Exhibit 99.1
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March 15, 2002
FOR IMMEDIATE RELEASE
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MONTEREY BAY BANCORP, INC. ANNOUNCES:
OPENING OF SOUTHERN CALIFORNIA LOAN PRODUCTION OFFICE;
ELIMINATION OF INSTITUTION SPECIFIC REGULATORY CAPITAL REQUIREMENTS;
REPURCHASE OF ADDITIONAL SHARES OF COMMON STOCK;
RESIGNATION OF MONTEREY BAY BANK SENIOR OFFICER
Common Stock Symbol: MBBC
NASDAQ National Market
Watsonville, CA. March 15, 2002. Monterey Bay Bancorp, Inc.
("Company"), the holding company for Monterey Bay Bank ("Bank"), today announced
the opening of a loan production office in Los Angeles, California. The office
is located at 6080 Center Drive, Sixth Floor. The office is managed by Mr. Ralph
Downing, a veteran banker with 25 years of experience in real estate lending,
construction, and sales. The office will focus on construction loans and
mortgages for multifamily and commercial properties.
Commenting on the Bank's first stand alone loan production office, C.
Edward Holden, Chief Executive Officer and President, stated, "The office will
provide three key benefits to the Bank. First, the origination of additional
construction and income property loans will help accelerate the transformation
of the Bank's balance sheet away from its historical concentration in
residential mortgages, while at the same time leveraging the Company's strong
capital position. Second, the production of loans in Southern California will
help geographically diversify the Company's loan portfolio while also taking
advantage of the current strength in the economy in the southern portion of the
State. Third, and most important, in staffing the new office, we had a unique
opportunity to add an experienced relationship banker in Ralph Downing. Our
relationship focus to providing financial services is integral to our strategic
plan of continuing to transform the Bank from a 76 year old savings & loan into
a community commercial bank."
The Bank recently received notification from the Office of Thrift
Supervision that the institution specific regulatory capital requirements
implemented in the first quarter of 2000 have been eliminated. Commenting in
this regard, McKenzie Moss, Chairman of the Board, stated, "We are pleased to
have this issue behind us. We now have greater flexibility in balance sheet
management as we continue working to enhance stockholder value."
Monterey Bay Bancorp, Inc. Page 2
Press Release
March 15, 2002
The Company also announced today that it has repurchased a total of
five thousand shares of its common stock under the most recent repurchase
program announced in December 2001. An additional 109,035 shares are authorized
for repurchase under the current program. Since becoming a public company in
1995, Monterey Bay Bancorp, Inc. has repurchased over 1.2 million shares of its
common stock.
Finally, the Company announced the resignation of Susan F. Grill as the
Bank's Director of Retail Banking. Ms. Grill resigned to pursue other,
non-banking interests, and her responsibilities have been divided among other
members of the Bank's management team until a successor is appointed.
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
economic, business, and real estate market conditions in the Company's market
areas, competition, regulatory actions, the possibility that the Company will
not be successful in achieving its strategic objectives, the performance and
contributions of new 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
President Treasurer
(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