Bay View Capital Corp., which recently switched its charter from thrift to bank, moved further from its localized home-lending roots Thursday, announcing it would buy a Los Angeles small-business lender with offices in 20 states.
Bay View of San Mateo, Calif., will pay about $309 million for Franchise Mortgage Acceptance Co., by exchanging 0.5125 share of its stock or $10.25 in cash for each FMAC share in a transaction expected to close during the third quarter. FMAC focuses on franchise concept loans to restaurants, service stations, and convenience stores. One of its subsidiaries, Bankers Mutual, focuses on multifamily lending. FMAC is to operate as a subsidiary of Bay View Bank.