Exhibit 99.1
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December 21, 2001
FOR IMMEDIATE RELEASE
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MONTEREY BAY BANCORP, INC. ANNOUNCES:
ADOPTION OF STOCK REPURCHASE PROGRAM
Common Stock Symbol: MBBC
NASDAQ National Market
Watsonville, CA. December 21, 2001. Monterey Bay Bancorp, Inc.
("Company"), the holding company for Monterey Bay Bank ("Bank"), today announced
the adoption of a stock repurchase program with an authorization to acquire up
to 114,035 shares of its common stock, equivalent to 3.3% of the common shares
currently outstanding.
The repurchases will be made in open-market transactions or in
privately negotiated transactions pursuant to the terms of the Company's
repurchase program. Repurchased shares will become Treasury Stock and will be
utilized for general corporate and other purposes, including the issuance of
shares in connection with the exercise of stock options.
Commenting on the announcement, C. Edward Holden, Chief Executive
Officer and President, stated, "This repurchase authorization updates and
completes a 10.0% repurchase authorization first announced in December 1998. The
strategic and financial progress achieved in the past year has placed the
Company in the position of being able to resume stock repurchases, which since
the initial public offering in 1995 have totaled in excess of 1.2 million
shares. Having an active stock repurchase authorization complements the
Company's focus on stockholder value. Directors are paid their retainer fees
exclusively in Company common stock and stock based compensation represents a
significant portion of Management's total compensation."
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
and financial 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:
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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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