1

Greater Bay Bancorp

Annual Meeting Presentation

May 30, 2007

Exhibit 99.1

2

Certain

matters

discussed

in

this

presentation

constitute

forward-looking

statements

within

the

meaning

of

the

Private

Securities

Litigation

Reform

Act

of

1995.

These

forward

looking

statements

relate

to

the

Company’s

current

expectations

regarding

future

operating

results,

net

interest

margin,

net

loan

charge-offs,

asset

quality,

level

of

loan

loss

reserves,

growth

in

loans

and

deposits,

and

the

strength

of

the

local

economy.

These

forward

looking

statements

are

subject

to

certain

risks

and

uncertainties

that

could

cause

the

actual

results,

performance

or

achievements

to

differ

materially

from

those

expressed,

suggested

or

implied

by

the

forward

looking

statements.

These

risks

and

uncertainties

include,

but

are

not

limited

to:

(1)

the

impact

of

changes

in

interest

rates,

a

decline

in

economic

conditions

at

the

local,

national

and

international

levels

and

increased

competition

among

financial

service

providers

on

the

Company’s

results

of

operations

and

the

quality

of

the

Company’s

earning

assets;

(2)

government

regulation,

including

ABD’s

receipt

of

requests

for

information

from

state

insurance

commissioners

and

subpoenas

from

state

attorneys

general

related

to

the

ongoing

insurance

industry-wide

investigations

into

contingent

commissions

and

override

payments;

(3)

the

successful

completion

of

the

merger

between

the

Company

and

Wells

Fargo

&

Company,

and;

4)

the

other

risks

set

forth

in

the

Company‘s

reports

filed

with

the

Securities

and

Exchange

Commission,

including

its

Annual

Report

on

Form

10-K

for

the

year

ended

December

31,

2006.

Greater

Bay

does

not

undertake,

and

specifically

disclaims,

any

obligation

to

update

any

forward-looking

statements

to

reflect

occurrences

or

unanticipated

events

or

circumstances

after

the

date

of

such

statements.

Greater Bay Bancorp

Forward Looking Statements

3

Company Profile

As of March 31, 2007

0.98% / 9.65%

Q1 ROA/ROCE (annualized)

$   4.7 billion

Core Loans

(1)

$ 1.4 billion

Market Capitalization

(3)

$747.8 million

Common Equity

51.0 million

Common Shares Outstanding

$0.31

Q1 Diluted EPS

$ 17.8 million

Q1 Net Income

$   4.3 billion

Core Deposits

(2)

$   7.4 billion

Total Assets

(1)

Excludes purchased residential mortgage loans of $211 million.

(2)

Excludes brokered and wholesale institutional deposits of $1.0 billion.

(3)

As of May 25, 2007

4

Balance Sheet/Margin Metrics

5

Core Loan Portfolio Composition

(1)

Combined Community Banking and Specialty Finance

$-

$1

$2

$3

$4

$5

2003

2004

2005

2006

Q1 07

Commercial-Term RE

Commercial - Community Banking

Construction and Land

Commercial - Specialty Finance

All Other

($ in Billions)

$4.56                            $4.47                       

$4.49                           $4.69                        

$4.69            

9%

19%

12%

23%

37%

9%

22%

11%

22%

36%

8%

26%

14%

20%

32%

7%

27%

16%

20%

30%

(

1)  Total Loans, gross of deferred costs and fees. In Q3’06 $15.4 million of deferred costs and fees on leases were

reclassified from commercial, consumer and other loans into net deferred costs and fees. Prior periods have been

changed to conform with current period presentation; core loans exclude purchased residential mortgage loans.

6%

29%

14%

20%

31%

6

-400

-200

0

200

400

Dec-03

Dec-04

Dec-05

Dec-06

Mar-07

Commercial - Term RE

Construction and Land

Commercial - Community Banking

Commercial - Specialty Finance

Total Loans, gross of deferred costs and fees

Core Loan Portfolio Evolution

(1)

(Cumulative Change Since December 2003)

($ in Millions)

(1)

In

Q3’06

$15.4

million

of

deferred

costs

and

fees

on

leases

were

reclassified

from

commercial,

consumer

and

other

loans

into

net

deferred

costs

and

fees.

Prior

periods

have

been

changed

to

conform

with

current

period

presentation;

core

loans

exclude

purchased

residential

mortgage

loans.

7

Core Deposit Balances

(1)

$0

$1

$2

$3

$4

$5

$6

2002

2003

2004

2005

2006

Q1 '07

Demand Deposits

Liquid Interest-Bearing Deposits

Time Deposits

($ in Billions)

(1)

Core

deposits

exclude

brokered

and

wholesale

institutional

deposits.

$4.43

$4.56

$4.81

$4.56

$4.25

$4.27

8

0%

1%

2%

3%

4%

5%

6%

Dec

'03

Dec

'04

Dec

'05

Dec

'06

Interest Bearing Core Deposit Cost

LIBOR

Core deposits exclude brokered and wholesale institutional deposits.

Mar

07

Core Deposit Pricing

9

3.97%

4.26%

4.37%

4.34%

4.35%

4.19%

3.91%

3.78%

3.00%

3.25%

3.50%

3.75%

4.00%

4.25%

4.50%

4.75%

5.00%

2003

2004

2005

Q1 06*

Q2 06*

Q3 06*

Q4 06*

Q1 07*

Net Interest Margin

* Annualized

10

Credit Metrics

11

2.72%

2.63%

2.39%

1.39%

1.74%

1.35%

0.67%

1.18%

0.39%

0.09%

0.24%

0.13%

Allowance%

Net charge-off %

*

Allowance

ratio

is

a

percentage

of

end

of

period

total

loans.

YTD

net

charge-offs

are

an

annualized

percentage of YTD average loans.

2002               2003                    2004          

2005                  2006               Q1 ‘07

Strong Credit Quality*

12

Commercial Insurance Brokerage

13

Commercial Insurance Services Business

•

Acquired

ABD

Insurance

and

Financial

Services

in

March

2002

–

a

highly-respected

provider

of

commercial

insurance

brokerage

and

risk

management

services.

•

Strategic

focus

on

expansion

(via

organic

growth

and

acquisitions)

into

key

western

regional

markets.

–

Leverage

existing

lines

of

business

expertise

–

and

to

develop

enhanced

“provider-of-choice”

branding

and

pricing

positions.

–

Successful

expansion

into

Seattle

(2003)

and

Nevada

(2005).

–

Entered

Oregon

in

late

2006.

14

ABD Geographic Distribution

% of 2006 Revenue

13%

17%

10%

46%

14%

Seattle

Sacramento

Nevada

Southern CA/

Central Coast

San Francisco

Bay Area

15

Capital Metrics

16

6.5%

7.0%

10.1%

9.5%

13.8%

12.0%

GBBK

GBBK Peer Group*

Tangible Common

Total Common

Total Risk-Based Ratio

* Comparable bank holding companies with assets between $5-$11 billion.

Solid Capital Base

March 31, 2007

17

2006 Accomplishments of Note

•

Continuation

of

solid

and

quality

growth

realized

in

specialty

finance

and

commercial

insurance

brokerage

businesses.

–

Integration

of

insurance

acquisition

successfully

completed.

–

Sustained

brisk

expansion

of

MATSCO

and

GBC

franchises.

•

Sustained

repositioning

of

community

bank

asset

portfolio

and

branding

in

concert

with

stated

objectives.

–

Balanced

migration

from

CRE

to

construction

and

commercial

lending.

–

BDO

initiative

established.

–

Reduced

number

of

bank

identities,

and

coalesced

strategic

positioning

around

“natural”

regional

community

banking

markets.

18

•

Disciplined risk management.

–

Positive credit quality trends.

–

Firm adherence to underwriting principles.

•

Redoubled focus on expense discipline.

–

Reduction

in

workforce

undertaken

to

align

resources

and

revenues.

–

Outsourcing

of

mainframe

data

processing

effectively

executed.

–

Procurement

and

facilities

cost

reduction

actions

in

process.

2006 Accomplishments of Note

(continued)

19

Recent Developments

20

What Was Announced

•

Greater

Bay

announced

that

it

has

entered

into

a

definitive

agreement

to

be

merged

with

Wells

Fargo

&

Company

(WFC)

–

each

GBBK

share

will

be

exchanged

in

the

merger

for

WFC

common stock having:

–

A

fixed

value

of

$28.50

based

on

an

average

trading

price

of

WFC

common

stock

within

the

“collar”

of

$32.175

to

$39.325

during

a

measurement

period

prior

to

the

special

shareholders’

meeting, or

–

A

fixed

exchange

rate

of

(1)

0.8858

if

the

WFC

average

trading

price

is

below

the

“collar”,

or

(2)

0.7247

if

the

WFC

average

trading

price

is

above

the

“collar”.

•

Subject

to

shareholder

and

regulatory

approval,

and

to

the

other

terms

and

conditions

described

in

the

definitive

agreement.

•

If

approved

and

if

agreement

terms

are

met,

currently

expected

to

close

in

the

fourth

quarter.

21

Decision Making Process

•

Board

of

Directors

carefully

weighed

a

number

of

factors

in

reaching

its

decision.

•

Process

was

deliberate,

thoughtful,

and

focused

on

maximizing

shareholder

interests.

•

Added

detail

with

respect

to

process

will

be

provided

in

proxy

statement.

22

Considerations in Merger with Wells Fargo

•

The

Board

determined

that

it

was

in

the

best

interests

of

our

shareholders

--

and

that

it

was

a

good

and

responsible

fulfillment

of

its

fiduciary

duties

--

to

agree

to

merge

with

Wells

Fargo.

–

Competitively

comparable

transaction

metrics.

–

And

in

a

“currency”

of

proven

financial

performance.

•

Wells

Fargo

exhibited

active

interest

in

owning

and

growing

each

of

our

major

businesses.

–

And

is

culturally

aligned

with

our

relationship-oriented

values

--

as

well

as

our

strong

sense

of

community.

•

It

can

immediately

deliver

broad

array

of

new

products,

services

and

value

to

our

clients

that

we

would

otherwise

have

needed

to

build.

•

Leading

to

the

Board’s

decision

that

this

was

the

right

thing

to

do

at

the

right

time,

and

at

the

right

price

with

the

right

partner.

23

Transaction Metrics

Multiple to LTM EPS

(1)

19.9x

Multiple to Tangible Book Value

3.17x

Implied Deposit Premium

(2)

27%

(1)

LTM = April 2006 through March 2007.

(2)

Excludes brokered CDs and time deposits of $100,000 or more.

24

Wells Fargo As a Currency

•

Wells

Fargo

&

Company

is

a

diversified

financial

services

company

with

$486

billion

in

assets.

•

Wells

Fargo

Bank,

N.A.

is

one

of

only

two

banks

worldwide

to

enjoy

the

highest

possible

credit

rating

from

both

Standard

&

Poors

and

Moody’s.

•

Transaction

will

provide

Greater

Bay

shareholders

with

an

increase

in

annual

cash

dividends

per

share

of

39%.

(1)

(1)

Based

on

Greater

Bay’s

current

annual

cash

dividend

payout

rate

of

$0.64

per

share,

WFC’s

current

annual

cash

dividend

payout

rate

of

$1.12

per

share

and

an

implied

exchange

ratio

of

0.7952

based

on

WFC’s

stock

price

of

$35.84

as

of

May

3,

2007.

25

Appendix –

Custom Peer Group

Provident Bankshares Corp.

Republic Bancorp Inc.

Santander Bancorp

Sterling Financial Corp.

Susquehanna Bancshares, Inc.

SVB Financial Group

Texas Regional Bancshares, Inc.

Trustmark Corp.

UCBH Holdings, Inc.

UMB Financial Corp.

Westamerica Bancorporation

Whitney Holding Corp.

AMCORE Financial, Inc.

Bank of Hawaii Corp.

Cathay General Bancorp

Central Pacific Financial Corp.

Chittenden Corporation

Citizens Banking Corp.

CVB Financial Corp.

First Commonwealth Financial Corp.

First Midwest Bancorp, Inc.

First Republic Bank

FirstMerit Corp.

Old National Bancorp

Pacific Capital Bancorp