ABD Signs Definitive Agreement to Acquire Sullivan & Curtis Insurance Brokers of Washington.Business Editors REDWOOD CITY Redwood City, city (1990 pop. 66,072), seat of San Mateo co., W Calif., on San Francisco Bay; inc. 1868. Manufactures include commmunications, electrical, electronic, and medical equipment. , Calif.--(BUSINESS WIRE)--July 7, 2003 ABD ABD n. A candidate for a doctorate who has completed all the requirements for the degree, such as courses and examinations, with the exception of the dissertation. [a(ll) b(ut) d(issertation).] Insurance and Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. (ABD), a leading provider of global risk management and employee benefits solutions, in conjunction with its parent company, Greater Bay Bancorp (Nasdaq:GBBK), announced today that it has signed a definitive agreement to acquire Sullivan & Curtis Insurance Brokers of Washington, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control (S&C Washington). The Seattle-based insurance broker currently employs more than 50 professionals and specializes in property and casualty insurance services and risk management consulting Noun 1. management consulting - a service industry that provides advice to those in charge of running a business service industry - an industry that provides services rather than tangible objects . Fred de Grosz grosz n. pl. gro·szy See Table at currency. [Polish, from Czech gro , President and Chief Executive Officer of ABD, stated, "Upon the closing of the acquisition, S&C Washington's clients (and others in the dynamic business communities of the Pacific Northwest) will have immediate access to ABD's extensive employee and executive benefits consulting and retirement plan services. In addition, current and prospective clients will receive considerable value from ABD's highly regarded D&O consulting, international services and enterprise risk management capabilities, as well as CyberSure(R) -- ABD's award-winning client services Web site." S&C Washington's management team is headed by Trond R. Bodal, Richard P. Lane, Graham Gardner and Steve S. Stafford. The firm, which was formed in 1993, reports annual revenues of approximately $10 million and has expertise in ocean marine programs and in the biotechnology sector. Mr. de Grosz further commented, "S&C Washington will add significantly to ABD's dominant position as a leading broker to all segments of the technology industry. We are also pleased that all employees of S&C Washington will continue as employees of ABD." According to David L. Kalkbrenner, President and Chief Executive Officer of Greater Bay Bancorp, "The acquisition of S&C Washington will offer Greater Bay the opportunity to expand its financial services in a market which we believe has great potential. We entered that market over two years ago with our acquisition of CAPCO CAPCO Certified Capital Company CAPCO Capitol Area CAPCO Consumer Aerosol Products Council CAPCO Capability Package Coordination Officer CAPCO Controlled Access Program Coordinating Office (CIA) CAPCO California Agricultural Pest Control Operators , our business finance unit located in the Seattle area, and we believe that CAPCO, along with S&C Washington, will continue to provide growth opportunities." ABD Insurance and Financial Services ABD provides insurance brokerage, employee benefits consulting and risk management solutions to business clients across the United States and around the world. An industry leader and innovator, ABD is widely recognized for its collaborative, client-focused culture and leading edge customer support -- now accessible 24/7 via ABD's award-winning Internet initiative, www.CyberSure.com. ABD is a subsidiary of Greater Bay Bancorp, a financial services holding company. With nearly 600 employees and 9 offices across California, ABD produces more than $110 million in annual revenues. Greater Bay Bancorp Greater Bay Bancorp, through its eleven 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, Peninsula Bank of Commerce and San Jose National Bank, along with its operating divisions, serves clients throughout Silicon Valley, San Francisco, the San Francisco Peninsula The San Francisco Peninsula in California separates the San Francisco Bay from the Pacific Ocean. On its northern tip is the city of San Francisco. On its southern end is part of Santa Clara County, including the cities of Palo Alto, Los Altos, and Mountain View. , the East Bay Region, the North Bay Region and the Central Coastal Region. ABD Insurance and Financial Services, a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Greater Bay Bancorp, provides commercial insurance brokerage, employee benefits consulting and risk management solutions to business clients throughout the United States. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Certain matters discussed in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These forward-looking statements relate to the Company's current expectations regarding future operating results, expansion of financial services, growth opportunities, 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 maintain its net interest spread, and the quality of the Company's earning assets Earning Assets Any income-earning asset owned by a company. Notes: These assets are generally interest-bearing accounts, bonds, and securities available for sale. See also: Asset, Asset Valuation, Earnings, Net Interest Margin ; (2) any difficulties that may be encountered in integrating newly acquired businesses and in realizing operating efficiencies; (3) government regulation; and (4) 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 Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 31, 2002. For additional information and press releases about Greater Bay Bancorp, visit the Company's web site at http://www.gbbk.com. |
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