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18 Aug 1997
MOODY'S ASSIGNS B1 TO SUBORDINATED NOTES OF BAY VIEW CAPITAL CORPORATION
New York, 08-18-97 -- Moody's Investors Service assigned a B1 rating to the subordinated notes due 2007 offered by Bay View Capital Corporation. At the same time Moody's assigned a Ba3 rating to the company's existing senior notes due 1999. Moody's also upgraded the deposit rating of Bay View Federal Bank to Ba1 from Ba3, and its counter party and other senior obligation ratings to Ba2 from B1. These ratings incorporate the company's rapid pace of acquisitions and aggressive diversification into higher risk/return lending while also reflecting positives such as its desirable deposit franchise, a balance sheet low in non-performing assets, and improved business diversity.
A new management team has been implementing a business plan that focuses on transforming Bay View from a traditional thrift to a diversified financial services company that will generate higher risk adjusted yields on assets. The company has also de-emphasized its less profitable origination of new residential loans and other wholesale activities. The diversification is beginning to lead the company into higher risk/return lending situations including asset based small business lending, auto finance, consumer finance, and home equity loans with high combined loan-to-value ratios. Bay View also continues to have considerable exposure to the California multi-family housing market and commercial real-estate exposure.
The company's desirable deposit franchise is concentrated in the San Francisco Bay area. Additional rating positives include the previous operating and turnaround experience new management brings to the company.
As part of its expansion plan the company agreed to acquire EurekaBank, which will expand its branch network in the San Francisco Bay area from 27 to 56 branches. While this acquisition should provide many opportunities for cost savings, the company still faces many challenges in completing the integration of the bank's systems and corporate cultures. Bay View also acquired California Thrift & Loan and Concord Growth Corporation which add consumer finance and commercial finance capabilities, respectively. The company has also entered into a letter of intent to acquire Ultra Funding Ltd. an originator of auto loans. Moody's expects that Bay View will grow these businesses internally and will consider selected additional acquisitions in order to further improve the company's geographic and line of business diversification.
For the six months ended June 30, 1997, Bay View generated a net interest margin of 2.79% and a return on average assets of 0.63%. The ratio of non performing assets to total assets was 0.77% with equity to total assets of 6.34% and tangible equity to tangible assets of 5.37%. Pro forma for the acquisition of EurekaBank the company's non performing assets to total assets will decline to 0.54%, with equity to total assets of 7.45% and tangible equity to tangible assets of 5.7%.
Bay View Capital Corporation is headquartered in San Mateo, California.
No Related Data.
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