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. A wholly owned subsidiary of Bay View Capital Corp., Bay View Bank was liquidated in 2002 and sold off in parts. U.S. Bank bought its retail branch network and home mortgage assets, and

Washington Mutual Washington Mutual (often abbreviated to WaMu) was the United States' largest savings and loan association until its collapse in 2008. A savings bank holding company is defined in United States Code: Title 12: Banks and Banking; Section 1842: Def ...

bought its multifamily and commercial real estate assets.

History

Bay View Capital Corporation was traded on the

New York Stock Exchange The New York Stock Exchange (NYSE, nicknamed "The Big Board") is an American stock exchange in the Financial District of Lower Manhattan in New York City. It is by far the world's largest stock exchange by market capitalization of its listed ...

under the

ticker symbol A ticker symbol or stock symbol is an abbreviation used to uniquely identify publicly traded shares of a particular stock on a particular stock market. In short, ticker symbols are arrangements of symbols or characters (generally Latin letters ...

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 vote for dissolution and gradual liquidation in the effort to protect equity values. Bay View Bank suffered a $234.5 million loss in bad loans in the three months during 2000 alone. In November 2000,

Wells Fargo Wells Fargo & Company is an American multinational financial services company with corporate headquarters in San Francisco, California; operational headquarters in Manhattan; and managerial offices throughout the United States and intern ...

and

Golden State Bancorp Glendale Federal Savings and Loan Association, later Glendale Federal Bank, was one of the nation's largest federally chartered savings and loan association during the 1980s. It was long based in Los Angeles suburb Glendale, California, at 401 Br ...

had expressed initial in purchasing Bay View Bank. However, Bay View Capital rejected their bids of approximately $325 million for being far too low. 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 completed by November 2002.

References

External links

* {{U.S. Bancorp Defunct banks of the United States Banks established in 1973 Companies based in San Mateo, California Banks disestablished in 2002 U.S. Bancorp