EXHIBIT 99.2
Press Release dated April 4, 2002
For Information Contact
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At Greater Bay Bancorp: At The Financial Relations Board:
David L. Kalkbrenner Christina Carrabino (general information)
President and CEO Stephanie Mishra (analyst contact)
(650) 614-5767 (415) 986-1591
Steven C. Smith
EVP, CAO and CFO
(650) 813-8222
FOR IMMEDIATE RELEASE
GREATER BAY BANCORP WILL MEET
CONSENSUS EARNINGS ESTIMATES FOR FIRST QUARTER
--Schedules First Quarter 2002 Earnings Release And Conference Call--
PALO ALTO, CA, April 4, 2002 -- Greater Bay Bancorp (Nasdaq: GBBK), a financial
services holding company, announced that it will broadcast its first quarter
2002 earnings conference call live via the Internet on Tuesday, April 16, 2002.
The Company also reported that it expects first quarter 2002 core and net
earnings per share of $0.52, which is in line with the "high end" of First Call
analysts' consensus estimates. The Company also reaffirmed that, based on
current market and economic conditions, it anticipates its full year net
earnings per share to meet the First Call analysts' consensus estimates.
David L. Kalkbrenner, President and Chief Executive Officer of Greater Bay
Bancorp, commented, "The anticipated first quarter earnings remain consistent
with the guidance we published in December 2001, and show Greater Bay's
commitment to continually enhancing shareholder value."
--Updated Performance Goals and Financial Forecast for 2002--
In conjunction with this release, Greater Bay Bancorp has filed a current report
on Form 8-K with the Securities and Exchange Commission that contains updated
performance goals and financial forecast for the fiscal year 2002.
A press release outlining the first quarter financial results will be
distributed at 5:45 am PDT on April 16, 2002. The conference call will begin at
8:00 am PDT on April 16, 2002 and will last for approximately one hour.
Investors have the opportunity to listen to the conference call live over the
Internet at http://www.companyboardroom.com. Investors should go to the
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CompanyBoardroom Web site 15 minutes prior to the start of the call, as it may
be necessary to download audio software to hear the conference call. To do so,
investors should click on the Windows Media Player icon at
the bottom of the page and follow directions from there. A replay of the
conference call will be available on the CompanyBoardroomWeb site for 30 days
and via telephone through April 23, 2002 by dialing 703-925-2435, passcode
5910484.
Greater Bay Bancorp through its eleven subsidiary banks, Bank of Petaluma, Bank
of Santa Clara, Bay Area Bank, Bay Bank of Commerce, Coast Commercial Bank,
Cupertino National Bank, Golden Gate Bank, Mid-Peninsula Bank, Mt. Diablo
National Bank, Peninsula Bank of Commerce and San Jose National Bank, along with
its operating divisions, serves clients throughout Silicon Valley, San
Francisco, the San Francisco Peninsula, the East Bay Region, the North Bay
Region and the Central Coastal Region. ABD Insurance and Financial Services, a
wholly owned subsidiary of Greater Bay Bancorp, provides commercial insurance
brokerage, employee benefits consulting and risk management solutions to
business clients throughout the United States.
Safe Harbor
Certain matters discussed in this press release constitute forward-looking
statements within the meaning of the Private Securities Litigation Reform Act of
1995. These forward looking statements relate to the Company's current
expectations regarding future operating results, net loan charge-offs, asset
quality, level of loan loss reserves, growth in loans, deposits and assets,
continued success of its Super Community Banking strategy and the strength of
the local economy. These forward looking statements are subject to certain risks
and uncertainties that could cause the actual results, performance or
achievements to differ materially from those expressed, suggested or implied by
the forward looking statements. These risks and uncertainties include, but are
not limited to: (1) the impact of changes in interest rates, a decline in
economic conditions at the international, national and local levels and
increased competition among financial service providers on the Company's results
of operations, the Company's ability to continue its internal growth at
historical rates, the Company's ability to maintain its net interest spread, and
the quality of the Company's earning assets; (2) any difficulties that may be
encountered in integrating newly acquired businesses and in realizing operating
efficiencies; (3) government regulation; (4) the risks relating to the Company's
warrant positions; and (5) the other risks set forth in the Company's reports
filed with the Securities and Exchange Commission, including its Annual Report
on Form 10-K for the year ended December 31, 2001.
For additional information and press releases about Greater Bay Bancorp, visit
the Company's web site at http://www.gbbk.com.
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