Sale of Bay View Acceptance Corporation Completed
02 May 2006 - 9:22AM
PR Newswire (US)
BUFFALO, N.Y., May 1 /PRNewswire-FirstCall/ -- Great Lakes Bancorp,
Inc. (NYSE:GLK), formerly known as Bay View Capital Corporation and
the parent of Greater Buffalo Savings Bank, today announced that it
had completed the sale of its auto finance subsidiary, Bay View
Acceptance Corporation, to AmeriCredit Financial Services, Inc. for
approximately $63.6 million in cash, subject to final adjustment.
Andrew W. Dorn, Jr., President and Chief Executive Officer of Great
Lakes, stated, "Completion of this sale significantly enhances our
liquid capital position and represents the second step in the
strategy we adopted when Great Lakes and Bay View Capital
Corporation agreed to merge last October." Forward Looking
Statements This press release contains "forward looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995. Such statements include, but are not limited to,
statements concerning future revenue and earnings, uncertainties
and other factors that could cause the actual results of Great
Lakes to differ materially from the results expressed or implied by
such statements, the likelihood that Great Lakes can utilize its
net operating loss carryforwards and other factors disclosed in
Great Lakes' periodic reports filed with the Securities and
Exchange Commission. Great Lakes assumes no obligation to update
the forward-looking information contained in this release.
DATASOURCE: Bay View Capital Corporation CONTACT: Andrew W. Dorn,
Jr. of Great Lakes Bancorp, Inc., +1-716-961-1920; or Charles G.
Cooper of Bay View Capital Corporation, +1-650-312-6819 Web site:
http://www.bayviewcapital.com/
Copyright