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EXHIBIT 99.1
Press Release issued November 30, 2000
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For Information Contact
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At Greater Bay Bancorp: At Financial Relations Board:
David L. Kalkbrenner, President & CEO Christina Carrabino (general information)
(650) 614-5767 James Hoyne (analyst contact)
Steven C. Smith, EVP, CAO & CFO (415) 986-1591
(650) 813-8222
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FOR IMMEDIATE RELEASE
GREATER BAY BANCORP COMPLETES ACQUISITION
OF THE MATSCO COMPANIES
PALO ALTO, CA, November 30, 2000 -- Greater Bay Bancorp (Nasdaq:GBBK), a
$4.3 billion ($4.7 billion on a pro forma basis) in assets financial services
holding company, announced today that it has completed the acquisition of The
Matsco Companies Inc. Matsco, with approximately $200 million in assets and
headquartered in Emeryville, California, specializes in financial services for
the dental and veterinary markets. Greater Bay Bancorp paid the Matsco
shareholders $6.5 million in cash upon the closing and will pay up to an
additional $6.0 million (on a present value basis) in an earn-out arrangement
over a 5 year period.
Greater Bay Bancorp anticipates the transaction to be 2% accretive to 2001
earnings, after goodwill amortization and excluding one-time nonrecurring
transaction-related expenses. Greater Bay Bancorp has not included any
anticipated revenue enhancements that may be realized from the acquisition. On
a pro forma basis as if the acquisition had closed on September 30, 2000, the
combined company would have had total assets of approximately $4.7 billion,
which includes the recently completed mergers with Bank of Santa Clara and Bank
of Petaluma.
David L. Kalkbrenner, President and Chief Executive Officer of Greater Bay
Bancorp, commented, "We are very pleased to welcome Matsco to the Greater Bay
Bancorp family. Matsco's experienced management team and dedicated employees
bring to Greater Bay Bancorp a niche financial services business focused on the
professional healthcare market with a proven track record. Matsco's equipment
leasing and commercial finance capabilities provide Greater Bay Bancorp with the
ability to expand our service offerings to current clients, as well as the
opportunity to offer other credit and deposit services to Matsco's existing
clients."
Matthew Shieman, President and Chief Executive Officer of Matsco who will
continue to lead Matsco as part of Greater Bay Bancorp, said, "The Matsco team
is very pleased to join the Greater Bay Bancorp family. We see significant
cross-selling opportunities which we believe will benefit the entire combined
company as well as our valued clients."
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Matsco offers a complete range of finance products and services to meet the
needs of dentists and veterinarians throughout their professional career. The
Company is endorsed exclusively by the American Dental Association (ADA) and
California Dental Association (CDA). The principal financial products offered
by Matsco include practice start-up financing, practice expansion financing,
practice acquisition financing, working capital and financing for retirement
planning. These products are structured as either equipment leases or loans.
Greater Bay Bancorp through its ten subsidiary banks, Bank of Petaluma, Bank of
Santa Clara, Bay Area Bank, Bay Bank of Commerce, Coast Commercial Bank,
Cupertino National Bank, Golden Gate Bank, Mid-Peninsula Bank, Mt. Diablo
National Bank, and Peninsula Bank of Commerce, along with its operating
divisions serves clients throughout Silicon Valley, San Francisco, the San
Francisco Peninsula, the East Bay Region, the North Bay Region and the Coastal
Region.
Safe Harbor
Certain matters discussed in this press release constitute forward looking
statements within the meaning of the Private Securities Litigation Reform Act of
1995. These forward looking statements relate to the Company's current
expectations regarding future operating results, growth in loans, deposits and
assets, continued success of its Super Community Banking strategy and the
strength of the local economy. These forward looking statements are subject to
certain risks and uncertainties that could cause the actual results, performance
or achievements to differ materially from those expressed, suggested or implied
by the forward looking statements. These risks and uncertainties include, but
are not limited to: (1) the impact of changes in interest rates, a decline in
economic conditions at the international, national and local levels and
increased competition among financial service providers on the Company's results
of operations, the Company's ability to continue its internal growth at
historical rates, the Company's ability to maintain its net interest spread, and
the quality of the Company's earning assets; (2) any difficulties that may be
encountered in integrating recently acquired businesses and in realizing
operating efficiencies; (3) government regulation; (4) the risks relating to the
Company's warrant positions; and (5) the other risks set forth in the Company`s
reports filed with the Securities and Exchange Commission, including its Annual
Report on Form 10-K for the year ended December 31, 1999.
For investor information on Greater Bay Bancorp at no charge, call our automated
shareholder information line at 1-800-PRO-INFO (1-800-776-4636) and enter code
GBBK. For international access, dial 1-201-432-6555.
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