Fitch Withdraws Ratings for Bay View Capital Corp.; Upgrades Bay View Capital Trust I.

Business Editors

NEW YORK--(BUSINESS WIRE)--Oct. 8, 2003

Today, Fitch Ratings withdrew its 'B-'long-term and 'B' short-term debt ratings for Bay View Capital Corp (BVC) and Bay View Bank, NA. The ratings have been withdrawn based on what Fitch views to be a fairly successful liquidation process that is expected to continue until year-end 2005. A complete listing of all withdrawn ratings is provided below.

Concurrently, Fitch raises its ratings for Bay View Capital Trust I to 'BB-' from 'CCC', removes the securities from Rating Watch Evolving and assigns a Stable Outlook, as Fitch believes BVC now has sufficient means to meet the financial obligations of these securities. The securities are callable on December 31, 2003, at which point Fitch expects BVC to exercise its call option and fully redeem the roughly $85 mln that remains outstanding.

Rating Upgraded and Assigned

Bay View Capital Trust I

-- Trust Preferred, to 'BB-' from 'CCC'.

-- Rating Outlook, 'Stable.'

Ratings Withdrawn

Bay View Capital Corporation and Bay View Bank, NA.

-- Long-term debt, 'B-';

-- Subordinate debt, 'CCC';

-- Individual, 'D.';

-- Support, '5'.

Bay View Bank, NA

-- Long-term deposits, 'B+';

-- Short-term deposits, 'B';

-- Short-term debt, 'B';

-- Support, '5'.