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, 2002

  __     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 333-1682

                 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) 986-7000
              (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.
<PAGE>

                                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.

















                                       -2-

<PAGE>

                                     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

          A current  report on Form 8-K,  dated August 13, 2002,  was filed with
          the SEC reporting the dismissal of Arthur  Andersen LLP as independent
          auditors of the  Originator and the engagement of Ernst & Young LLP to
          serve as independent auditors for the fiscal year ending September 30,
          2002. (Item reported: Item 4)

                                    PART III

Item 10.  Directors and Executive Officers of the Registrant

                     Not Applicable.


Item 11.  Executive Compensation

                     Not Applicable.
                                       -3-

<PAGE>

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, 2002. Such
          direct  participants  may hold  Certificates for their own accounts or
          for the accounts of their  customers.  At December 31, 2002,  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
---------------------------------   ---------------------- ---------------------

JPMorgan Chase Bank                     $125,024,000              70.2%

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

State Sreet 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.











                                       -4-
<PAGE>

                                     PART IV

Item 14.  Exhibits, Financial Statement Schedules and Reports on Form 8-K

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

          (i) Annual Report to Certificateholders for the year ended December
              31, 2002.

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
































                                       -5-

<PAGE>

                                   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



Date: March 31, 2003                By: /s/ JOEL A. FRIEDMAN
                                        -----------------------------------
                                        Joel A. Friedman
                                        Senior Vice President and
                                        Controller






























                                       -6-

<PAGE>


                                  CERTIFICATION



I, Joel A. Friedman, certify that:

1.   I have reviewed  this annual  report on Form 10-K,  and all reports on Form
     8-K  containing  distribution  or  servicing  reports  filed in  respect of
     periods  included  in the year  covered by this annual  report,  of Capitol
     Revolving Home Equity Loan Trust 1997-1;

2.   Based on my knowledge,  the information in these reports, taken as a whole,
     does not contain any untrue statement of a material fact or omit to state a
     material  fact  necessary  to make  the  statements  made,  in light of the
     circumstances  under which such  statements were made, not misleading as of
     the last day of the period covered by this annual report;

3.   Based on my knowledge,  the distribution or servicing  information required
     to be  provided  to the  trustee  by the  servicer  under the  pooling  and
     servicing,  or  similar,  agreement,  for  inclusion  in these  reports  is
     included in these reports;

4.   I am  responsible  for reviewing the  activities  performed by the servicer
     under the pooling and  servicing,  or similar,  agreement and based upon my
     knowledge and the annual  compliance  review required under that agreement,
     and except as  disclosed in the reports,  the  servicer has  fulfilled  its
     obligations under that agreement; and

5.   The  reports  disclose  all  significant   deficiencies   relating  to  the
     servicer's  compliance with the minimum servicing  standards based upon the
     report provided by an independent  public  accountant,  after  conducting a
     review in  compliance  with the  Uniform  Single  Attestation  Program  for
     Mortgage  Bankers or similar  procedure,  as set forth in the  pooling  and
     servicing, or similar, agreement, that is included in these reports.

     In giving the certifications above, I have reasonably relied on information
     provided to me by the following  unaffiliated parties: the Depository Trust
     Company.


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

March 31, 2003                    By:  /s/ JOEL A. FRIEDMAN
                                       -----------------------------------
                                       Joel A. Friedman
                                       Senior Vice President and
                                       Controller






<PAGE>

                    Yearly Certificateholders'Statement (K)

                CAPITOL REVOLVING HOME EQUITY LOAN TRUST 1997-1

Under  subsection  5.3(b) of the Pooling  and  Servicing  Agreement  dated as of
September 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 Chae Bank, F.S.B., as the Servicer, is required
to prepare certain information each year regarding current  distributions on the
Certificates and the performance of the Capitol Revolving Home 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, 2002 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 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).....................$82.85

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......................$4.0695

        IN WITNESS WHEREOF, the undersigned has caused this Certificate to be
duly executed this 31st day of March, 2003.

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

                             By: /s/ MARK A HOLLES
                                 ---------------------
                                 Mark A. Holles
                                 Group Vice President