ABD to Acquire Wash.-based Sullivan & Curtis

July 8, 2003

ABD Insurance and Financial Services (ABD), in conjunction with its parent company, Greater Bay Bancorp announced that it has signed a definitive agreement to acquire Sullivan & Curtis Insurance Brokers of Washington, LLC (S&C Washington). The Seattle-based insurance broker currently employs more than 50 professionals and specializes in property and casualty insurance services and risk management consulting.

Fred de Grosz, president and CEO of ABD, stated, “Upon the closing of the acquisition, S&C Washington’s clients (and others in the dynamic business communities of the Pacific Northwest) will have immediate access to ABD’s extensive employee and executive benefits consulting and retirement plan services. In addition, current and prospective clients will receive considerable value from ABD’s highly regarded D&O consulting, international services and enterprise risk management capabilities, as well as CyberSureĀ® — ABD’s award-winning client services Web site.”

S&C Washington’s management team is headed by Trond R. Bodal, Richard P. Lane, Graham Gardner and Steve S. Stafford. The firm, which was formed in 1993, reports annual revenues of approximately $10 million and has expertise in ocean marine programs and in the biotechnology sector. de Grosz further commented, “S&C Washington will add significantly to ABD’s dominant position as a leading broker to all segments of the technology industry. We are also pleased that all employees of S&C Washington will continue as employees of ABD.”

According to David L. Kalkbrenner, president and CEO of Greater Bay Bancorp, “The acquisition of S&C Washington will offer Greater Bay the opportunity to expand its financial services in a market which we believe has great potential. We entered that market over two years ago with our acquisition of CAPCO, our business finance unit located in the Seattle area, and we believe that CAPCO, along with S&C Washington, will continue to provide growth opportunities.”

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