Bay View Capital Inks Agreement With Magnet Communications; Leading Independent Bay Area Bank To Offer Web-Based Business Banking.

Business Editors

SAN MATEO, Calif.--(BUSINESS WIRE)--May 11, 2000

Bay View Capital Corporation (NYSE:BVC) today announced an agreement with Magnet Communications, an Atlanta-based application service provider (ASP) of web-based cash management and business banking solutions. Under terms of the agreement, Bay View Capital will build its Bay View Business Internet Banking services using Magnet's web-based cash management system.

"After careful review, Bay View selected Magnet Communications to implement our Bay View Business Internet Banking services because of their proven leadership in web-based business banking applications," said Edward H. Sondker, president and chief executive officer, Bay View Capital. "With Bay View Business Internet Banking, Bay View will be able to offer our business customers an exceptional package of online cash management products," Sondker added.

"As Bay View expands into the aggressive world of business banking, Magnet's arsenal of business banking products allows it to enter the market with a very competitive product," said Steve Gordon, chief executive officer, Magnet Communications. "Together, we allow each of Bay View's new business customers the ability to access the most up-to-date applications available on the World Wide Web."

The Bay View Business Internet Banking is slated to launch in summer 2000. Bay View business customers will be able to access their accounts via the web to perform a number of online business banking functions including balance reporting, book transfer, stop payments, automated clearinghouse (ACH), wire transfers, deposit reporting and message sending.

Bay View Capital Corporation is a diversified financial services company with total assets of over $6.0 billion. The company operates five business divisions: full service personal and business banking, multi-family and commercial lending, automobile financing, commercial financing and franchise lending. Bay View Bank operates 58 full-service branches throughout the San Francisco Bay Area, serving more than 100,000 households and more than 225,000 account relationships. For more information, or to locate the closest branch call 800/BAY VIEW (800/229-8439), or visit www.bayviewbank.com.

Magnet Communications, the Internet Business Banking Authority, was founded in 1995 and is the premier provider of secure electronic solutions for leading financial institutions. Magnet is an application service provider of Internet cash management, business banking, image delivery and e-commerce products through its Magnet Outsource Service (MOS). It also provides a full array of commercial banking solutions for in-house implementation as well as consulting and professional services through its Magnet-IC4 division. For more information, visit www.magnetbanking.com.