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Bay View Capital Corporation Announces Sale of Franchise Loan Pool To Goldman Sachs

SAN MATEO, Calif., July 10 /PRNewswire/ -- Bay View Capital Corporation (NYSE: BVC) today announced the agreement to sell approximately $309 million in franchise loans to Goldman Sachs Mortgage Company. While reserves were already established in this portfolio, an additional charge of approximately $44 million will be taken in the second quarter to facilitate the transaction.

The sale, which is expected to close in phases during July and August, will reduce the portfolio of franchise loans to approximately $287 million, down from approximately $780 million at the beginning of the year. A charge of $35 million will be taken in the second quarter to increase the reserves against the remaining portfolio.

The pool which was sold to Goldman Sachs consisted of a cross section of franchise product of varying asset quality. The remaining portfolio is similarly diverse.

"By selling this pool of franchise loans, we further execute our strategy of returning to our core banking competencies. We are continuing to divest anything that detracts from our business strengths or that is not local to the San Francisco Bay Area," said Robert B. Goldstein, president and CEO of Bay View Capital Corporation. "Through our successful shareholder rights offering we can facilitate the divestiture of non-strategic businesses, such as these franchise loans and the franchise servicing platform."

On June 25, Bay View Capital announced the stock sale by Bay View Bank of the Bay View Franchise Mortgage Acceptance Company legal entity and its related servicing platform to a group of independent investors who were formerly part of BVFMAC's management.
MortgageDaily.com
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 is the largest deposit franchise exclusively serving the San Francisco Bay Area with 57 full-service branches. Bay View offers a full array of retail and commercial banking products and services. For more information, or to locate the closest branch, call 800-BAY VIEW (800-229-8439) or visit www.bayviewbank.com.

Forward-Looking Statements
All statements contained in this release that are not historic facts are based on current expectations. Such statements are forward-looking statements (as defined in the Private Securities Litigation Reform Act of 1995) in nature and involve a number of risks and uncertainties. Although the Company believes that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove inaccurate and, therefore, there can be no assurance that the results contemplated in forward-looking statements will be realized. For information regarding factors that could cause the results contemplated in forward-looking statements to differ from expectations, such as the inability to achieve the financial goals of strategic plans, including any financial goals related to both contemplated and consummated asset sales, please refer to the Company's Reports on Forms 10-K and 10-Q filed with the Securities and Exchange Commission. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such statements should not be regarded as a representation by the Company or any other person. The Company disclaims any obligation to update such factors or to publicly announce the results of any revisions to any of the forward-looking statements included herein to reflect future events or developments.

CONTACT:
John W. Rose
650.312.7370

Jeannie Daniels
650.294.7778

both for Bay View Capital Corporation

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