Exhibit 99.1
September 9, 2002
FOR IMMEDIATE RELEASE
MONTEREY BAY BANCORP, INC. ANNOUNCES:
INCREASE IN NUMBER OF DIRECTORS;
APPOINTMENT OF A NEW DIRECTOR;
THIRD QUARTER 2002 STOCK REPURCHASE ACTIVITY;
INCREASED INSIDER OWNERSHIP
Common Stock Symbol: MBBC
NASDAQ National Market
Watsonville, CA. September 9, 2002. Monterey Bay Bancorp, Inc.
("Company"), the holding company for Monterey Bay Bank ("Bank"), today announced
an increase in the number of Directors from nine to ten. The Company also
announced the appointment of Ms. Rita Alves as a Director of the Company and the
Bank. Ms. Alves is currently the Chief Financial Officer and Vice President of
Finance of Granite Rock Company, which has been in operation in California for
over 100 years. Ms. Alves graduated with a degree in Business Administration
from San Jose State University and is a Certified Public Accountant. Ms. Alves
is an active supporter of local community activities in the Greater Monterey Bay
Area. Ms. Alves was initially appointed to a term that expires at the 2003
Annual Meeting of Stockholders.
McKenzie Moss, Chairman of the Board of Directors, remarked: "Rita
Alves' professional skills and active community involvement make her a valuable
addition to Monterey Bay Bancorp's Board. We look forward to her insight and
contributions as the Company maintains strong commitments to quality corporate
governance and the continued increase in stockholder value."
Thus far during the third quarter of 2002, the Company has repurchased
a total of 25,000 shares of its common stock at prices ranging from $17.10 to
$17.36 per share. Following these repurchases, the Company has an additional
84,035 shares authorized for acquisition under its current repurchase program.
In July and August 2002, multiple Insiders purchased additional shares
of the Company's common stock. Purchasers included the Bank's Chief Executive
Officer, Chief Financial Officer, Chief Loan Officer, and Josiah T. Austin, a
Director who owns in excess of 15.0% of the Company's common stock. In addition,
all Directors continued to receive their retainer fees in Company common stock
during the third quarter of 2002.
C. Edward Holden, President and Chief Executive Officer, commented:
"The Company continues to focus upon augmenting stockholder value and
effectively managing its capital resources. The additional purchases of Monterey
Bay Bancorp common stock by Insiders are welcomed, as we believe they serve to
align Director and Management interests with those of stockholders."
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, one stand-alone loan production office in Los Angeles, and eight
full service branches located in the Greater Monterey Bay Area of Central
California. The Bank operates 11 ATM's including two at remote (non-branch)
sites. The Bank also offers customer access via bilingual telephone banking,
Internet banking, and worldwide ATM networks. The Bank's deposits are insured by
the Federal Deposit Insurance Corporation ("FDIC") to the maximum extent allowed
by law.
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Monterey Bay Bancorp, Inc. Page 2
Press Release
September 9, 2002
Certain of the statements contained herein that are not historical
facts are forward-looking statements within the meaning of the Private
Securities Litigation Reform Act. Forward-looking statements are typically
identified by words or phrases such as "believe", "expect", "anticipate",
"intend", "estimate", "target", "plan", "may increase", "may fluctuate", "may
result in", "are projected", and similar expressions. The Company's actual
results may differ materially from those included in the forward-looking
statements. These forward-looking statements involve risks and uncertainties
including, but not limited to, the economic, business, and real estate market
conditions in the Company's market areas, competition, regulatory and
legislative actions, the possibility that the Company will not be successful in
achieving its strategic objectives, the performance and contributions of
employees and Directors, and other factors discussed in documents filed by the
Company with the Securities and Exchange Commission from time to time, including
the Company's Annual Report on Form 10-K for the fiscal year ended December 31,
2001 and the quarterly Forms 10-Q filed by the Company . 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.
This news release is available at the www.montereybaybank.com Internet
site and is included as an Exhibit to a Form 8-K filed with the Securities &
Exchange Commission that is available at the www.sec.gov Internet site.
For further information contact:
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:
INFO@MONTEREYBAYBANK.COM
www.montereybaybank.com
Phone: (831) 768 - 4800
Fax: (831) 722 - 6794
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