capitol Revolving Home Equity Loan Asset Backed Certificates,
Series 1997-1)(Exact name of registrant as specified in its charter)

`New York                                                      52-0897004
               (State or other jurisdiction of                                        (I.R.S. Employer
                incorporation or organization)                                      Identification No.)

                                                   7501 Wisconsin Avenue
                                                  Bethesda, Maryland 20814
                                     (Address of principal executive offices)(Zip Code)

                                                       (301) 987-2265
                                    (Registrant's telephone number, including area code)`

# Securities registered pursuant to Section 12(b) of the Act:

# None

# Securities registered pursuant to Section 12(g) of the Act:

# None

Indicate by check mark whether the registrant has (1) filed all reports required to be
filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the
preceding 12 months (or for such shorter period that the registrant was required
to file such reports), and (2) has been subject to such filing requirements for
the past 90 days. Yes _X_ No ___

Indicate by check mark whether the  registrant  is an  accelerated  filer (as defined in Exchange Act Rule
12b-2).  Yes __ No _X_

The registrant has no voting stock or class of common stock outstanding as of the date of this report.

---

# INTRODUCTORY
NOTE

| | Chevy Chase Bank, F.S.B.
(the "Originator") is the originator, seller and servicer under the
Pooling and Servicing Agreement (the "Agreement"), dated as of
November 1, 1997, by and between the Originator and the U.S. Bank National
Association, as trustee, providing for the issuance of the Capitol Revolving
Home Equity Loan Asset Backed Certificates, Series 1997-1, (the
"Certificates"), and is the originator of the Capitol Revolving Home
Equity Loan Trust 1997-1 (the "Registrant"). The Certificates do not
represent obligations of, or any interest in, the Originator. The Originator has
made application for an exemption from certain reporting requirements. Pursuant
to a letter from the Commission's Office of Chief Counsel, Division of
Corporation Finance, dated February 6, 1991 granting the Originator's
application, the Originator is not required to respond to various items of Form
10-K. Such items are designated herein as "Not Applicable."
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# PART I

# Item 1.  Business

Not Applicable.

# Item 2.  Properties

Not Applicable.

# Item 3.  Legal
Proceedings

None.

# Item 4.  Submission of Matters to a Vote of Security Holders

None.

# PART II

# Item 5.   Market for Registrant's Common Equity and Related Stockholder Matters

| | The Certificates representing investors' interests in the Trust are represented
by a single Certificate which is registered in the name of Cede & Co., the
nominee of the Depository Trust Company ("DTC").
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

To the best knowledge of the Registrant, there is no established public trading
market for the Certificates.

# Item 6.  
Selected Financial Data

Not Applicable.

# Item 7.  Management's Discussion and Analysis of Financial Condition and Results of Operations

Not Applicable.

# Item 7A. 
Quantitative and Qualitative Disclosures About Market Risk

Not Applicable.

# Item 8.  Financial Statements and Supplementary Data

Not Applicable.

---

# Item 9.  Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Not Applicable.

# Item 9a.  Controls and Procedures

Not Applicable.

# PART III

# Item 10.  Directors and Executive Officers of the Registrant

Not Applicable.

# Item 11.  ExecutiveCompensation

Not Applicable.

# Item 12.  Security Ownership of Certain Beneficial Owners and Management

| | The
Certificates representing investors' interests in the Trust are represented
by a single Certificate which is registered in the name of Cede & Co., the
nominee of the DTC, and an investor holding an interest in the Trust is not
entitled to receive a Certificate representing such interest except in certain
limited circumstances. Accordingly, Cede & Co., is the primary holder of
record of the Certificates, which it held on behalf of 5 brokers,
dealers, banks and other direct participants in the DTC system at December 31,
2003. Such direct participants may hold Certificates for their own accounts or
for the accounts of their customers. At December 31, 2003, based on information
furnished to the Originator by the DTC, the following direct DTC participants
held positions in Certificates representing interests in the Trust equal to or
exceeding 5% of the total face amount of the Certificate outstanding on that
date:
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

`Aggregate Amount of
Name                                    Certificates Held    Percent of Class
-------------------------------------- ------------------- --------------------

The Bank of New York                     $    125,024,000               56.2%

JPMorgan Chase Bank                      $     25,000,000               14.0%

HSBC Bank USA Omnibus                    $     25,000,000               14.0%

State Street Bank and Trust Company      $     13,000,000                7.3%

Citibank, N.A.                           $     10,000,000                5.6%



The address of each of the above participants is:
-------------------------------------------------

           c/o    The Depository Trust Company
                  Issuer Services
                  C/O ADP Proxy Services
                  51 Mercedes Way
                  Edgewood, NY 11717`

# Item 13.  Certain Relationships and Related Transactions

None.

# Item 14.  Principal Accountant Fees and Services

Not Applicable.

---

# PART IV

# Item 15. Exhibits,
Financial Statement Schedules and Reports on Form 8-K

(a)   The following documents are filed as part of this Report:

(i)   Management Report on the Effectiveness of the Internal Control Structure Relative to
                           the Servicing of Home Equity Loans dated October 31, 2003 together with the Report
                           of Independent Auditors dated December 19, 2003.

(ii)   Annual Report to Certificateholders for the year ended December 31, 2003.

(c)   31.1  Rule 13a-14(a)/15(d)-14(a) Certification

No proxy soliciting
material has been or is expected to be distributed by the Trust.

---

# SIGNATURES

| | Pursuant to the
requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# CAPITOL REVOLVING HOME EQUITY LOAN TRUST 1997-1

`By:   Chevy Chase Bank, F.S.B.
                                           Originator of the Trust and Servicer



March 30, 2004                       By:   /s/ JOEL A. FRIEDMAN          
                                           Joel A. Friedman
                                           Senior Vice President and
                                           Controller`

---