Greater Bay Bancorp, Inc. Assigned Debt Ratings
The ratings are: Greater Bay Bancorp, Inc. (Palo Alto, California): Short-Term Debt Rating Assigned TBW-2: Preferred Stock* Rating , Assigned BBB- Bay Area Bank, Bay Bank of Commerce, Cupertino National Bank, Golden Gate Bank, Mid-Peninsula Bank, Mt. Diablo National Bank, Peninsula Bank of Commerce: Short-Term Debt Ratings, Assigned TBW-2. *Rating refers to trust preferred securities. California-based Greater Bay Bancorp is a $3.2 billion in assets (pro forma $4.1 billion including pending acquisitions), multi-bank holding company. Through its seven banking subsidiaries, the company operates community banking offices in the San Francisco Bay area. To help it achieve its community banking and growth goals, Greater Bay Bancorp has been an active acquirer of banks in this region. This acquisition activity, combined with very strong internal growth, has resulted in rapid balance sheet growth. Greater Bay Bancorp was formed through the November 1996 merger of Cupertino National Bank and Mid-Peninsula Bank which created a $622 million in assets company. Reflecting its fast growing balance-sheet, Greater Bay Bancorp’s earnings have also been increasing at a rapid pace. Partially reflecting a strongly performing regional economy, Greater Bay Bancorp continues to show solid asset quality with manageable levels of NPAs and very low NCOs.