_________________________________________________________________________________________

 

SECURITIES AND EXCHANGE COMMISSION

 

Washington, DC  20549

 

FORM 10-K/A

 

FOR ANNUAL AND TRANSITION REPORTS 

PURSUANT TO SECTION 13 OR 15(d) OF THE 

SECURITIES EXCHANGE ACT OF 1934

 

|   | [ X ] | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES |
|--------|-------|-----------------------------------------------------------------|

|   | EXCHANGE ACT OF 1934 |
|--------|----------------------|

 

| For the fiscal year ended:  December 31, 2007 | . |
|-----------------------------------------------|---|

OR

|   | [ | ] | 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: 001-12477**

 

**CHEVY CHASE PREFERRED CAPITAL CORPORATION**

(Exact name of registrant as specified in its charter)

 

|   | **Maryland** | **52-1998335** |
|--------|--------------|----------------|

|   | (State or other jurisdiction of | (I.R.S. Employer Identification No.) |
|--------|---------------------------------|--------------------------------------|

Incorporation or organization)

 

**7501 Wisconsin Avenue**

**Bethesda, Maryland 20814**

(Address of principal executive office) (Zip Code)

 

**(301) 987-2265**

(Registrant’s telephone number, including area code)

 

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

 

| Title of each class | Name of each exchange on which registered |
|---------------------|-------------------------------------------|

| 10 3/8% Noncumulative Exchangeable | New York Stock Exchange, Inc. |
|------------------------------------|-------------------------------|

Preferred Stock, Series A

 

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

N/A

(Title of class)

 

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

| Yes[ | ] | No [ X ] |
|------|---|----------|

 

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

| Yes[ | ] | No [ X ] |
|------|---|----------|

 

Indicate by check mark whether the registrant (1) has 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 if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. [ X ]

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See definitions of “large accelerated filer,” “accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.  (Check one):

| Large accelerated filer[ | ] | Accelerated filer[ | ] | Non-accelerated filer[ X ] | Smaller reporting company  [ | ] |
|--------------------------|---|--------------------|---|----------------------------|------------------------------|---|

 

Indicate by check mark whether the registrant is a shell company (as defined in Exchange Act Rule 12b-2).

| Yes[ | ] | No [ X ] |
|------|---|----------|

 

The number of shares outstanding of the registrant’s sole class of common stock was 100 shares, $1.00 par value per share, as of March 15, 2008.  All of such shares were owned by Chevy Chase Bank, F.S.B.; therefore, no common stock was held by non-affiliates.

Explanatory Note

 

This Amendment No. 1 on Form 10-K/A amends the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2007, which the Registrant previously filed with the Securities and Exchange Commission on March 24, 2008. The Registrant is filing this amendment for the sole purpose of including corrected CEO and CFO certifications, which contain information that had been inadvertently omitted from the CEO and CFO certifications included in the Form 10-K.

**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, in Bethesda, Maryland on 

November 13, 2008.

 

CHEVY CHASE PREFERRED CAPITAL CORPORATION

 

 

By:     /s/ B. FRANCIS SAUL II 

|   | B. Francis Saul II |
|--------|--------------------|

Chairman of the Board of Directors,

|   | President and Chief Executive Officer |
|--------|---------------------------------------|

|   | (Principal Executive Officer) |
|--------|-------------------------------|

 

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following officers and directors of the Registrant and in the capacities and on the dates indicated.

 

| NAME | TITLE | DATE |
|------|-------|------|

 

 

| /s/ ALEXANDER R.M. BOYLE | Director | November 14, 2008 |
|--------------------------|----------|-------------------|

Alexander R.M. Boyle

 

| /s/ JOEL A. FRIEDMAN | Senior Vice President | November 14, 2008 |
|----------------------|-----------------------|-------------------|

| Joel A. Friedman | and Controller |
|------------------|----------------|

|   | (Principal Accounting Officer) |
|--------|--------------------------------|

 

| /s/ STEPHEN R. HALPIN, JR. | Director, Executive Vice President | November 14, 2008 |
|----------------------------|------------------------------------|-------------------|

| Stephen R. Halpin, Jr. | and Chief Financial Officer |
|------------------------|-----------------------------|

|   | (Principal Financial Officer) |
|--------|-------------------------------|

 

| /s/ THOMAS H. MCCORMICK | Director, Executive Vice President | November 14, 2008 |
|-------------------------|------------------------------------|-------------------|

| Thomas H. McCormick | and General Counsel |
|---------------------|---------------------|

 

 

|   | /s/ N. ALEXANDER MACCOLL, JR. | Director | November 14, 2008 |
|--------|-------------------------------|----------|-------------------|

N. Alexander MacColl, Jr.

 

| /s/ H. GREGORY PLATTS | Director | November 14, 2008 |
|-----------------------|----------|-------------------|

| H. Gregory Platts |
|-------------------|

 

 

| /s/ B. FRANCIS SAUL II | Chairman of the Board of Directors, | November 14, 2008 |
|------------------------|-------------------------------------|-------------------|

| B. Francis Saul II | President and Chief Executive Office |
|--------------------|--------------------------------------|

|   | (Principal Executive Officer) |
|--------|-------------------------------|

Exhibit 31.1

**CERTIFICATION**

| I, B. Francis Saul II, certify that: |
|--------------------------------------|

 

|   | 1. | I have reviewed this annual report on Form 10-K/A for the year ending December 31, 2007 of Chevy Chase Preferred Capital Corporation; |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------|

|   | 2. | Based on my knowledge, this report 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 with respect to the period covered by this report; |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f))  for the registrant and have: |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

|   | b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

|   | c) | evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

|   | d) | disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonable likely to materially affect, the registrant’s internal control over financial reporting; and |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

|   | 5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions): |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

| November 14, 2008 | /s/ B. FRANCIS SAUL II |
|-------------------|------------------------|

|   | B. Francis Saul II |
|--------|--------------------|

|   | Chairman and Chief Executive Officer |
|--------|--------------------------------------|

Exhibit 31.2

**CERTIFICATION**

I, Stephen R. Halpin, Jr., certify that:

 

|   | 1. | I have reviewed this annual report on Form 10-K/A for the year ending December 31, 2007 of Chevy Chase Preferred Capital Corporation; |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------|

|   | 2. | Based on my knowledge, this report 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 with respect to the period covered by this report; |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

|   | b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

|   | c) | evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

|   | d) | disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonable likely to materially affect, the registrant’s internal control over financial reporting; and |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

|   | 5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions): |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| November 14, 2008 | /s/ STEPHEN R. HALPIN, JR. |
|-------------------|----------------------------|

Stephen R. Halpin, Jr.

|   | Director, Executive Vice President and |
|--------|----------------------------------------|

|   | Chief Financial Officer |
|--------|-------------------------|

Exhibit 32.1

 

**CERTIFICATION OF CHIEF EXECUTIVE OFFICER**

 

**PURSUANT TO 18 U.S.C. SECTION 1350 AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

 

The undersigned, B. Francis Saul II, the Chairman and Chief Executive Officer of Chevy Chase Preferred Capital Corporation (the "Company"), has executed this certification in connection with the filing with the Securities and Exchange Commission of the Company's Annual Report on Form 10-K/A for the year ending December 31, 2007 (the “Report”). The undersigned hereby certifies that:

 

(1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

| November 14, 2008 | /s/ B. FRANCIS SAUL II |
|-------------------|------------------------|

B. Francis Saul II

Chairman and Chief Executive Officer

Exhibit 32.2

 

**CERTIFICATION OF CHIEF FINANCIAL OFFICER**

 

**PURSUANT TO 18 U.S.C. SECTION 1350 AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

 

The undersigned, Stephen R. Halpin, Jr., the Executive Vice President and Chief Financial Officer of Chevy Chase Preferred Capital Corporation (the "Company"), has executed this certification in connection with the filing with the Securities and Exchange Commission of the Company's Annual Report on Form 10-K/A for the year ending December 31, 2007 (the “Report”). The undersigned hereby certifies that:

 

(1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

| November 14, 2008 | /s/ STEPHEN R. HALPIN, JR. |
|-------------------|----------------------------|

Stephen R. Halpin, Jr. 

Director, Executive Vice President and 

Chief Financial Officer