Greater Bay Bancorp Announces Redemption of Shareholder Rights Plan
26 Febbraio 2007 - 10:05PM
Business Wire
Greater Bay Bancorp (Nasdaq:GBBK), a $7.4 billion in assets
financial services holding company, announced that its Board of
Directors has elected to redeem the rights associated with the
company�s shareholder rights plan. The Board has also amended its
Corporate Governance Guidelines to provide that any future
shareholder rights plan will be adopted only if pre-approved by the
shareholders or ratified by the shareholders within one year of the
date of adoption. Byron A. Scordelis, President and Chief Executive
Officer, commented, �The Board believes that redemption of the
rights is in keeping with the Board�s desire to adhere to corporate
governance best practices and to be responsive to shareholder
sentiment. Similarly, we believe the Board�s policy with respect to
future shareholder rights plans is consistent with the guidelines
of Institutional Shareholder Services.� The redemption date for the
rights, which currently trade with the common stock, will be April
13, 2007 and the payment date will be April 30, 2007. In accordance
with the shareholder rights plan, the redemption price will be
$0.001 per right. About Greater Bay Bancorp Greater Bay Bancorp, a
diversified financial services holding company, provides community
banking services in the greater San Francisco Bay Area through the
Greater Bay Bank, N.A. community banking organization, including
Bank of Petaluma, Coast Commercial Bank, Golden Gate Bank,
Mid-Peninsula Bank, Mt. Diablo National Bank, Peninsula Bank of
Commerce and Santa Clara Valley National Bank. Nationally, Greater
Bay Bancorp provides specialized leasing and loan services through
its specialty finance group, which includes Matsco, CAPCO and
Greater Bay Capital. ABD Insurance and Financial Services, the
Company�s insurance brokerage subsidiary, provides commercial
insurance brokerage, employee benefits consulting and risk
management solutions to business clients throughout the United
States. For additional information and press releases about Greater
Bay Bancorp, visit the Company�s web site at http://www.gbbk.com.
Safe Harbor This document may contain forward-looking statements
that are subject to risks and uncertainties that could cause actual
results to differ materially from those projected. For a discussion
of factors that could cause actual results to differ, please see
the publicly available Securities and Exchange Commission filings
of Greater Bay Bancorp, including its Annual Report on Form 10-K
for the year ended December 31, 2005 and particularly the
discussion of risk factors within such documents.
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