EAST PALO ALTO, Calif.--(BUSINESS WIRE)--Greater Bay Bancorp (Nasdaq:GBBK), a $7.3 billion in assets financial services holding company, announced that its shareholders today approved the merger of the Company with Wells Fargo & Company. The merger is expected to close and become effective at 12:01 a.m. on October 1, 2007, subject to the terms and conditions of the merger agreement.
The Company also announced that, upon the effective date of the merger, Greater Bay common shares will be exchanged for Wells Fargo common shares on the basis of 0.7867 of a share of Wells Fargo common stock for each share of Greater Bay common stock. In accordance with the merger agreement, the exchange ratio was calculated by dividing $28.50 by $36.2274, the average of the volume weighted average share prices of Wells Fargo common stock for the 10 consecutive trading days immediately before the special meeting of Greater Bay’s shareholders.
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.
This document contains forward-looking statements (including the statement about when the merger involving the Company and Wells Fargo is expected to close) 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, 2006 and particularly the discussion of risk factors within such documents.