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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.
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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
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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. Eventually, the owners of the corporation would
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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". Both sales were
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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.
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Bay View Bank's parent company, Bay View
Capital Corp., voluntarily liquidated both itself and its namesake bank. Retail banking operations acquired by
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had expressed initial in purchasing Bay View Bank. However, Bay View
Capital rejected their bids of approximately $ 325 million for being far too low.
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A wholly owned subsidiary of Bay View
Capital Corp., Bay View Bank was liquidated in 2002 and sold off in parts.
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Bay View Bank suffered a $ 234.5 million loss in bad loans in the three months during 2000 alone.
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378:"Bay View Capital Corporation Investors Approve Plan of Dissolution And Stockholder Liquidity"
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vote for dissolution and gradual liquidation in the effort to protect equity values.
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436:"Bids for Bay View Don't Impress Board - Delayed action could prove costly to bank"
327:"Bay View Announces Sale of Commercial and Multifamily Loans To Washington Mutual"
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bought its retail branch network and home mortgage assets, and
265:"U.S. Bank Agrees to Purchase Bay View Bank Retail Branches"
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bought its multifamily and commercial real estate assets.
296:"Bay View Capital Closes Sale of Branches to U.S. Bank"
242:"Bay View liquidates, sells assets to U.S. Bank, Wamu"
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304:(Press release). November 1, 2002. Archived from
386:(Press release). October 3, 2002. Archived from
335:(Press release). August 12, 2002. Archived from
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197:Bay View Capital Corporation was traded on the
273:(Press release). July 22, 2002. Archived from
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741:Companies based in San Mateo, California
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660:U.S. Bank Building (Davenport, Iowa)
412:Zuckerman, Sam (November 20, 2000).
731:Defunct banks of the United States
433:Zuckerman, Sam (January 3, 2001).
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414:"Wells Fargo Aiming for Bay View"
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693:
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465:Archived official website (2000)
599:First National Bank of Dubuque
240:Calvey, Mark (July 22, 2002).
1:
670:U.S. Bank Plaza (Minneapolis)
645:U.S. Bank Tower (Los Angeles)
746:Banks disestablished in 2002
680:U.S. Bank Center (Milwaukee)
640:U.S. Bank Tower (Sacramento)
247:San Francisco Business Times
224:completed by November 2002.
156:Bay View Capital Corporation
56:; 51 years ago
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675:U.S. Bank Center (Seattle)
635:U.S. Bank Center (Phoenix)
604:Marquette Bank Minneapolis
736:Banks established in 1973
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609:Mercantile Bancorporation
536:Notable former executives
166:Archived official website
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650:U.S. Bank Tower (Denver)
655:U.S. Bank Plaza (Boise)
442:San Francisco Chronicle
419:San Francisco Chronicle
199:New York Stock Exchange
136:3.87 billion (09/2002)
74:; 21 years ago
619:Star Banc Corporation
562:Historical components
120:San Mateo, California
72:November 1, 2002
218:Golden State Bancorp
665:U.S. Bancorp Center
589:Firstar Corporation
142:Number of employees
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553:John F. Grundhofer
212:In November 2000,
45:Financial services
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594:First Bank System
574:Cal National Bank
390:on April 23, 2017
363:Los Angeles Times
187:Washington Mutual
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584:FBOP Corporation
548:Jerry Grundhofer
543:Richard K. Davis
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175:Bay View Bank
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146:707 (09/2002)
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17:Bay View Bank
751:U.S. Bancorp
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503:U.S. Bancorp
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392:. Retrieved
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128:Total assets
116:Headquarters
31:Company type
383:PR Newswire
332:PR Newswire
301:PR Newswire
270:PR Newswire
214:Wells Fargo
91:Liquidation
725:Categories
579:EurekaBank
343:2017-04-22
312:2017-04-22
281:2017-04-22
228:References
201:under the
79:2002-11-01
35:Subsidiary
628:Buildings
614:MoneyPass
517:U.S. Bank
510:Divisions
394:April 23,
183:U.S. Bank
110:U.S. Bank
106:Successor
97:U.S. Bank
41:Industry
709:Commons
527:Syncada
193:History
161:Website
77: (
69:Defunct
59: (
51:Founded
698:
522:Elavon
152:Parent
396:2017
216:and
134:US$
87:Fate
61:1973
54:1973
727::
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Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.
