Bay View Completes Securitization of $193 Million of Automobile Receivables

SAN MATEO, Calif., Aug. 15, 2003 -- Bay View Capital Corporation announced today that its auto finance company, Bay View Acceptance Corporation ("BVAC"), closed a $193 million automobile receivable asset-backed securities offering on August 14, 2003. The securities are insured by Financial Security Assurance, Inc. and are AAA-rated; the money market tranche is rated A-1+/P-1. UBS Investment Bank and Barclays Capital were co-underwriters on the transaction.

"We are pleased to have completed BVAC's first securitization of 2003 which helps facilitate BVAC's overall strategic plan," said Charles G. Cooper, Bay View Capital Corporation CEO.

Bay View Acceptance Corporation has been in the indirect automobile finance industry since 1973 and specializes in the indirect origination, securitization and servicing of automobile receivables. Bay View Capital Corporation is a financial services company headquartered in San Mateo, California and is listed on the NYSE: BVC. For more information, visit www.bayviewcapital.com.