Greater Bay Bancorp Announces Investment Grade Ratings for Golden Gate Bank

Strategic Insights -

Greater Bay Bancorp, a financial services holding company with $3.6 billion in assets, announced that its wholly-owned subsidiary, Golden Gate Bank, has received investment grade ratings from Thomson Financial BankWatch. The ratings assignment is a significant milestone for the bank, demonstrating its creditworthiness and potential for growth. Golden Gate Bank's CEO, James R. Woolwine, expressed appreciation for the continued confidence shown by the investment and lending communities, stating that the ratings will support the bank's expansion in the banking and institutional debt markets.

Key Takeaways:

  • Golden Gate Bank, a subsidiary of Greater Bay Bancorp, has been assigned investment grade ratings by Thomson Financial BankWatch.
  • The ratings are "TBW-2" for short-term debt and "BBB-" for long-term debt.
  • The ratings reflect Golden Gate Bank's creditworthiness and potential for growth.
  • Greater Bay Bancorp operates eight subsidiary banks in Northern California, serving clients throughout the region.
  • The bank's expansion in the banking and institutional debt markets is expected to be supported by the new ratings.
  • James R. Woolwine, CEO of Golden Gate Bank, emphasized the significance of the ratings, citing continued confidence from the investment and lending communities.
  • The ratings may impact the bank's ability to access capital markets and expand its relationships with investors and lenders.

Statistics:

  • $3.6 billion: The total assets of Greater Bay Bancorp.
  • $272 million: The assets of Golden Gate Bank.
  • 8: The number of subsidiary banks operated by Greater Bay Bancorp in Northern California.
  • 1-800-PRO-INFO (1-800-776-4636): The toll-free number for investor information on Greater Bay Bancorp.
  • 1-201-432-6555: The international access number for investor information on Greater Bay Bancorp.

Sources:

  • Greater Bay Bancorp (PRNewswire, May 23)
  • Thomson Financial BankWatch
  • Securities and Exchange Commission filings of Greater Bay Bancorp (Annual Report on Form 10-K for the year ended December 31, 1999)