Exhibit 99.1
September 29, 2000
FOR IMMEDIATE RELEASE
MONTEREY BAY BANCORP, INC. ANNOUNCES RESIGNATION OF
MARSHALL G. DELK,
PRESIDENT AND CHIEF OPERATING OFFICER
Common Stock Symbol: MBBC
NASDAQ National Market
Watsonville, CA. September 29, 2000. Monterey Bay Bancorp, Inc.
("Company") today reported the resignation of Marshall G. Delk. This resignation
is effective immediately. Mr. Delk held the positions of President and Chief
Operating Officer at both Monterey Bay Bancorp, Inc. and Monterey Bay Bank
("Bank"), the Company's subsidiary. A separation package is currently being
negotiated. The Company anticipates recording a charge against third quarter
operations in conjunction with the separation package. At this time, Mr. Delk's
functional responsibilities will be assumed by C. Edward Holden, Chief Executive
Officer and Vice Chairman of the Board of the Company and the Bank.
The Company's common stock is listed on the NASDAQ National Market
under the symbol "MBBC". The Company and the Bank are headquartered in
Watsonville, California. The Bank operates through its administrative offices in
Watsonville and eight full service branches located in the Greater Monterey Bay
Area of Central California.
This news release contains certain forward-looking statements that are
subject to various factors that could cause actual results to differ materially
from such statements. Such factors include the possibility that the Company will
not be successful in achieving its tactical and strategic objectives, and other
factors discussed in documents filed by the Company with the Securities and
Exchange Commission from time to time. The Company does not undertake, and
specifically disclaims any obligation, to update any forward-looking statements
to reflect occurrences or unanticipated events or circumstances after the date
of such statements.
For further information contact:
C. Edward Holden Mark R. Andino
Chief Executive Officer or Chief Financial Officer
(831) 768 - 4840 (831) 768 - 4806
[email protected]
Fax: (831) 722 - 6794
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