Chevy Chase Bank has decided not to renew its contract as the title sponsor of Pam Shriver's Tennis Challenge charity event that is held here each fall.

"I was told five years ago, when they signed on, that the major reason was to get better known," said Shriver by phone from California, where she was busy getting ready to leave for Australia tomorrow to spend the holidays with her Australian husband and his family. "I was told by one of their board members, Bo Moore, that they felt the event had served its purpose and that they have different needs now."

Moore was out of his office and could not be reached yesterday. But Tom Crawford, Chevy Chase vice president of business banking, said, "Five years ago, we were an absolute newcomer to Baltimore. The tournament helped us build recognition. But our chairman, Frank Saul, made the decision not to renew. It was certainly a great partnership, but now, it appears, it's time to go in a different direction."

The 17-year-old event has raised $3.2 million - including $200,000 at last week's program featuring Monica Seles and Lindsay Davenport - for children's charities in Baltimore.

Shriver said she learned of the bank's decision about a week before this year's event and was not surprised, given the bank's initial reason for sponsorship.

Over the years, the event has had three sponsors, 1st National Bank, Signet Bank and Chevy Chase Bank.

"We're hoping for a new local partnership," said Marc Kantrowitz, PHS Limited's managing director of the event, who entertained several prospective sponsors at last week's challenge. "But that doesn't rule out companies with a national presence."

Shriver said if it gets to be April or May without a signed deal, she will go to Plan B and determine how to have the event without a title sponsor for a year while the search goes on.

"The event is too important to let go away," she said. "It has such a great following and does too many good things for Baltimore - raising money for charity and bringing a professional tennis event to town. I feel pretty confident we'll find someone."