This happened with fraternities at my school two or three times during my time there. Lambda Chi got in trouble, lost their charter and went Alpha Chi Lambda. Then, they got picked up by Acacia, and then lost that charter.
Theta Chi got in trouble numerous times and lost their charter. Then, they went Theta Chi Alpha, and are now in the process of chartering as a chapter of ATO.
In both situations, the brothers who were initiated in the first national fraternity all graduated by the time the second came in and took over. BUT, for homecoming and alumnae weekend, the brothers of LXA and Theta Chi go to the Acacia or ATO house, and they make banners that welcome back their alums and the old alums. It's neat.
