A large hedge fund is taking an interest in one of California's last remaining thrifts.

J.J. Cramer & Co. on Friday disclosed that it has spent the last two months increasing its stake in Bay View Capital Corp., San Francisco, to 8.2% from 5.5%.

The hedge fund paid $29.44 to $32.13 a share, or a total of $1.65 million, in its latest round of buying, according to a filing with securities regulators.

Bay View, with $5.3 billion of assets, is considered a solid organization and a possible entry point for an out-of-state acquirer.

Shares of Bay View dipped Friday by 75 cents, to $29.4375, despite the stepped-up interest.

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