Bay View Capital Corporation to Redeem Capital Securities and Pay Cash Distribution on Common Stock
May 27 2004 - 6:26PM
PR Newswire (US)
Bay View Capital Corporation to Redeem Capital Securities and Pay
Cash Distribution on Common Stock SAN MATEO, Calif., May 27
/PRNewswire-FirstCall/ -- Bay View Capital Corporation (NYSE:BVC)
(the "Company") announced today that Bay View Capital I, its wholly
owned subsidiary, will redeem $22,000,000 of its 9.76% Cumulative
Capital Securities (NYSE:BVS) (the "Capital Securities"),
representing all of its outstanding Capital Securities. The
redemption date for the Capital Securities will be June 30, 2004 at
a price equal to 100% of the $25.00 par value of each Capital
Security. The current quarterly distribution on the Capital
Securities, in the amount of $0.61 per Capital Security, will be
paid on June 30, 2004 to holders of record as of June 29, 2004. The
Company also announced that on June 30, 2004 it will pay a cash
distribution of $0.25 per share on its outstanding common stock as
of the record date for the distribution, which will be June 16,
2004. The NYSE will defer the ex-dividend date to one day following
the payment date. As a result, common stockholders who sell their
shares after the record date, and through the payment date, also
will be selling their right to receive the dividend. Stockholders
are encouraged to consult with their financial advisors regarding
the specific implications of the deferral of the ex-dividend date.
The cash distribution will be taxed as a dividend to the extent of
the Company's current or accumulated earnings and profits, with any
excess being treated first as a return of capital to the extent of
any remaining cost basis in the stock, then as a capital gain. The
amount taxable as a dividend will be included in Form 1099
information returns, which will be provided after December 31,
2004. 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 http://www.bayviewcapital.com/.
DATASOURCE: Bay View Capital Corporation CONTACT: John Okubo of Bay
View Capital Corporation, +1-650-294-7778 Web site:
http://www.bayviewcapital.com/
Copyright
Bay View (NYSE:BVC)
Historical Stock Chart
From Jun 2024 to Jul 2024
Bay View (NYSE:BVC)
Historical Stock Chart
From Jul 2023 to Jul 2024
Real-Time news about Bay View Cap Cp (New York Stock Exchange): 0 recent articles
More Bay View Cap Cp News Articles