Heat butter and oil in large saucepan on medium heat. Add potatoes, onion, celery, bell pepper, Old Bay Seasoning and bay leaf; cook and stir 8 minutes or until potatoes are tender. Sprinkle with flour; cook 2 minutes, stirring constantly.
Stir in milk and chicken broth. Bring to boil. Add corn and crabmeat. Reduce heat to low; simmer 5 minutes. Remove bay leaf before serving.