Bay View Capital Announces Sale of ICI's Bay View Shares.

SAN MATEO, Calif.--(BUSINESS WIRE)--Nov. 5, 1999--

Bay View Capital Corporation (Bay View, NYSE: BVC) announced the sale today of 4,342,451 shares of Bay View common stock held by FMAX Holdings LLC, a subsidiary of Imperial Credit Industries. The sale represents the entire position received by FMAX Holdings LLC in connection with Bay View's November 1, 1999 acquisition of Franchise Mortgage Acceptance Company.

Friedman, Billings, Ramsey & Co., Inc. acted as Placement Agent for FMAX Holdings LLC. The shares were sold to more than 50 institutional investors. A substantial majority of the buyers are existing Bay View shareholders and most of the remaining buyers are familiar to us.

David A. Heaberlin, our Executive Vice President and Chief Financial Officer, commented, "We believe that this sale to value-oriented investors removes any overhang issue related to ICI's shares."

Bay View Capital Corporation is a diversified financial services holding company with over $6 billion in assets. Headquartered in San Mateo, California, it is the parent company of Bay View Bank, N.A. and its subsidiaries, Bay View Acceptance Corporation, Bay View Commercial Finance Group, Bay View Franchise Mortgage Acceptance Company, and Bankers Mutual.