Bay View Bank was a San Mateo, California, based bank which, at its height, operated 58 branches across the San Francisco Bay Area. It was one of the largest locally based banks in the San Francisco market. It had $3.03 billion in combined total deposits and $731,000 in loans, as of September 30, 2002.
Bay View Bank's parent company, Bay View Capital Corp., voluntarily liquidated both itself and its namesake bank. Retail banking operations acquired by U.S. Bank.
A wholly owned subsidiary of Bay View Capital Corp., Bay View Bank was liquidated in 2002 and sold off in parts.[1][2]U.S. Bank bought its retail branch network and home mortgage assets,[3] and Washington Mutual bought its multifamily and commercial real estate assets.[4]
Historyedit
Bay View Capital Corporation was traded on the New York Stock Exchange under the ticker symbol BVC. Its stock suffer greatly at the end of the Twentieth Century. After the value of its stock had dropped 50% during, Bay View Capital decided in May 2000 than it was time sell some or all of its business before the value of the company drops further.[5] Eventually, the owners of the corporation would vote for dissolution and gradual liquidation in the effort to protect equity values.[6]
Bay View Bank suffered a $234.5 million loss in bad loans in the three months during 2000 alone.[7]
In November 2000, Wells Fargo and Golden State Bancorp had expressed initial in purchasing Bay View Bank.[7] However, Bay View Capital rejected their bids of approximately $325 million for being far too low.[8]
In July 2002, Bay View Capital announced that it was in the process of selling the offices, deposits, and only some loans of Bay View Bank to U.S. Bancorp for approximately $429 million while the mortgages were being sold to Washington Mutual at a "slight premium to book value".[2] Both sales were completed by November 2002.
Referencesedit
^Calvey, Mark (July 22, 2002). "Bay View liquidates, sells assets to U.S. Bank, Wamu". San Francisco Business Times.
^ ab. PR Newswire (Press release). July 22, 2002. Archived from the original on 2017-04-23. Retrieved 2017-04-22.
^. PR Newswire (Press release). November 1, 2002. Archived from the original on 2017-05-19. Retrieved 2017-04-22.
^. PR Newswire (Press release). August 12, 2002. Archived from the original on 2017-04-24. Retrieved 2017-04-22.
^"Bay View Hires Merrill Lynch to Assist in Sale of Its Businesses". Los Angeles Times. May 31, 2000.
^. PR Newswire (Press release). October 3, 2002. Archived from the original on April 23, 2017. Retrieved April 23, 2017.
^Zuckerman, Sam (January 3, 2001). "Bids for Bay View Don't Impress Board - Delayed action could prove costly to bank". San Francisco Chronicle. p. C1. Troubled Bay View Capital Corp., which put itself up for sale in May, got buyout offers worth roughly $10 per share, or $325 million, from two giant San Francisco financial institutions, sources familiar with the matter said. The bids received from Wells Fargo and Golden State Bancorp before a late November deadline were below what the board of the San Mateo bank had expected, so directors postponed responding, the sources noted. The nonbinding offers were subject to inspections of Bay View's loan portfolio, meaning that buyout prices could be knocked down further. Reflecting Bay View's financial problems, the bids came in below the bank's net worth as measured by the value of shareholder equity. Banks typically sell at a substantial premium to book value. Still, some analysts said Bay View should have jumped at the offers. Since the bids were received, its shares have fallen by more than a third, closing yesterday at $6.06.
External linksedit
April 15, 2024
view, bank, mateo, california, based, bank, which, height, operated, branches, across, francisco, area, largest, locally, based, banks, francisco, market, billion, combined, total, deposits, loans, september, 2002, company, typesubsidiaryindustryfinancial, ser. Bay View Bank was a San Mateo California based bank which at its height operated 58 branches across the San Francisco Bay Area It was one of the largest locally based banks in the San Francisco market It had 3 03 billion in combined total deposits and 731 000 in loans as of September 30 2002 Bay View BankCompany typeSubsidiaryIndustryFinancial servicesFounded1973 51 years ago 1973 DefunctNovember 1 2002 21 years ago 2002 11 01 FateLiquidation Bay View Bank s parent company Bay View Capital Corp voluntarily liquidated both itself and its namesake bank Retail banking operations acquired by U S Bank SuccessorU S BankHeadquartersSan Mateo CaliforniaTotal assetsUS 3 87 billion 09 2002 Number of employees707 09 2002 ParentBay View Capital CorporationWebsiteArchived official websiteA wholly owned subsidiary of Bay View Capital Corp Bay View Bank was liquidated in 2002 and sold off in parts 1 2 U S Bank bought its retail branch network and home mortgage assets 3 and Washington Mutual bought its multifamily and commercial real estate assets 4 History editBay View Capital Corporation was traded on the New York Stock Exchange under the ticker symbol BVC Its stock suffer greatly at the end of the Twentieth Century After the value of its stock had dropped 50 during Bay View Capital decided in May 2000 than it was time sell some or all of its business before the value of the company drops further 5 Eventually the owners of the corporation would vote for dissolution and gradual liquidation in the effort to protect equity values 6 Bay View Bank suffered a 234 5 million loss in bad loans in the three months during 2000 alone 7 In November 2000 Wells Fargo and Golden State Bancorp had expressed initial in purchasing Bay View Bank 7 However Bay View Capital rejected their bids of approximately 325 million for being far too low 8 In July 2002 Bay View Capital announced that it was in the process of selling the offices deposits and only some loans of Bay View Bank to U S Bancorp for approximately 429 million while the mortgages were being sold to Washington Mutual at a slight premium to book value 2 Both sales were completed by November 2002 References edit Calvey Mark July 22 2002 Bay View liquidates sells assets to U S Bank Wamu San Francisco Business Times a b U S Bank Agrees to Purchase Bay View Bank Retail Branches PR Newswire Press release July 22 2002 Archived from the original on 2017 04 23 Retrieved 2017 04 22 Bay View Capital Closes Sale of Branches to U S Bank PR Newswire Press release November 1 2002 Archived from the original on 2017 05 19 Retrieved 2017 04 22 Bay View Announces Sale of Commercial and Multifamily Loans To Washington Mutual PR Newswire Press release August 12 2002 Archived from the original on 2017 04 24 Retrieved 2017 04 22 Bay View Hires Merrill Lynch to Assist in Sale of Its Businesses Los Angeles Times May 31 2000 Bay View Capital Corporation Investors Approve Plan of Dissolution And Stockholder Liquidity PR Newswire Press release October 3 2002 Archived from the original on April 23 2017 Retrieved April 23 2017 a b Zuckerman Sam November 20 2000 Wells Fargo Aiming for Bay View San Francisco Chronicle Zuckerman Sam January 3 2001 Bids for Bay View Don t Impress Board Delayed action could prove costly to bank San Francisco Chronicle p C1 Troubled Bay View Capital Corp which put itself up for sale in May got buyout offers worth roughly 10 per share or 325 million from two giant San Francisco financial institutions sources familiar with the matter said The bids received from Wells Fargo and Golden State Bancorp before a late November deadline were below what the board of the San Mateo bank had expected so directors postponed responding the sources noted The nonbinding offers were subject to inspections of Bay View s loan portfolio meaning that buyout prices could be knocked down further Reflecting Bay View s financial problems the bids came in below the bank s net worth as measured by the value of shareholder equity Banks typically sell at a substantial premium to book value Still some analysts said Bay View should have jumped at the offers Since the bids were received its shares have fallen by more than a third closing yesterday at 6 06 External links editArchived official website 2000 Retrieved from https en wikipedia org w index php title Bay View Bank amp oldid 1198458502, wikipedia, wiki, book, books, library,
