MINNEAPOLIS--(BUSINESS WIRE)--Nov. 1, 2002--U.S. Bancorp
(NYSE:USB) today announced that its lead bank, U.S. Bank N.A., has
completed the acquisition of 57 branches in California from Bay View
Bank, a wholly-owned subsidiary of Bay View Capital Corporation (NYSE:
BVC). This transaction was announced on July 22, 2002, and includes
approximately $3.3 billion in retail and small business deposits and
$338 million in selected loans, including single-family residential
mortgages, home equity loans and small business loans.
As a result of this transaction, U.S. Bank welcomes more than 500
new employees who currently work primarily in the San Francisco Bay
area in the Bay View Bank retail banking network. Following the
completion of the integation process, the Bay View Bank locations will
become full-service U.S. Bank branches. U.S. Bank currently has 158
full-service branches in California and will have 215 full-service
branches once the integration is completed. This acquisition also
includes 63 ATM locations that will increase U.S. Bank's ATM network
in California to 278 convenient locations.
The 57 branch locations being acquired by U.S. Bank are in the
following California markets: San Francisco and the San Francisco
peninsula; San Jose; Alameda County; Contra Costa County; Santa Rosa;
Vallejo-Fairfield-Sonoma; and Santa Cruz.
Until the integration of the Bay View Bank locations is completed
in the first quarter of 2003, customers should continue to conduct
their banking business at the same locations they use today. Once the
integration is completed and the Bay View Bank signage is changed to
U.S. Bank, they will also have the convenience of banking at any
U.S. Bank branch location.
Bay View Capital Corporation is a commercial bank holding company
headquartered in San Mateo, California. The company's principal
subsidiary is Bay View Bank, a nationally chartered commercial bank,
which was the largest deposit franchise exclusively serving the San
Francisco Bay Area with 57 full-service branches.
U.S. Bancorp, with assets in excess of $174 billion, is the 8th
largest financial services holding company in the United States. The
company operates 2,133 banking offices and 4,680 ATMs, and provides a
comprehensive line of banking, brokerage, insurance, investment,
mortgage, trust and payment services products to consumers, businesses
and institutions. U.S. Bancorp is home of the Five Star Service
Guarantee which assures customers of certain key banking benefits and
services or customers will be paid for their inconvenience. U.S.
Bancorp is the parent company of U.S. Bank. Visit U.S. Bancorp on the
web at usbank.com.
CONTACT: U.S. Bancorp
Steve Dale (Media), 612/303-0784
H.D. McCullough (Analysts), 612/303-0786
Judith Murphy (Analysts), 612/303-0783
INDUSTRY KEYWORD: BANKING
SOURCE: U.S. Bancorp
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