Exhibit 99.1
October 20, 2000
FOR IMMEDIATE RELEASE
MONTEREY BAY BANCORP, INC. ANNOUNCES PERSONNEL CHANGES
Common Stock Symbol: MBBC
NASDAQ National Market
Watsonville, CA. October 20, 2000. Monterey Bay Bancorp, Inc.
("Company") today announced:
o the hiring of David E. Porter as Senior Vice President, Commercial and
Retail Banking, for Monterey Bay Bank ("Bank"), the Company's
subsidiary,
o C. Edward Holden, Chief Executive Officer and Vice Chairman of the
Company and Bank, has been appointed President of both firms,
o Gary C. Tyack has resigned his position as Senior Vice President,
Director of Retail Banking, for the Bank.
In his new position, Mr. Porter will be responsible for a range of
functions and operations, including the Bank's commercial lending and business
services programs. Mr. Porter was most recently Executive Vice President and
Chief Credit Officer of Southern Pacific Bank. Mr. Porter's 26-year career in
financial services has encompassed a wide array of positions, including
significant experience in business and real estate lending, credit policy and
administration, loan workouts, and investment banking. Mr. Porter received his
undergraduate degree and his MBA from the University of California, Los Angeles.
Mr. Porter has spent most of his career in California, including ten years of
experience with California community banks.
Commenting on Mr. Porter's joining the Bank, C. Edward Holden stated
"We are enthusiastic about having David Porter join the Bank's management team.
David's skills and experience strongly complement our strategic objective of
continuing to transform a 75 year old savings & loan into an effective and
successful community commercial bank. We look forward to David's contributions
to the expansion of the Bank's commercial lending and business services
programs, as well as his advancing the scope of financial services delivered
through the Bank's branch network."
5
Monterey Bay Bancorp, Inc. Press Release, Continued
In regards to the appointment of C. Edward Holden as President of the
Company and the Bank, Eugene R. Friend, Chairman of the Board of both firms,
commented "The Board of Directors continues to be impressed with the vision and
accomplishments of Ed Holden. We believe the addition of the President title
properly reflects the role Ed is fulfilling both within the Company and
throughout the local communities served by the Bank."
Gary C. Tyack has resigned as Senior Vice President, Director of Retail
Banking, to pursue other interests. Mr. Tyack had worked for the Bank since
1994, during a period of expansion in total assets, total deposits, and the
Bank's branch network. Because Mr. Tyack's resignation was voluntary and because
Mr. Tyack did not maintain any employment agreements with either the Company or
the Bank, the Company will not charge operations for a separation package
associated with Mr. Tyack's departure. The Bank has commenced an executive
search for the Director of Retail Banking position. Until that position is
filled, Mr. Porter and other members of the Bank's senior management team will
assume that position's responsibilities.
The Company's common stock is listed on the NASDAQ National Market
under the symbol "MBBC". The Company and the Bank are headquartered in
Watsonville, California. The Bank operates through its administrative offices in
Watsonville and eight full service branches located in the Greater Monterey Bay
Area of Central California.
This news release contains certain forward-looking statements that are
subject to various factors that could cause actual results to differ materially
from such statements. Such factors include the possibility that the Company will
not be successful in achieving its tactical and strategic objectives, the future
performance of employees in fulfilling their objectives, and other factors
discussed in documents filed by the Company with the Securities and Exchange
Commission from time to time. The Company does not undertake, and specifically
disclaims any obligation, to update any forward-looking statements to reflect
occurrences or unanticipated events or circumstances after the date of such
statements.
For further information contact:
--------------------------------
C. Edward Holden Mark R. Andino
Chief Executive Officer or Chief Financial Officer
(831) 768 - 4840 (831) 768 - 4806
INFO@MONTEREYBAYBANK.COM
Fax: (831) 722 - 6794
6