EXHIBIT 99

Greater Bay Bancorp and Peninsula Bank of Commerce
Announce Completion of Merger

December 24, 1997  6:00 AM EST

PALO ALTO, Calif.--(BUSINESS WIRE)--Dec. 24, 1997--David L. Kalkbrenner,
President and Chief Executive Officer of Greater Bay Bancorp (NASDAQ:GBBK), 
announced that the merger with Peninsula Bank of Commerce (NASDAQ:PEBC) was 
completed on December 23, 1997.

With the completion of the merger, PEBC has joined Mid-Peninsula Bank and 
Cupertino National Bank & Trust as wholly owned subsidiaries of GBBK. The 
subsidiaries will focus on serving the greater Bay Area through their nine 
combined office locations. The transaction furthers the strategic emphasis of 
GBBK in becoming the pre-eminent financial services company based in the San 
Francisco Peninsula markets. The combined company will have total assets in 
excess of $1.0 billion and equity of over $87 million.

Mr. Kalkbrenner stated that, "We are delighted to welcome PEBC to the GBBK
family with the completion of this merger. This business combination will allow
GBBK to continue its record of growth by enabling the Banks to further take
advantage of the rapidly growing market in the San Francisco Peninsula area."

Mark F. Doiron, President and Chief Executive Officer of PEBC commented, "We
have been impressed with the significant benefits that the clients of Mid-
Peninsula Bank and Cupertino National Bank & Trust have received from their
affiliation with GBBK. We look forward to providing our current and future
clients with the same expanded services through our new relationship with GBBK,
while maintaining our individual community bank focus."

The terms of the agreement provide for PEBC shareholders to receive .9655 shares
of GBBK stock for each share of PEBC in a tax-free exchange. The total value of 
the GBBK shares exchanged at the current price of $49 per share is $37.4 million
or approximately 2.3 times PEBC's fully diluted book value per share. The merger
will be accounted for as a "pooling-of-interests."

This news release contains statements which constitute forward-looking 
statements (within the meaning of the Private Securities Litigation Reform Act 
of 1995), that involve risks and uncertainties. Actual results may differ 
materially from the results discussed in these forward-looking statements. 
Factors that might cause such a difference include, but are not limited to, 
expected cost savings from the merger not being fully realized, revenues 
following the merger being lower than expected and costs or difficulties related
to the integration of the business of Greater Bay Bancorp and Peninsula Bank of 
Commerce being greater than expected.