|This entry refers to a departed business — a business that has closed or left town. Information here is mostly for historical reference.|
6265 Hwy. 9, Felton, CA 95018
601 Bay Avenue, Capitola, CA 95010
35 East Lake Avenue, Watsonville, CA 95076
|9am-5pm M-TH;9am-6pm F; Sat (varied by branch)|
|(They had one.)|
|MONTEREY BAY BANCORP INC|
|Cash, check, credit card, and money orders.|
Founded as Watsonville Federal Savings and Loan in 1925. The branch offices were located in Watsonville, Capitola, and Felton. There were also four branches outside the county. The main branch was on East Lake Avenue in Watsonville.
In 1994 a holding company was established (MONTEREY BAY BANCORP INC) with Watsonville Federal Savings and Loan as the only asset. In 1996 the name was changed from Watsonville Federal Savings and Loan to Monterey Bay Bank as they changed from a savings and loan to a bank. (This was a popular business move for solvent savings and loans to do at the time. The deposit insurance rates for banks verses savings and loans was a substantial savings.) In 2003, Union Bank purchases the assets. The following is from a press release dated April 14, 2003:
The Deal: UnionBanCal Corporation has agreed to acquire Monterey Bay Bancorp Inc. for $96.5 million in cash and stock. UnionBanCal will pay about $48.3 million in cash and 1.1 million to 1.34 million of its shares for all outstanding shares of Monterey Bay. The transaction values Monterey Bay stock at about $26.32 per share. The deal, which has been approved by the boards of both companies, is expected to close in the third quarter of 2003.
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