Bay View Capital Receives All Regulatory Approvals for FMAC Acquisition/Exploring Opportunities to Increase Primary Equity Capital.SAN MATEO, Calif.--(BUSINESS WIRE)--Aug. 18, 1999-- Bay View Capital Corporation (NYSE NYSE See: New York Stock Exchange :BVC BVC Bar Vocational Course (UK) BVC Bolsa de Valores de Colombia (Colombia) BVC Bureau Veritas Certification BVC Banco Venezolano de Credito (Venezuela) ) announced that its 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. Bay View Bank, N.A. today received approval by its primary regulator, the Office of the Comptroller of the Currency The Office of the Comptroller of the Currency (or OCC) was established by the National Currency Act of 1863 and serves to charter, regulate, and supervise all national banks and the federal branches and agencies of foreign banks in the United States. , for the acquisition of Franchise Mortgage Acceptance Company (FMAC FMAC Find, Meet, Attract, Close FMAC Financial and Management Accounting Committee FMAC Fédération Mondiale des Anciens Combattants (French: World Veterans Federation) FMAC FEMA Map Assistance Center FMAC FPGA Mission Assurance Center , Nasdaq: FMAX). Bay View Capital Corporation had previously received approval from its primary regulator, the Federal Reserve Board, for the acquisition. With the OCC OCC See: Options Clearing Corporation OCC See Options Clearing Corporation (OCC). approval, all necessary regulatory approvals have now been received. Bay View also announced that it is currently in discussions with FMAC regarding a possible restructuring of the FMAC transaction to increase the primary equity component of the consideration price. This is in light of the recent issuance of $50 million in Subordinated Notes by Bay View Bank which was considerably less than the anticipated $125 million due to the recent turmoil in the bond market and the resulting widened spreads. This possible restructuring would also help address concerns recently expressed by our rating agencies over our leverage and capital levels. Edward H. Sondker, Bay View's President and Chief Executive Officer, commented, "The OCC approval represents a significant milestone towards the completion of the FMAC acquisition. Both Bay View and FMAC remain committed to the acquisition, which we now expect to close in late September or early October." Wayne L. "Buz" Knyal, FMAC's President and Chief Executive Officer, commented, "We anticipate providing additional information within the next few days regarding our current discussions with Bay View and the timing of the merger proxies and shareholder meetings." Bay View Capital Corporation is a $5.9 billion diversified financial services holding company headquartered in San Mateo, California San Mateo is a city in San Mateo County, California, in the San Francisco Bay Area. It is one of the larger suburbs on the San Francisco Peninsula, located between Burlingame to the north, Foster City to the East, and Belmont to the south. . It is the parent company of Bay View Bank, N.A. and its subsidiaries, Bay View Acceptance Corporation and Bay View Commercial Finance Group. |
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