Pacific Capital Bancorp

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Pacific Capital Bancorp
IndustryBanking
FoundedMarch 17, 1960; 61 years ago (March 17, 1960)
DefunctDecember 1, 2012; 9 years ago (December 1, 2012)
FateAcquired by MUFG Union Bank
HeadquartersSanta Barbara, California
Key people
 Gerald J. Ford, Chairman
Carl B. Webb, CEO & President
Mark K. Olson, CFO[1]
Total assetsDecrease $5.850 billion (2011)[1]
Total equityIncrease $0.761 billion (2011)[1]
Number of employees
1,029 (2011)[1]

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.

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. ^ a b c d e f "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.
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