<HTML>
<HEAD>
<TITLE>UNITED STATES</TITLE>
</HEAD>
<BODY>
<B><FONT SIZE=2><P ALIGN="CENTER">&nbsp;</P>
</FONT><P ALIGN="CENTER">UNITED STATES</P>
<P ALIGN="CENTER">SECURITIES AND EXCHANGE COMMISSION</P>
<FONT SIZE=2><P ALIGN="CENTER">Washington, D.C. 20549</P>
</FONT><FONT SIZE=5><P ALIGN="CENTER">FORM 8-K</P>
</B></FONT>
<B><P ALIGN="CENTER">CURRENT REPORT</P>
<P ALIGN="CENTER">Pursuant to Section 13 OR 15(d) of </P>
<P ALIGN="CENTER">The Securities Exchange Act of 1934</P>
</B>
<FONT SIZE=2><P ALIGN="CENTER">Date of Report (Date of earliest event reported) March 1, 2007</P>
</FONT>
<TABLE CELLSPACING=0 BORDER=0 WIDTH=720>
<TR><TD VALIGN="TOP">
<FONT SIZE=5><P ALIGN="CENTER">GREATER BAY BANCORP</FONT></TD>
</TR>
<TR><TD VALIGN="TOP">
<FONT SIZE=2><P>___________________________________________________________________________________________________________</FONT></TD>
</TR>
<TR><TD VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER"></P>
<P ALIGN="CENTER">(Exact name of registrant as specified in its charter)</FONT></TD>
</TR>
</TABLE>
<TABLE CELLSPACING=0 BORDER=0 WIDTH=720>
<TR><TD WIDTH="33%" VALIGN="TOP">
<P ALIGN="CENTER">California</TD>
<TD WIDTH="33%" VALIGN="TOP">
<P ALIGN="CENTER">0-25034</TD>
<TD WIDTH="33%" VALIGN="TOP">
<P ALIGN="CENTER">77-0387041</TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=3>
<FONT SIZE=2><P>___________________________________________________________________________________________________________</FONT></TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=3>&nbsp;</TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP"><DIR>
<FONT SIZE=2><P ALIGN="CENTER">(State or other jurisdiction</P>
<P ALIGN="CENTER">of incorporation)</DIR>
</FONT></TD>
<TD WIDTH="33%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">(Commission</P>
<P ALIGN="CENTER">File Number)</FONT></TD>
<TD WIDTH="33%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">(IRS Employer</P>
<P ALIGN="CENTER">Identification No.)</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="33%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="33%" VALIGN="TOP">&nbsp;</TD>
</TR>
</TABLE>
<TABLE CELLSPACING=0 BORDER=0 WIDTH=720>
<TR><TD WIDTH="67%" VALIGN="TOP">
<P ALIGN="CENTER">1900 University Avenue, 6<SUP>th</SUP> Floor, East Palo Alto, CA</TD>
<TD WIDTH="33%" VALIGN="TOP">
<P ALIGN="CENTER">94303</TD>
</TR>
<TR><TD WIDTH="67%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">_______________________________________________________________________</FONT></TD>
<TD WIDTH="33%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">______________________________</FONT></TD>
</TR>
<TR><TD WIDTH="67%" VALIGN="TOP" HEIGHT=19>
<FONT SIZE=2><P ALIGN="CENTER">(Address of principal executive offices)</FONT></TD>
<TD WIDTH="33%" VALIGN="TOP" HEIGHT=19>
<FONT SIZE=2><P ALIGN="CENTER">(Zip Code)</FONT></TD>
</TR>
</TABLE>
<FONT SIZE=2><P ALIGN="CENTER">Registrant's telephone number, including area code </FONT>(650) 813-8200</P>
<TABLE CELLSPACING=0 BORDER=0 WIDTH=720>
<TR><TD VALIGN="TOP">
<P ALIGN="CENTER">NA</TD>
</TR>
<TR><TD VALIGN="TOP">
<FONT SIZE=2><P>___________________________________________________________________________________________________________</FONT></TD>
</TR>
<TR><TD VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER"></P>
<P ALIGN="CENTER">(Former name or former address, if changed since last report.)</FONT></TD>
</TR>
</TABLE>
<FONT SIZE=2><P>Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):</P>
<P>[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</P>
<P>[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</P>
<P>[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</P>
<P>[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
</FONT><B><P>Item 5.02&#9;Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers</P>
</B>
<P>(e)&#9;On March 1, 2007, the Compensation Committee (the &quot;Committee&quot;) of the Greater Bay Bancorp (the &quot;Company&quot;) Board of Directors approved 2007 base salaries and 2006 annual bonus awards for the executive officers who were named in the Summary Compensation Table of the Company's 2006 Proxy Statement (the &quot;Named Executive Officers&quot;).</P>
<I><P>Base Salaries for 2007.</I>  Except in the case of Ms. Anderson, in determining 2007 base salaries for the Named Executive Officers, the Committee included an adjustment in the amount of $12,000 to replace an annual car allowance of the same amount, which had been paid previously to these officers.  This car allowance was discontinued at the time of the salary adjustment.  The base salaries for the Named Executive Officers are as follows:</P>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=631>
<TR><TD WIDTH="64%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="20%" VALIGN="TOP">
<U><P>2007</U></TD>
<TD WIDTH="16%" VALIGN="TOP">
<U><P>2006</U></TD>
</TR>
<TR><TD WIDTH="64%" VALIGN="TOP">
<P>Byron Scordelis, President and CEO</TD>
<TD WIDTH="20%" VALIGN="TOP">
<P>$750,000</TD>
<TD WIDTH="16%" VALIGN="TOP">
<P>$750,000</TD>
</TR>
<TR><TD WIDTH="64%" VALIGN="TOP">
<P>James Westfall, EVP and CFO</TD>
<TD WIDTH="20%" VALIGN="TOP">
<P>$380,000</TD>
<TD WIDTH="16%" VALIGN="TOP">
<P>$365,000</TD>
</TR>
<TR><TD WIDTH="64%" VALIGN="TOP">
<P>Colleen Anderson, EVP, Community Banking</TD>
<TD WIDTH="20%" VALIGN="TOP">
<P>$400,000</TD>
<TD WIDTH="16%" VALIGN="TOP">
<P>$365,000</TD>
</TR>
<TR><TD WIDTH="64%" VALIGN="TOP">
<P>Ken Shannon, EVP and Chief Risk Officer</TD>
<TD WIDTH="20%" VALIGN="TOP">
<P>$340,000</TD>
<TD WIDTH="16%" VALIGN="TOP">
<P>$325,000</TD>
</TR>
<TR><TD WIDTH="64%" VALIGN="TOP">
<P>Peggy Hiraoka, EVP, Human Resources</TD>
<TD WIDTH="20%" VALIGN="TOP">
<P>$285,000</TD>
<TD WIDTH="16%" VALIGN="TOP">
<P>$270,000</TD>
</TR>
</TABLE>
<P>&#9;&#9;&#9;&#9;&#9;&#9;&#9;&#9;</P>
<I><P>Annual Bonus for 2006.</I>  The Committee determined the annual bonus awards for the Named Executive Officers under the Company's 2005 Executive Incentive Plan (the &quot;Plan&quot;).  As set forth in the Plan, the maximum pool of funds available for awards under the Plan for purposes of Internal Revenue Code Section 162(m) is 2.5% of the Company's operating cash flow for the applicable fiscal year.  Actual incentive award payments were based on the Committee's assessment of the Company's and each executive's performance measured against objective and subjective performance criteria established by the Committee in March 2006, reduced by the Committee's exercise of negative discretion.  In its assessment, the Committee also accepted the Chief Executive Officer's recommendation that he receive no bonus and exercised its negative discretion to reduce the bonus that would otherwise have been paid to him under the Plan's formula to zero.  Accordingly, the bonus amounts for service in 2006 were as follows: </P>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=553>
<TR><TD WIDTH="80%" VALIGN="TOP">
<P>James Westfall, EVP and CFO</TD>
<TD WIDTH="20%" VALIGN="TOP">
<P>$180,000</TD>
</TR>
<TR><TD WIDTH="80%" VALIGN="TOP">
<P>Colleen Anderson, EVP, Community Banking</TD>
<TD WIDTH="20%" VALIGN="TOP">
<P>$180,000</TD>
</TR>
<TR><TD WIDTH="80%" VALIGN="TOP">
<P>Ken Shannon, EVP and Chief Risk Officer</TD>
<TD WIDTH="20%" VALIGN="TOP">
<P>$200,000</TD>
</TR>
<TR><TD WIDTH="80%" VALIGN="TOP">
<P>Peggy Hiraoka, EVP, Human Resources</TD>
<TD WIDTH="20%" VALIGN="TOP">
<P>$165,000</TD>
</TR>
</TABLE>
<P>&#9;&#9;   </P>
<P>&#9;</P>
<P>  </P>
<P>&nbsp;</P>
<B><P ALIGN="CENTER">SIGNATURES</P>
</B>
<P>Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>
<P>Date:  March 7, 2007&#9;&#9;&#9;&#9;</P>
<P>GREATER BAY BANCORP</P>
<P>By: <U>/s/ Linda M. Iannone</P>
</U><P>Linda M. Iannone</P>
<P>Senior Vice President, General Counsel and Secretary</P></BODY>
</HTML>
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{"company-data": {"conformed-name": "GREATER BAY BANCORP", "cik": "0000775473", "assigned-sic": "6021", "irs-number": "770387041", "state-of-incorporation": "CA", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-25034", "film-number": "07677698"}, "business-address": {"street1": "1900 UNIVERSITY AVENUE, 6TH FLOOR", "city": "EAST PALO ALTO", "state": "CA", "zip": "94303", "phone": "4153751555"}, "mail-address": {"street1": "1900 UNIVERSITY AVENUE, 6TH FLOOR", "street2": "420 COWPER ST", "city": "EAST PALO ALTO", "state": "CA", "zip": "943031504"}, "former-company": [{"former-conformed-name": "MID PENINSULA BANCORP", "date-changed": "19941031"}, {"former-conformed-name": "SAN MATEO COUNTY BANCORP", "date-changed": "19920703"}]}
UNITED STATES
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) March 1, 2007
GREATER BAY BANCORP
___________________________________________________________________________________________________________
(Exact name of registrant as specified in its charter)
California
0-25034
77-0387041
___________________________________________________________________________________________________________
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
1900 University Avenue, 6
th
Floor, East Palo Alto, CA
94303
_______________________________________________________________________
______________________________
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number, including area code
(650) 813-8200
NA
___________________________________________________________________________________________________________
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 5.02	Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
(e)	On March 1, 2007, the Compensation Committee (the "Committee") of the Greater Bay Bancorp (the "Company") Board of Directors approved 2007 base salaries and 2006 annual bonus awards for the executive officers who were named in the Summary Compensation Table of the Company's 2006 Proxy Statement (the "Named Executive Officers").
Base Salaries for 2007.
Except in the case of Ms. Anderson, in determining 2007 base salaries for the Named Executive Officers, the Committee included an adjustment in the amount of $12,000 to replace an annual car allowance of the same amount, which had been paid previously to these officers.  This car allowance was discontinued at the time of the salary adjustment.  The base salaries for the Named Executive Officers are as follows:
2007
2006
Byron Scordelis, President and CEO
$750,000
$750,000
James Westfall, EVP and CFO
$380,000
$365,000
Colleen Anderson, EVP, Community Banking
$400,000
$365,000
Ken Shannon, EVP and Chief Risk Officer
$340,000
$325,000
Peggy Hiraoka, EVP, Human Resources
$285,000
$270,000
Annual Bonus for 2006.
The Committee determined the annual bonus awards for the Named Executive Officers under the Company's 2005 Executive Incentive Plan (the "Plan").  As set forth in the Plan, the maximum pool of funds available for awards under the Plan for purposes of Internal Revenue Code Section 162(m) is 2.5% of the Company's operating cash flow for the applicable fiscal year.  Actual incentive award payments were based on the Committee's assessment of the Company's and each executive's performance measured against objective and subjective performance criteria established by the Committee in March 2006, reduced by the Committee's exercise of negative discretion.  In its assessment, the Committee also accepted the Chief Executive Officer's recommendation that he receive no bonus and exercised its negative discretion to reduce the bonus that would otherwise have been paid to him under the Plan's formula to zero.  Accordingly, the bonus amounts for service in 2006 were as follows:
James Westfall, EVP and CFO
$180,000
Colleen Anderson, EVP, Community Banking
$180,000
Ken Shannon, EVP and Chief Risk Officer
$200,000
Peggy Hiraoka, EVP, Human Resources
$165,000
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date:  March 7, 2007
GREATER BAY BANCORP
By:
/s/ Linda M. Iannone
Linda M. Iannone
Senior Vice President, General Counsel and Secretary