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 U.S. Bancorp (stylized as us bancorp) is an American multinational financial services firm headquartered in Minneapolis, Minneapolis, Minnesota and incorporated in Delaware. It is the List of largest banks in the United States, 5th-largest ban ...

bought its retail branch network and home mortgage assets, and

Washington Mutual Washington Mutual, Inc. (often abbreviated to WaMu) was an American Bank holding company, savings bank holding company based in Seattle. It was the parent company of Washington Mutual Bank, which was the largest savings and loan association in ...

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, Manhattan, Financial District of Lower Manhattan in New York City. It is the List of stock exchanges, largest stock excha ...

under the

ticker symbol A ticker symbol or stock symbol is an abbreviation used to uniquely identify publicly traded Share (finance), shares of a particular stock or Security (finance), security on a particular stock exchange. Ticker symbols are arrangements of symbols ...

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 a significant global presence. The company operates in 35 countries and serves over 70 million customers worldwide. It is a systemically important fi ...

and Golden State Bancorp 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

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* {{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