For information regarding factors that could cause the results contemplated by the forward-looking statements to differ from expectations, such as the inability to achieve any financial goals related to contemplated asset resolution, including the inability to use net operating loss carryforwards that the Company currently has and the inability to consummate strategic initiatives including the consummation of the merger transaction with Great Lakes and sale of BVAC
, please refer to the Company's periodic reports filed with the Securities and Exchange Commission.
The Earl of Haddington, who is based at Mellerstain, remains as the president of the BVAC
has evaluated its exposure to losses in the areas affected by Hurricane Katrina and Hurricane Rita, including a review of outstanding auto contract balances for borrowers in Alabama, Louisiana, Mississippi and certain areas of Texas, delinquencies of borrowers in these areas, strategies for tracking borrowers that may have left these areas to reside elsewhere, and vehicle losses related to flood damage.
The sale of BVAC
to AmeriCredit is expected to close in the first half of 2006, subject to approval of the sale by stockholders of Bay View and customary government approvals.
At June 30, 2005, BVAC
was servicing 33,500 auto contracts with an aggregate outstanding balance of $683.
For the first quarter of 2005, BVAC
produced net income of $788 thousand compared to $596 thousand for the first quarter of 2004.
During the fourth quarter of 2004, BVAC
The decrease in noninterest income was principally the result of unrealized losses on interest rate swaps used by BVAC
PK observed, "Bay View represents a wonderful opportunity for me to apply my consumer lending experience to lead and grow the dynamic BVAC
auto platform, and to help the Company seek opportunities to broaden its consumer lending services.
The Company believes this strategy has enabled BVAC
to establish a loyal dealership network by satisfying a unique niche within this market segment that is not dominated by large commercial banks and captive finance companies.
currently acquires auto installment contracts from over 7,000 manufacturer-franchised and independent auto dealers in 24 states and has positioned itself in the market as a premium priced lender for well-qualified borrowers seeking extended financing terms and higher advances than those generally offered by traditional lenders.
Cooper, the Company's President and Chief Executive Officer, will serve as interim President of BVAC