Pacific Capital Bancorp

Pacific Capital Bancorp was a bank headquartered in Santa Barbara, California. It had 47 branches, all of which were in Southern California. It operated under the name Santa Barbara Bank & Trust. The company also operated Morton Capital Management and R.E. Wacker Associates, investment advisory firms. In 2012, the company was acquired by MUFG Union Bank.

Pacific Capital Bancorp
IndustryBanking
FateAcquired by MUFG Union Bank
FoundedMarch 17, 1960 (March 17, 1960)
DefunctDecember 1, 2012 (December 1, 2012)
HeadquartersSanta Barbara, California
Key people
 Gerald J. Ford, Chairman
Carl B. Webb, CEO & President
Mark K. Olson, CFO[1]
Total assets $5.850 billion (2011)[1]
Total equity $0.761 billion (2011)[1]
Number of employees
1,029 (2011)[1]

History

The bank was founded as Santa Barbara National Bank on March 17, 1960.[1][2]

In 1998, Santa Barbara Bancorp acquired Pacific Capital Bancorp for $287.6 million in stock and changed its name to Pacific Capital Bancorp.[3][1]

In November 2008, the company received an investment of $180,634,000 from the United States Department of the Treasury as part of the Troubled Asset Relief Program (TARP).[4]

In January 2010, the company sold its Refund Anticipation Loan and Refund Transfer business to Santa Barbara Tax Products Group for $10 million.[5]

In April 2010, Gerald J. Ford bought a 91% stake in the company for $500 million.[6][7]

On December 1, 2012, the bank was acquired by MUFG Union Bank for $1.5 billion.[8]

As of June 2019 the bank still owes taxpayers and the US Government $26,561,211 from the TARP bailout.[9]

References
  1. "Pacific Capital Bancorp 2011 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. "FDIC Bank Find: Pacific Capital Bank, National Association (FDIC # 18169)". Federal Deposit Insurance Corporation.
  3. "Santa Barbara Bancorp to Buy Pacific Capital". Los Angeles Times. Bloomberg News. July 21, 1998.
  4. "Bailed out banks". CNNMoney.
  5. "Pacific Capital (PCBC) Completes RAL and RT Business Sale to Santa Barbara Tax Products Group" (Press release). Street Insider. January 14, 2010.
  6. "Pacific Capital Bancorp Announces Closing of $500 Million Investment from a Subsidiary of Ford Financial Fund, L.P." (Press release). Business Wire. August 31, 2010.
  7. Case, Brendan (April 29, 2010). "Dallas billionaire Gerald Ford strikes $500 million deal for troubled Pacific Capital bank". The Dallas Morning News.
  8. "UnionBanCal Corporation Announces Completion of Acquisition of Pacific Capital Bancorp" (Press release). Business Wire. December 1, 2012.
  9. "Bailout Tracker". ProRepublica. Retrieved June 12, 2019.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.