Exhibit 99.1
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November 20, 2001
FOR IMMEDIATE RELEASE
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MONTEREY BAY BANCORP, INC. ANNOUNCES:
RESIGNATION OF NICHOLAS C. BIASE FROM THE BOARD OF DIRECTORS
Common Stock Symbol: MBBC
NASDAQ National Market
Watsonville, CA. November 20, 2001. Monterey Bay Bancorp, Inc.
("Company"), the holding company for Monterey Bay Bank ("Bank"), today announced
the resignation, effective immediately, of Nicholas C. Biase from the Board of
Directors of the Company and the Bank. Mr. Biase is a representative of Findim
Investments, S. A., which on November 19, 2001 sold its entire 312,100 share
position in the Company's common stock. This position was equivalent to 9.0% of
the Company's outstanding shares.
Mr. Biase stated, "The President of Findim Investments, S.A. was
recently killed in an accident. Following this tragic loss, Findim Investments
has determined to streamline its investment portfolio, including the sale of its
investment in Monterey Bay Bancorp, Inc. Given the new demands on my time, I
resigned as a Director. It has been my pleasure to serve the Company and its
stockholders for the past five years. I am confident in the commitment by the
Company's Board and Management to continue advancing stockholder value."
McKenzie Moss, Chairman of the Board of Directors, added, "We extend
our thanks to Mr. Biase for his fine service to the Company. We will miss his
contributions, and wish him all the best."
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, but are not limited to, the
possibility that the Company will not be successful in achieving its strategic
objectives, the performance and contributions of Directors and employees, 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:
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C. Edward Holden Mark R. Andino
Chief Executive Officer or Chief Financial Officer
(831) 768 - 4840 (831) 768 - 4806
ed.holden@montereybaybank.com mark.andino@montereybaybank.com
General communication:
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INFO@MONTEREYBAYBANK.COM
www.montereybaybank.com
Phone: (831) 768 - 4800
Fax: (831) 722 - 6794
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