Bay View Completes Restructuring of CTL

Bay View Capital Corp. said it completed most of a previously announced restructuring of California Thrift & Loan, which it bought in June for about $62 million. The company plans to use the capital raised from the restructuring to “pursue accretive acquisition opportunities and/or repurchase additional shares.” Bay View said it sold CTL’s equipment-leasing portfolio last month to Santa Barbara Bank & Trust for $60 million in cash. The profit from the sale and other items allowed the CTL unit to return to Bay View $15 million of capital, which the parent company said it has reinvested.