$0.135 1,000 OTO 15:23:35
$0.135 13,300 OTO 15:23:35
$0.14 1,200 OTO 15:03:34
$0.12 72 OTO 14:57:21
$0.14 500 OTO 14:57:09
$0.14 2,000 OTO 14:46:26
$0.14 2,382 OTO 14:27:13
$0.14 381 OTO 14:27:09
$0.13 58,000 OTO 14:25:29
$0.121 67,000 OTO 14:20:43
$0.13 750 OTO 14:20:31
$0.125 66,000 OTO 14:20:25
$0.13 800 OTO 14:07:08
$0.14 3,846 OTO 14:00:50
$0.12 15,000 OTO 13:59:26
$0.125 15,000 OTO 13:58:22
$0.14 5,000 OTO 13:57:25
$0.14 5,000 OTO 13:57:23
$0.13 50,000 OTO 13:55:37
$0.12 38,000 OTO 13:46:21
$0.12 3,189 OTO 13:44:21
$0.124 2,000 OTO 13:43:16
$0.125 5,000 OTO 13:43:08
$0.125 5,000 OTO 13:42:34
$0.125 4,000 OTO 13:42:27
$0.1301 4,000 OTO 13:40:33
$0.14 4,537 OTO 13:17:37
$0.125 1,000 OTO 13:17:04
$0.13 2,964 OTO 13:11:09
$0.13 3,000 OTO 13:11:09

I just did this to make a note... thanks for that post.. mark one for ya thanks again...

Nice synopsis of that new rule at the TTDZ Board. Post #69962. Might want to read it to get a heads up on what all this means.

moras  Saturday, 03/01/14 02:31:46 AM Frontline19721 post# 69915  of 70456 

Well, I have taken the time to research this out. I want to make a few points here before I state what I have determined. 

First off, the NSCC has requested this rule changebecause it is no longer economically prudent to offer this service to its members. That is stated in the rule request. They claim that there is not enough business requested of them to continue this service. HUH? We all know there is a ton of shorting going on. So, what does that tell us? Market Makers, Hedge Funds, Mutual Funds and Individual Investors must have other entities that provide the same service the NSCC provided. 

Secondly, there is just too much money being made by shorting stock. That in itself would create such a hew and cry, banning shorting would never fly. The money people would just not allow that to happen. And the government would not take away from themselves the tax revenue from the profits shorters make. 

Thirdly, as much as we all hate the negative effects of abuse of shorting rules, the practice does have its purpose. The rule was originally allowed to promoteliquidity and order in the marketplace. As always, there were those that discovered how to use the rules to their own profit and abuses occurred. Regulation SHO was devised to curb much of the abuse. But Reg Sho only applies to stocks of companies that report to the SEC. (See Reg. SHO Rules). So, the abuses as well as the positives still exist in the Pink Sheet Stocks. 

The postings here and on other boards with regard to the end of Market Maker shoring is due to poorly interpreted reading of this NCSS Notice. Shorting will go on as it has since the beginning of the stock exchange. Just not with the help of the NCSS.

Here is the news article on the DTCC naked short selling, this is great news starting 3-14-14  

http://www.dtcc.com/~/media/Files/Downloads/legal/rule-filings/2013/nscc/SR-NSCC-2013-13.ashx ;

UnionBanCal completes takeover of PCBC (12/03/12)

US based UnionBanCal Corporation (UNBC) and its primary subsidiary, Union Bank, has acquired Pacific Capital Bancorp (PCBC), for $1.5bn.

According to terms of the deal, Santa Barbara Bank & Trust will merge into Union Bank on 3 December 2012, following receipt of approval from regulators on 14 November, with the latter to continue as surviving entity.

As part of the transaction, the purchaser acquires $3.7bn in loans in custody for investment and $4.7bn in deposits, as of 30 September 2012.

PCBC's public stockholders will exchange their stock certificates for the per share merger consideration and each outstanding share of common stock of PCBC will receive $46 in cash, without interest.

With closing of the transaction, registration of PCBC's common stock under the Securities Exchange Act of 1934 will be terminated and its shares will not be listed on any stock exchange or quotation system, including Nasdaq Global Market.

Having $88.2bn of assets as of 30 September 2012, UNBC's subsidiary serves as a full-service commercial bank and operates 402 branches in California, Washington, Oregon, Texas, New York and Illinois, as well as two international offices.

UNBC is a wholly-owned subsidiary of The Bank of Tokyo-Mitsubishi UFJ.

http://commercialbanking.banking-business-review.com/news/unionbancal-completes-takeover-of-pacific-capital-bancorp-031212

PCBC Reports Third Quarter 2012 Results (10/24/12)

SANTA BARBARA, Calif.--(BUSINESS WIRE)--Pacific Capital Bancorp (Nasdaq: PCBC), a community bank holding company and parent of Santa Barbara Bank & Trust, N.A., reported net income of $33.2 million, or $1.01 per diluted share, for the three months ended September 30, 2012 compared with $20.5 million, or $0.62 per diluted share, for the three months ended September 30, 2011. Net income for the third quarter of 2012 was the highest reported quarterly result since the Ford Financial Group’s investment in Pacific Capital Bancorp in August 2010.

For the nine months ended September 30, 2012, Pacific Capital Bancorp earned $73.9 million, or $2.24 per diluted share, compared with $58.2 million, or $1.77 per diluted share, for the same respective period a year ago. Merger related costs included in net income were $1.8 million and $4.2 million for the respective three and nine months ended September 30, 2012.

Third Quarter Highlights

• Achieved a return on average assets of 2.2% and 1.7%, and a return on average equity of 15.7% and 12.2% for the three and nine months ended September 30, 2012, respectively;

• Improved net interest margins to 4.38% and 4.41% for the three and nine months ended September 30, 2012; and

• Increased regulatory capital ratios to 13.6% and 23.5% for Tier 1 Leverage and Total Risk-Based Capital, respectively at September 30, 2012.

Net interest income was $61.2 million, or 4.38% of average interest earning assets, for the three months ended September 30, 2012 compared with $55.8 million, or 4.08%, for the same period a year ago. Net interest income for the nine months ended September 30, 2012 was $180.1 million, or 4.41% of average interest earning assets, compared with $170.3 million, or 4.17%, for the same respective period a year ago. The increase in net interest income is primarily the result of continued strong performance of purchase credit impaired loans, a decline in the cost of funds, and an increase in loan growth.

Provision for loan losses was $860,000 for the three months ended September 30, 2012 compared with $787,000 for the same period a year earlier. Provision for loan losses was $2.0 million for the nine months ended September 30, 2012 compared with $4.3 million for the same respective period a year ago. Provision for loan losses increased for the comparative three month periods as a result of higher loan originations and purchases. Provision for loan losses decreased for the comparative nine month periods from lower historical loss rates used when calculating the allowance for loan losses.

Noninterest income was $20.1 million for the three months ended September 30, 2012 compared with $13.0 million for the same period a year ago. Noninterest income was $49.6 million for the nine months ended September 30, 2012 compared with $38.4 million for the same respective period a year earlier. Noninterest income increased for the comparative periods primarily as a result of increased gains on sales of other real estate owned, loans, and investment securities.

Noninterest expense was $47.1 million for the three months ended September 30, 2012 compared with $48.1 million for the same period of 2011. Noninterest expense was $152.5 million for the nine months ended September 30, 2012 compared with $146.5 million for the same respective period a year ago. Noninterest expense decreased for the comparative three month periods primarily from a decline in the number of employees resulting from attrition due to the merger announcement with UnionBanCal. Noninterest expense for the comparable nine month periods increased as a result of an increase in the estimated earnout liability related to the Company’s registered investment advisor subsidiaries and costs associated with the merger with UnionBanCal.

Pacific Capital Bancorp and its wholly-owned banking subsidiary, Santa Barbara Bank & Trust, N.A. (“SBB&T”), exceed the ratios required to be considered ”well capitalized” as well as capital levels that SBB&T is required to meet under its Operating Agreement with the Office of the Comptroller of the Currency. At September 30, 2012, regulatory capital ratios for Pacific Capital Bancorp and SBB&T were 13.6% and 12.5%, respectively, for Tier 1 leverage capital, and 23.5% and 21.6%, respectively, for total risk-based capital ratios.

Quarterly Report on Form 10-Q

The Company intends to file with the Securities and Exchange Commission its Quarterly Report on Form 10-Q for the quarter ended September 30, 2012 on or before November 9, 2012. This report can be accessed, free of charge, on the Securities and Exchange Commission’s website at www.sec.gov, on the Company’s website at www.pcbancorp.com, or by contacting the Company’s Investor Relations Department.

About Pacific Capital Bancorp

Pacific Capital Bancorp, with $6.0 billion in assets, is the parent company of Santa Barbara Bank & Trust, N.A., a nationally chartered bank headquartered in Santa Barbara, which operates 45 branches in eight California counties on the Central Coast of California. SBB&T provides a full line-up of community banking, commercial banking, and trust and wealth management products and services. The Company’s website, including investor relations information, can be found at www.pcbancorp.com. Products and services offered, and branch locations can be found at www.sbbt.com.

Additional Information and Where to Find It

In connection with the proposed merger, the Company has filed a definitive information statement relating to the merger with the Securities and Exchange Commission (“SEC”). INVESTORS SHOULD READ THE DEFINITIVE INFORMATION STATEMENT BECAUSE IT CONTAINS IMPORTANT INFORMATION ABOUT THE PROPOSED MERGER AND THE COMPANY. You can obtain the definitive information statement, as well as other filings containing information about the Company, free of charge, at the website maintained by the SEC at www.sec.gov. In addition, filings made by the Company with the SEC, other than preliminary materials, may be obtained free of charge by contacting the Company at (805) 884-6680 or 1021 Anacapa Street, Santa Barbara, California 93101, Attention: Investor Relations.

thttp://www.businesswire.com/news/home/20121024006679/en/Pacific-Capital-Bancorp-Reports-Quarter-2012-Results, Santa Barbara, California 93101, Attention: Investor Relations.

PCBC Reports Second Quarter 2012 Results (7/25/12)

SANTA BARBARA, Calif.--(BUSINESS WIRE)--Pacific Capital Bancorp (Nasdaq: PCBC), a community bank holding company and parent of Santa Barbara Bank & Trust, N.A., reported net income of $24.1 million, or $0.73 per diluted share, for the three months ended June 30, 2012, compared with $21.0 million, or $0.64 per diluted share, for the three months ended June 30, 2011. Net income for the second quarter of 2012 was the highest reported for a quarter since the Ford Financial Group’s investment in Pacific Capital Bancorp in August 2010. Net income for the second quarter of 2012, included $1.4 million of merger related costs.

Second Quarter Highlights

The Written Agreement dated May 11, 2010, between Pacific Capital Bancorp and the Federal Reserve Bank of San Francisco was terminated effective as of May 23, 2012;

Achieved a return on average assets of 1.66% and a return on average equity of 12.02% for the three months ended June 30, 2012;

Improved net interest margins to 4.55% for the second quarter of 2012, compared with 4.42% for the second quarter of 2011;
Increased regulatory capital ratios to 13.3% and 22.1% for Tier 1 Leverage and Total Risk-Based Capital at June 30, 2012, respectively; and

Progress continues to be made to consummate the acquisition of PCBC by UnionBanCal Corporation that was announced on March 12, 2012. The acquisition requires approval from banking regulators and is subject to other customary closing conditions, and is expected to be completed in the fourth quarter of 2012.

“Our strong performance in the second quarter reflects our successful execution of bringing high quality banking and financial services to our customers,” said Carl B. Webb, Chief Executive Officer of Pacific Capital Bancorp. “This customer focus is shared by Union Bank and makes us confident that joining forces with such a strong, California-based financial services organization will position us to continue to provide this level of service to the communities we serve,” continued Mr. Webb.

Net interest income was $61.2 million, or 4.55% of average interest earning assets for the second quarter of 2012, compared with $60.2 million, or 4.42%, for the same period a year ago. The increase in net interest income is primarily the result of lower cost of funds due to the maturity of high rate certificates of deposit and the redemption of subordinated debentures.

The provision for loan losses was $317,000 for the second quarter of 2012, compared with $1.8 million for the second quarter of 2011. The decline in the provision for loan loss is attributed to lower historical loss rates, and better performance of purchased credit impaired loan portfolios than expected.

Total noninterest income was $15.6 million in the second quarter of 2012, compared with $12.5 million in the second quarter of 2011. The increase is primarily the result of increased gain on sales of other real estate owned, loans, and investment securities.

Noninterest expense increased to $52.3 million for the second quarter of 2012, compared with $50.2 million in same period of 2011. The increase was primarily the result of additional employees in 2012, when comparing to the same period a year ago, and increased accrued incentives for employees resulting from improved performance by the Company.

Pacific Capital Bancorp and its wholly-owned banking subsidiary, Santa Barbara Bank & Trust, N.A. (“SBB&T”), exceed the ratios required to be considered “well capitalized” as well as capital levels that SBB&T is required to meet under its Operating Agreement with the Office of the Comptroller of the Currency. Regulatory capital ratios for SBB&T and the Company were 12.1% and 20.2%, and 13.3% and 22.1% at June 30, 2012, for Tier 1 leverage capital and total risk-based capital ratios, respectively.

Quarterly Report on Form 10-Q

The Company intends to file with the Securities and Exchange Commission its Quarterly Report on Form 10-Q for the quarter ended June 30, 2012, on or before August 9, 2012. This report can be accessed at the Securities and Exchange Commission’s website, www.sec.gov. Shortly after filing, it is also available free of charge at the Company’s website, www.pcbancorp.com or by contacting the Company’s Investor Relations Department.

About Pacific Capital Bancorp

Pacific Capital Bancorp, with $5.9 billion in assets, is the parent company of Santa Barbara Bank & Trust, N.A., a nationally chartered bank headquartered in Santa Barbara which operates 45 branches in eight California counties on the Central Coast of California. SBB&T provides a full line-up of community banking, commercial banking, and trust and wealth management products and services. The Company’s website, including investor relations information, can be found at www.pcbancorp.com; SBB&T’s website, including products and services information and branch locations, can be found at www.sbbt.com.

Additional Information and Where To Find It

In connection with the proposed merger, the Company has filed a definitive information statement relating to the merger with the Securities and Exchange Commission (SEC). INVESTORS SHOULD READ THE DEFINITIVE INFORMATION STATEMENT BECAUSE IT CONTAINS IMPORTANT INFORMATION ABOUT THE PROPOSED MERGER AND THE COMPANY. You can obtain the definitive information statement, as well as other filings containing information about the Company, free of charge, at the website maintained by the SEC at www.sec.gov. In addition, filings made by the Company with the SEC, other than preliminary materials, may be obtained free of charge by contacting the Company at 805-884-6680 or 1021 Anacapa Street, Santa Barbara, California 93101, Attention: Investor Relations.

http://www.businesswire.com/news/home/20120725006559/en/Pacific-Capital-Bancorp-Reports-Quarter-2012-Results

Mr. Ford no longer has to think about next deal.

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=75390454

PCBC Reports First Quarter 2012 Results (4/25/12)

SANTA BARBARA, Calif.--(BUSINESS WIRE)--Pacific Capital Bancorp (Nasdaq: PCBC), a community bank holding company and parent of Santa Barbara Bank & Trust, reported net income of $16.6 million, or $0.50 per diluted share, for the three months ended March 31, 2012, compared with $16.8 million, or $0.51 per diluted share, for the three months ended March 31, 2011. Net income for the first quarter of 2012, included $1.0 million of merger related costs.

First Quarter Highlights

On March 12, 2012, the Company announced that it had entered into a merger agreement with UnionBanCal Corporation. Pursuant to the merger agreement, each outstanding share of the Company’s common stock will receive cash in the amount of $46.00 per share upon consummation of the Merger. The acquisition requires approval from banking regulators and is subject to other customary closing conditions, and is expected to be completed in the fourth quarter of 2012;

Achieved a return on average assets of 1.15% and a return on average equity of 8.54% for the three months ended March 31, 2012;

Improved net interest margins to 4.29% for the first quarter of 2012, compared with 3.99% for the first quarter of 2011; and
Increased regulatory capital ratios to 12.8% and 20.6% for Tier 1 Leverage and Total Risk-Based Capital, respectively.

“The merger announcement with Union Bank is confirmation of the significant achievements made by the entire team at Santa Barbara Bank & Trust,” said Carl B. Webb, Chief Executive Officer of Pacific Capital Bancorp. “We have joined forces with a strong, California-based financial services organization that shares our vision of community banking. The combination of these two organizations ensures that our local customers and communities will continue to be well served in the future by a responsible, high quality bank with significant capabilities and convenience throughout California,” continued Webb.

Net interest income was $57.7 million, or 4.29% of average interest earning assets for the first quarter of 2012, compared with $54.3 million, or 3.99%, for the same period a year ago. The increase is primarily the result of an overall decline in the cost of deposits and other borrowings. The improved net interest margin was also impacted by the purchase credit impaired loan portfolio, which continues to perform favorably.

Total noninterest income was $13.9 million in the first quarter of 2012, compared with $12.9 million in the first quarter of 2011. The increase is primarily the result of increased gain on sales of assets for the first quarter of 2012 compared with the same period a year earlier.

Noninterest expense increased to $53.1 million for the first quarter of 2012, compared with $48.3 million in same period of 2011. The increase was primarily the result of a $2.2 million increase in the estimated earnout liability related to the Company’s registered investment advisor subsidiaries and $1.0 million in merger related costs.

Pacific Capital Bancorp and its wholly-owned banking subsidiary, Santa Barbara Bank & Trust (“SBB&T”), exceed the ratios required to be considered ”well capitalized” as well as capital levels that SBB&T is required to meet under its Operating Agreement with the Office of the Comptroller of the Currency. Regulatory capital ratios for SBB&T and the Company were 11.7% and 18.8%, and 12.8% and 20.6% at March 31, 2012, for Tier 1 leverage capital and total risk-based capital ratios, respectively.

Quarterly Report on Form 10-Q

The Company intends to file with the Securities and Exchange Commission its Quarterly Report on Form 10-Q for the quarter ended March 31, 2012, on or before May 10, 2012. This report can be accessed at the Securities and Exchange Commission’s website, www.sec.gov. Shortly after filing, it is also available free of charge at the Company’s website, www.pcbancorp.com or by contacting the Company’s Investor Relations Department.

About Pacific Capital Bancorp

Pacific Capital Bancorp, with $5.8 billion in assets, is the parent company of Santa Barbara Bank & Trust, N.A., a nationally chartered bank headquartered in Santa Barbara which operates 45 branches in eight California counties on the Central Coast of California. SBB&T provides a full line-up of community banking, commercial banking, and trust and wealth management products and services. The Company’s website, including investor relations information, can be found at www.pcbancorp.com; SBB&T’s website, including products and services information and branch locations, can be found at www.sbbt.com.

Additional Information and Where To Find It

In connection with the proposed merger, the Company has filed a preliminary information statement with the Securities and Exchange Commission (SEC). INVESTORS SHOULD READ THE DEFINITIVE INFORMATION STATEMENT WHEN IT BECOMES AVAILABLE BECAUSE IT WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED MERGER AND THE COMPANY. You will be able to obtain the definitive information statement, as well as other filings containing information about the Company, free of charge, at the website maintained by the SEC at www.sec.gov. In addition, filings made by the Company with the SEC, other than preliminary materials, may be obtained free of charge by contacting the Company at (805) 884-6680 or 1021 Anacapa Street, Santa Barbara, California 93101, Attention: Investor Relations.

Forward Looking Statements

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements. All statements other than statements of historical fact are “forward- looking statements” for purposes of federal and state securities laws, including, but not limited to, statements about anticipated future operating and financial performance, financial position and liquidity, business prospects, strategic alternatives, business strategies, regulatory and competitive outlook, investment and expenditure plans, capital and financing needs and availability, acquisition and divestiture opportunities, plans and objectives of management for future operations, and other similar forecasts and statements of expectation and statements of assumptions underlying any of the foregoing.

Words such as “will likely result,” “aims,” “anticipates,” “believes,” “could,” “estimates,” “expects,” “hopes,” “intends,” “may,” “plans,” “projects,” “seeks,” “should,” “will,” and variations of these words and similar expressions are intended to identify these forward-looking statements.

Forward-looking statements are based on the Company’s current expectations and assumptions regarding its business, the regulatory environment, the economy and other future conditions. The Company’s actual results may differ materially from those contemplated by the forward-looking statements. The Company cautions you against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. Important factors that could cause actual results to differ materially from those in the forward-looking statements are detailed in reports filed by the Company with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2011, filed by the Company with the Securities and Exchange Commission on March 15, 2012.

http://www.businesswire.com/news/home/20120425006752/en/Pacific-Capital-Bancorp-Reports-Quarter-2012-Results

Risks remain in the Southeast and Midwest.

The "undercapitalized" list I use details 165 banks. Of those, 30 are in Georgia, 24 in Florida and 19 in Illinois.

Bank failures in California seem to have slowed down. What parts of the country still have banks in need of capital?

Texas Billionaire, Treasury Win in $1.5 Billion Bank Sale (3/12/12)

NEW YORK (TheStreet) --Texas billionaire Gerald Ford and the U.S. Treasury Department are set to benefit the most from UnionBanCal's $1.5 billion acquistion of Pacific Capital Bancorp (PCBC_) for $46 a share.

The merger values Pacific Capital at a 60% premium to the company's Friday close, making the deal a windfall to Ford's investment fund, which holds a near 76% stake in the Santa Barbara, Calif-based lender. After making a preferred share investment in Pacific Capital as part of its $700 billion Troubled Asset Relief Program bank bailout in 2008, the U.S. Treasury will also benefit from the deal and its near 11% stake worth roughly $160 million, according to Bloomberg data. After making a $181 million preferred share investment in Pacific Capital to help it weather a souring real estate portfolio, the bank had been unable to repay its bailout funds. Instead, in 2010, bank investor Gerald J. Ford invested $500 million in Pacific Capital, with the agreement to convert the government's preferred investment into common stock.

For Ford and his investment fund called the Ford Financial Fund, Monday's sale of Pacific Capital may be the bank investment coup that he was looking for in the aftermath of the credit crunch. In 2009, Pacific Capital lost $421 million as its non-performing assets rose to $467.3 million. The bank's losses have since turned to profits, after it reported net income of over $70 million for 2011.

Prior to making his Pacific Capital investment, Ford and his investment partner Carl B. Webb had been looking for a bank to buy, hiring The Carlyle Group , The Blackstone Group (BX_) and TPG Capital to bid on First Republic Bank (FRC_), then a unit of Bank of America (BAC_), according to Wall Street Journal reports. First Republic was sold to private equity firms General Atlantic and Colony Capital, leading to Ford's investment in Pacific Capital.

Ford, who is Chairman of Pacific Capital, has experience flipping banks for a big profit. Previously he ran Golden State Bancorp until it was acquired by Citigroup(C_) in 2002 for $5.8 billion. Monday's sale values Pacific Capital at roughly 1.6 times the bank's tangible book value. Synergies, tax benefits and an increase in the value of Pacific Capital's loan portfolio are expected to add to UnionBanCal's earnings, the company said in a statement. The Journal reported that in 2008, after spinning off from a larger investment fund, Ford Financial took $525 million in capital from limited partner investors like Yale University, Massachusetts Institute of Technology, and University of California. That fund had a shelf charter to buy failed banks from the Federal Deposit Insurance Corp, according to The Journal.

Pacific Capital shares rose over 57% to $45.15 in Monday afternoon trading. Prior to the deal, the company's shares were off roughly 7% in the last 12 months. In December 2010, Pacific Capital did a 1/100 reverse stock split.

For UnionBanCal, which is owned by Japanese banking conglomerate Mitsubishi UFJ Financial Group (MTU_), the move will bolster its wealth management and banking presence in Santa Barbara and the central coast. Pacific Capital is the parent of Santa Barbara Bant & Trust, which has significant operations local operations and those near the state's coast.

"Santa Barbara and the Central Coast are very attractive regions for banking and wealth management services, and represent an important geographic expansion for Union Bank," said Union Bank Chief Executive Masashi Oka said in a statement. UnionBanCal will add Pacific Capital's 47 branches to its 400-plus branches spread across California, Washington, Oregon, Texas and New York. Pacific Capital has $5.9 billion in assets, while UnionBanCal has $89.7 billion in assets, according financial statements as of Dec. 31.

While the deal is one of the 10 largest bank mergers of 2012, according to Bloomberg data, its also a rare sale of a bank that had been unable to repay bailout investments.

-- Written by Antoine Gara in New York

http://www.thestreet.com/story/11452181/1/pacific-capital-shares-skyrocket-after-takeover-bid.html?cm_ven=GOOGLEN

Wager on Distressed Bank Pays Off (3/12/12)

An Investor Reaps Windfall in Deal for Pacific Capital

By ROBIN SIDEL

It took Texas billionaire Gerald J. Ford two years to find a distressed bank that he wanted to pump money into—and two more years to roughly triple his investment.

Mr. Ford, who has been buying and selling distressed banks since the 1980s, scored a big win Monday with an agreement to sell Pacific Capital Bancorp to a unit of Mitsubishi UFJ Financial Group Inc. for $1.5 billion.

In 2010, Mr. Ford shored up the Santa Barbara, Calif., lender with an infusion of $500 million. "It's bittersweet because this is probably the best bank we've ever had," Mr. Ford said.

The deal expands the presence of Japan's largest bank in California, where it already ranks fourth in deposits, according to the Federal Deposit Insurance Corp. MUFG owns UnionBanCal Corp., which has $90 billion in assets. Its main banking unit operates 414 branches in California, Washington, Oregon, Texas and New York.

MUFG also owns about a 22% stake in Morgan Stanley .

Pacific Capital is far smaller, with $5.9 billion in assets, and is the parent of Santa Barbara Bank & Trust. The bank has 47 branches on California's central coast.

News of the deal sent Pacific Capital shares up 57%, or $16.34, to $45.03 in Nasdaq Stock Market trading Monday.

The agreement marks a rare victory for the scores of investors and private-equity firms that poured billions of dollars into battered financial institutions in the past couple of years. Many of those deals have stumbled, leaving buyers underwater on their investments and unsure if they will ever cash out at a profit.

"It often takes years to rehabilitate one of these banks," said Gregory Lyons, co-chairman of the financial-institutions group at law firm Debevoise & Plimpton LLP in New York.

He noted that Mr. Ford's success is due partly to the fact that he is willing to sell Pacific Capital now. Other investors usually want to rehabilitate their institution, make acquisitions and then sell when the banks are bigger.

Although many banks have resolved troubled loan portfolios that contributed to their losses during the financial crisis, they are now struggling with higher regulatory costs, low interest rates, and a lack of robust loan growth. That means profits are likely to stay under pressure.

Mr. Ford's payday comes two months after BankUnited Inc., based in Miami Lakes, Fla., abruptly abandoned a plan to sell itself after receiving offers that were lower than expected. Although the private-equity firms that revived the failed Florida lender in 2009 earned hundreds of millions of dollars by taking it public, the lack of interested buyers was widely viewed as a setback. Shares of BankUnited closed Monday at $23.58, up 20 cents, on the New York Stock Exchange, below the $27 price where they went public in January 2011.

Also, last fall, New York real-estate developer Stephen Ross returned $1.1 billion to some 150 investors, saying that he hadn't found attractive deals in the banking industry.

Mr. Ford, 67 years old, rose to prominence during the savings-and-loan crisis of the 1980s. He teamed up with New York financier Ronald Perelman to buy five failed Texas thrifts, which were overhauled and merged into Golden State Bancorp. Citigroup then bought the bank for $5.3 billion in 2002.

Mr. Ford moved more slowly during the latest financial crisis, earning some criticism from his peers. Although regulators granted him a license in 2008 to buy a bank, he stood by as private-equity firms snapped up high-profile deals like BankUnited and California's IndyMac Bank. He later said that he made a mistake by not bidding on them.

And when he did set his eye on failed banks, like Downey Financial Corp. of Newport Beach, Calif., and Guaranty Bank of Austin, Tex., he lost out to other bidders.

In 2010, Mr. Ford finally alighted on Pacific Capital. Like other California lenders, it was loaded down with soured commercial and residential real-estate loans. It didn't fail, although many industry analysts thought its days were numbered.

Mr. Ford pumped $500 million into Pacific Capital through a subsidiary of his Ford Financial Fund L.P., receiving a 91% stake in the lender and two board seats. Shareholders were virtually wiped out in the deal, although they were given a right to buy stock at 20 cents a share.

"No doubt there's a lot of risk in this deal," Mr. Ford told The Wall Street Journal at the time.

As part of the deal, the federal government, which had invested $181 million in the bank in 2008 under the Troubled Asset Relief Program, agreed to swap its preferred shares for common stock. As a result it was left with a 7% stake.

The deal returned the bank to profitability. It earned $70 million last year.

"Our guys did a great job in managing the problems faster than I would have imagined," Mr. Ford said. He said representatives of MUFG first approached the bank about a deal in late December. Talks intensified last month.

Mr. Ford's bumper profit is a good sign according to Paul Murphy, chief executive of Cadence Bancorp LLC, a Houston-based bank holding company that has bought a number of community banks. Last week, Cadence agreed to buy Encore Bancshares Inc. of Houston for $250 million.

"This validates the whole distressed bank-investing model. If you can fix them up and run them right, they can have a very attractive return for shareholders," Mr. Murphy said.

Mr. Ford, meanwhile, is thinking about his next deal.

"I don't think we will turn around and find another one tomorrow, but I suspect in the next year or so we will find something to do," he said.

Write to Robin Sidel at robin.sidel@wsj.com

http://online.wsj.com/article/SB10001424052702303717304577277280087592456.html?KEYWORDS=wager+on+distressed+bank

Congrats investors I was in this when it was 20 after the rs I got in patient and sold for alittle profit in the meantime my fatherinlaw bought said it will be a gold mine in a few years hes correct again but hes mad because he thought it would easly get to 100..00 well I gues people sgould be happy that would double my money in a very short time... Pcbc

Enterprising Investor: Congratulations. Your deep DD and patience payed off. Needless to say, a TA person like myself was not along to enjoy the party, but I will be looking in on your posts more often in the future. GL

WOW, did not see this coming!!

Exactly. Not to mention some ill-timed loans in 2009 made to officer(s) of the bank pre-Ford & Co.

http://banktalk.org/tag/pcbc/page/2/

What took the law firms so long?

Seriously, the time to investigate possible breaches of fiduciary duty by the Board would have been prior to Ford Financial Fund Investment making the capital infusion, not after.

All Legacy Shareholders had an opportunity to participate in the rights offering and buy shares at $20. Only 52.6 percent participated. Smooth, huh?

Next case...

The Law Firm of Levi & Korsinsky, LLP Announces Investigation into Possible Breaches of Fiduciary Duty by the Board of Pacifi...

Levi & Korsinsky is investigating the Board of Directors of Pacific Capital Bancorp (“Pacific Capital” or the “Company”) (Nasdaq: PCBC) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to UnionBanCal Corporation. Under the terms of the agreement, Pacific Capital shareholders will receive $46 for each share of Pacific Capital stock they own. The transaction has a total approximate value of $1.5 billion.

http://ih.advfn.com/p.php?pid=nmona&article=51589295

==================

Good luck finding legacy shareholders upset with the BoD over this deal. Below is a review of how things stood for just 3 short years ago prior to Mr. Ford coming in with a plan to save the bank.

Employees were losing thier jobs: March 19, 2009 - Pacific Capital Bancorp to cut 300, or 22%, of jobs

http://articles.marketwatch.com/2009-03-19/news/30964074_1_pacific-capital-bancorp-tel-aviv-pcbc

Shareholders had lost 99% in value : NEW YORK -- December 19, 2010

The Securities Arbitration Law Firm of Klayman & Toskes (“K&T”),
www.nasd-law.com, announced today that it is investigating potential claims on behalf of Pacific Capital Bancorp (“Pacific Capital”) (NasdaqGS:PCBC) shareholders who held concentrated positions in Pacific Capital stock with full-service Wall Street brokerage firms. On October 9, 2007, Pacific Capital stock was trading at $28.22 per share. However, by November 2009, the price of Pacific Capital stock declined over 99%, closing at under a dollar per share. As a result, many Pacific Capital shareholders who held concentrated positions in Pacific Capital sustained substantial losses.

http://www.bloomberg.com/apps/news?pid=conewsstory&tkr=PCBC:US&sid=aD7oe7zAevAU

Financials statements from 2007 show a bank headed for a cliff:

http://www.marketwatch.com/investing/stock/PCBC/financials

PCBC was selling off chunks of the business to infuse capital:

Dec 24, 2009 - Pacific Capital Bancorp Announces Planned Sale of Refund Anticipation Loan and Refund Transfer Businesses

http://www.wikinvest.com/stock/Pacific_Capital_Bancorp_(PCBC)/News/742621/Pacific_Capital_Bancorp_Announces_Planned_Sale_of_Refund_Anticipation_Loan_and_Refund_Transfer_Businesses

Banks were failing at an alarming rate...many never did find investors willing to help out. Keep in mind that in 2009 & 2010 investing (on the $500 Million dollar scale that Mr. Ford was about to) came with no guarantees of success. The economy could have easily slid into a full blown depression. Risks were very high.

Bank failures to keep rising in 2010

SAN FRANCISCO (MarketWatch) -- The continuing fallout from bad loans made in good years means even more U.S. banks will fail in 2010 than 2009, despite a recovering economy.

That's the prediction of bank analysts who see as many as 200 institutions closing this year, at a potential cost of more than $50 billion to taxpayers, as risky loans approved in 2006 and 2007 take their toll.

And that represents a projected 43% increase in closures from 2009, which saw 140 failures, the most since 1992 when the U.S. was recovering from the savings and loan crisis.

http://articles.marketwatch.com/2010-02-05/industries/30693708_1_bank-failures-texas-ratio-bank-stocks

=========

I wasn't a pre-2010 shareholder but I think if I was I would rather give Mr. Ford & Co a great big wet kiss...not hand them a lawsuit!

Gerald Ford Poised to Double $500 Million Investment in Pacific Capital
By Laura Marcinek - Mar 12, 2012 6:55 PM ET



Gerald J. Ford, who became a billionaire buying distressed lenders during the savings and loan crisis, could earn $650 million from his 2010 investment in Pacific Capital Bancorp (PCBC) following its sale to UnionBanCal Corp.

Ford stands to receive $1.15 billion for his 25 million- share investment in Pacific Capital, a stake that cost him $500 million in 2010, according to a filing last year from the Santa Barbara, California-based bank. UnionBanCal, based in San Francisco, said today it will purchase Pacific Capital for $46 a share, 60 percent more than its March 9 closing price. Completion is scheduled for the fourth quarter.

Affiliates of Ford bought into Pacific Capital after the bank said its survival was in doubt and that shareholders might be wiped out. The company hadn’t reported a quarterly profit since the first three months of 2008. After Ford’s investment, Pacific Capital posted net income in the fourth quarter of 2010 and has been profitable ever since.

“Our guys did a terrific job of assessing and managing the business,” Ford said in a telephone interview. Deborah Whiteley, a spokeswoman for Pacific Capital, didn’t immediately respond to messages seeking comment.

Ford, 67, amassed his fortune during the 1980s and 1990s by acquiring distressed banks and turning them around. The Texan transformed Golden State Bancorp Inc. into the second-largest U.S. savings and loan, which he sold to Citigroup Inc. (C) in 2002 for $5.3 billion. Much of his wealth was tied to California, where Golden State was based and Pacific Capital and UnionBanCorp are headquartered.

Pacific Capital has $5.9 billion in assets and is the parent company of Santa Barbara Bank & Trust, which has 47 branches in California. Pacific Capital’s shares rose 57 percent to close at $45.03 today in New York. They had fallen 7.7 percent in the 12 months through March 9.

To contact the reporter on this story: Laura Marcinek in New York at lmarcinek3@bloomberg.net.

No Shareholder Vote Required.

Submission of Matters to a Vote of Security Holders.

On March 9, 2012, following the execution of the Merger Agreement, SB Acquisition Company LLC, the holder of 25,000,000 shares of the Company’s common stock, constituting approximately 76 percent of the outstanding shares of the Company’s common stock, delivered to the Company its action by written consent adopting and approving the Merger Agreement and the Merger. No further approval of the stockholders of the Company is required to approve the Merger Agreement and the Merger.

http://sec.gov/Archives/edgar/data/357264/000089882212000108/pcbcannouncement8-k.htm

I want to say a great big thanks to EI and CHEVY, if it wasnt for them, I wouldnt be in pcbc for so long and to reap the rewards, I still say, get up here to new york city for that steak dinner you two., ok on to the next ford deal

We were not the only ones.

This deal was just too good to pass up.

I am just not sure how many more opportunities will get to invest alongside Ford and Webb. I am ready.

I must say this is a bit shocking considering the MO of Mr. Ford & Mr. Webb.

Although as we've discussed on the phone a few times it has been a bit of a mystery why we didn't see PCBC agressively building the footprint at a time other banks around them were on sale. It seemed the perfect conditions existed but evidently that just wasn't in the masterplan. On the bright side look at what they did in a short period of time - they rescued a bank from failing which would have made taxpayers pick up the tab...they got the bank back on solid ground...and they cleaned up the books - all of which takes leadership and because of that shareholders will be bought out at a hefty premium which is HUGE. Banks don't sell for much of a premium in good times let alone in tough times. For anyone watching banks or knows the history of a typical bank sale this deal is a huge accomplishment!

There have been dozens of bank acquisitions the past 2 years and every one of them was purchased at deep discounts.

Shareholders who trusted that Mr. Ford & Mr. Webb would get them a handsome ROI someday cannot be disappointed. They delivered. And I don't think anyone on Ihub would of known who these men were if you (Enterprising Investor) would not have taken to the time to tell us and why trusting them would be a smart investment. Thanx bud ;)

Wrong! What? I don't think so. I think what you and Chevy presented made sense.

Got this one wrong.

Sorry. ;o)

Seriously, I thought more banks would be added on before an offer came along.

UnionBanCal Corporation to Acquire PCBC (3/12/12)

By David Benoit

The California banking industry is getting slightly more consolidated.

Union Bank, the state’s fourth biggest bank by deposits, as measured by the Federal Deposit Insurance Corp., is buying the parent of the state’s 20th biggest deposit holder, Pacific Capital Bancorp.

California is a fragmented market, one that some of the big banks have plotted expansions into. But Union Bank, owned by Japan’s giant Mitsubishi EFJ Financial Group, is making its own moves to expand. The bank said the acquisition of Pacific Capital, and its Santa Barbara B&T, would give it an increased presence in the central coast area.

Union Bank is biggest in Los Angeles and has significant presence north in San Francisco, while Santa Barbara is concentrated between those two areas, so will fill in a weaker area for Union Bank.

The $1.5 billion deal, at $46 a share for Pacific Capital, is a hefty 60% premium to Friday’s closing price, and one of the bigger deals done in banking recently. It will require permission from banking regulators before closing.

Pacific Capital has $5.9 billion in assets and 47 branches, compared with Union Bank parent UnionBanCal’s nearly $90 billion in assets and 414 branches.

J.P. Morgan Chase, which holds the No. 3 position by deposits in California, last month reiterated its attempt to expand in the state and grab more of the fragmented market. J.P. Morgan however, is not looking for acquisitions, CEO Jamie Dimon has said. Instead the bank is building branches at a rapid clip compared to competitors.

Union Bank had just over 6% of deposits in the state, the FDIC says, while J.P. Morgan has 7.3% and Santa Barbara B&T has 0.53%. Union Bank won’t eclipse J.P. Morgan, but will get much closer. Bank of America and Wells Fargo are No. 1 and No. 2, respectively, at 26% and 19% of deposits, per the FDIC.

Union Bank says the deal’s structure will allow it to adjust the tangible book value of Pacific Capital higher upon closing, which it expects in the fourth quarter. The major benefit that will allow that a change in a deferred tax asset, worth about $248 million, that Union Bank says makes the high premium it is paying worthwhile.

Pacific Capital shares jumped 57% to $45.05 soon after the open Monday.

http://blogs.wsj.com/deals/2012/03/12/union-bank-reels-in-pacific-capital-in-1-5b-california-bank-deal/?mod=yahoo_hs

~ Thurs-Fri $PCBC ~ Earnings posted, pending or coming soon! In Charts and Links Below!

~ $PCBC ~ Earnings expected on Friday *
Want more like this? Search Keyword: MACMONEY >>> http://tinyurl.com/MACMONEY <<<
One or more of many earnings sites has alerted this security has or will be posting earnings on or around the day of this message.








http://stockcharts.com/h-sc/ui?s=PCBC&p=D&b=3&g=0&id=p88783918276&a=237480049




http://stockcharts.com/h-sc/ui?s=PCBC&p=W&b=3&g=0&id=p54550695994



~ Google Finance: http://www.google.com/finance?q=PCBC
~ Google Fin Options: hhttp://www.google.com/finance/option_chain?q=PCBC#
~ Yahoo! Finance ~ Stats: http://finance.yahoo.com/q/ks?s=PCBC+Key+Statistics
~ Yahoo! Finance ~ Profile: http://finance.yahoo.com/q/pr?s=PCBC
Finviz: http://finviz.com/quote.ashx?t=PCBC
~ BusyStock: http://busystock.com/i.php?s=PCBC&v=2


<<<<<< http://www.earningswhispers.com/stocks.asp?symbol=PCBC >>>>>>



http://investorshub.advfn.com/boards/post_prvt.aspx?user=251916

*If the earnings date is in error please ignore error. I do my best.

~ $PCBC ~ Earnings posted, pending or coming soon! In Charts and Links Below!

~ $PCBC ~ Earnings expected on Monday *
This Week In Earnings: Earnings are coming or are already posted! This is what the charts look like! If you play the earnings these posts can be very helpful to you!
Want more like this? Search Keyword: MACMONEY >>> http://tinyurl.com/MACMONEY <<<
One or more of many earnings sites has alerted this security has or will be posting earnings on or around the day of this message.








http://stockcharts.com/h-sc/ui?s=PCBC&p=D&b=3&g=0&id=p88783918276&a=237480049




http://stockcharts.com/h-sc/ui?s=PCBC&p=W&b=3&g=0&id=p54550695994



~ Barchart: http://barchart.com/quotes/stocks/PCBC?
~ OTC Markets: http://www.otcmarkets.com/stock/PCBC/company-info
~ Google Finance: http://www.google.com/finance?q=PCBC
~ Google Fin Options: hhttp://www.google.com/finance/option_chain?q=PCBC#
~ Yahoo! Finance ~ Stats: http://finance.yahoo.com/q/ks?s=PCBC+Key+Statistics
~ Yahoo! Finance ~ Profile: http://finance.yahoo.com/q/pr?s=PCBC
Finviz: http://finviz.com/quote.ashx?t=PCBC
~ BusyStock: http://busystock.com/i.php?s=PCBC&v=2
~ CandlestickChart: http://www.candlestickchart.com/cgi/chart.cgi?symbol=PCBC&exchange=US
~ Investorshub Trades: http://ih.advfn.com/p.php?pid=trades&symbol=PCBC
~ Investorshub Board Search: http://investorshub.advfn.com/boards/getboards.aspx?searchstr=PCBC
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~ MarketWatch: http://www.marketwatch.com/investing/stock/PCBC/profile
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~ 5-Min Wind: http://www.windchart.com/stockta/analysis?symbol=PCBC
~ 10-Min Wind: http://www.windchart.com/stockta/analysis?symbol=PCBC&size=l&frequency=10&color=g
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*If the earnings date is in error please ignore error. I do my best.

PCBC Reports Strong Fourth Quarter 2011 Results (1/30/12)

SANTA BARBARA, Calif.--(BUSINESS WIRE)--Pacific Capital Bancorp (Nasdaq:PCBC), a community bank holding company and parent of Santa Barbara Bank & Trust, reported net income of $12.3 million, or $0.37 per diluted share, for the three months ended December 31, 2011, compared with $20.5 million, or $0.62 per diluted share, for the three months ended September 30, 2011. Fourth quarter earnings results were impacted by a one-time, non-cash charge of $4.7 million related to the early redemption of $35.0 million in subordinated debt and a $3.9 million increase in the estimated earnout liability associated with final payments for the purchase of the Company’s two registered investment advisor subsidiaries.

This brings total net income to $96.3 million, or $2.99 per diluted share, since the closing of the $500 million investment from a wholly-owned subsidiary of Ford Financial Fund, L.P. on August 31, 2010. Net income for the year ended December 31, 2011, was $70.5 million, or $2.14 per diluted share.

Fourth Quarter Highlights

• Completed the early redemption of $35.0 million of outstanding subordinated debentures, resulting in a $4.7 million fourth quarter charge to noninterest expense, which eliminated an obligation that no longer fully qualified as Tier 2 capital value and will reduce interest expense by approximately $1.1 million in 2012. Including the redemption of subordinated debt, the Company has eliminated over $1.2 billion in wholesale funding since the recapitalization transaction;

• Ended the deferral of interest payments on Trust Preferred Securities and brought the obligations current;

• Delivered the fifth consecutive quarter of profitability following the successful recapitalization on August 31, 2010;

• Increased regulatory capital ratios to 12.4% and 20.2% for Tier 1 Leverage and Total Risk-Based Capital, respectively; and,

• Continued to execute the strategic plan to focus on core deposit growth, loan origination to commercial and private clients, and technology and operational infrastructure enhancements.

“We are very pleased with our achievements in the fourth quarter,” said Carl B. Webb, Chief Executive Officer of Pacific Capital Bancorp. “Our success in returning this outstanding community bank to profitability allowed us to move forward with the early redemption of our subordinated debt and end the deferral of interest payments on our trust preferred securities, both important milestones in our many months of progress.

“PCB has now reported five consecutive quarters of strong profitability, and we are among the most well capitalized financial institutions in the country,” said Webb. “Today, we are operating from a position of strength and stability, which allows us to focus on lending to customers throughout our markets and building the relationships that will continue to grow our core deposit base.”

Net interest income was $57.0 million, or 4.16% of average interest earning assets for the fourth quarter of 2011, compared with $55.8 million, or 4.08%, for the previous quarter. The increase is primarily the result of continued favorable performance from the Company’s purchased credit impaired loan pools and an overall decline in the cost of deposits. Lower interest expense in the fourth quarter was also effected by the maturity and redemption of debt, the continued benefit from the maturity of higher rate broker deposits, and the low interest rate environment.

Total noninterest income was $12.4 million in the fourth quarter of 2011, compared with $13.0 million in the third quarter of 2011. The decline is primarily the result of lower recorded gains on sales of assets.

Noninterest expense increased to $56.0 million for the fourth quarter of 2011, compared with $48.1 million in the prior quarter. The increase was primarily the result of a fourth quarter non-cash charge of $4.7 million related to Santa Barbara Bank & Trust, N.A.’s (“SBB&T”) redemption of $35.0 million in subordinated debt and a $3.9 million increase in the estimated earnout liability related to the Company’s registered investment advisor subsidiaries. The Company expects noninterest expense to continue to increase during 2012, as it continues to invest in technology and personnel.

Pacific Capital Bancorp and its wholly-owned banking subsidiary, SBB&T, exceed the ratios required to be considered, ”well capitalized” as well as capital levels that SBB&T is required to meet under its Operating Agreement with the Office of the Comptroller of the Currency. Regulatory capital ratios for SBB&T and the Company were 11.2% and 18.3%, and 12.4% and 20.2% at December 31, 2011, for Tier 1 leverage capital and total risk-based capital ratios, respectively.

Annual Report on Form 10-K

The Company intends to file with the Securities and Exchange Commission its Annual Report on Form 10-K for the year ended December 31, 2011, on or before March 15, 2012. This report can be accessed at the Securities and Exchange Commission’s website, www.sec.gov. Shortly after filing, it is also available free of charge at the Company’s website, www.pcbancorp.com or by contacting the Company’s Investor Relations Department.

About Pacific Capital Bancorp

Pacific Capital Bancorp, with $5.9 billion in assets, is the parent company of Santa Barbara Bank & Trust, N.A., a nationally chartered bank headquartered in Santa Barbara which operates 47 branches in eight California counties on the Central Coast of California. SBB&T provides a full line-up of community banking, commercial banking, and trust and wealth management products and services. The Company’s website, including investor relations information, can be found at www.pcbancorp.com; SBB&T’s website, including products and services information and branch locations, can be found at www.sbbt.com.

http://www.businesswire.com/news/home/20120130006349/en/Pacific-Capital-Bancorp-Reports-Strong-Fourth-Quarter

Roll-up model is going slow.

BKU recently attempted to put itself up for sale, but withdrew those plans this week when offers did not top the $27-per-share IPO price of last year.

Mr. Kanas and the other investors pursued a sale, in part, because they have been stymied in their efforts to get bigger through acquisitions. But Florida banks are still either too sick or too expensive, and Mr. Kanas hasn't been able to find a bank to buy even after examining roughly 50 local lenders, people familiar with the situation have said.

http://online.wsj.com/article/SB10001424052970203735304577169400198108514.html?mod=WSJ_qtoverview_wsjlatest

PCBC is not based in Florida, but its probably suffering from the same issue in California.

PCBC Announces Early Redemption of Subordinated Debt and End of Deferral Period on Trust Preferred Securities (12/19/11)

SANTA BARBARA, Calif.--(BUSINESS WIRE)--Pacific Capital Bancorp (Nasdaq: PCBC) announced today that its wholly-owned subsidiary, Santa Barbara Bank & Trust, N.A., has completed the early redemption of all of its outstanding subordinated debentures. The subordinated debentures, which had a $35 million principal amount and were scheduled to mature in December 2013, were redeemed at a price equal to 100% of the principal amount, plus accrued interest on the subordinated debentures through December 19, 2011. As a result of this redemption, the Company will recognize a pre-tax charge of approximately $5 million during the fourth quarter of 2011 related to the non-cash fair valuation of the subordinated debt in connection with the Company’s recapitalization in August 2010. This redemption will reduce interest expense by approximately $1.1 million (pre-tax) in 2012.

Pacific Capital also announced today that it has instructed the trustees for its outstanding trust preferred securities to end the deferral of its obligation to make regularly scheduled interest payments on the trust preferred securities. To end this deferral, Pacific Capital deposited an aggregate of $5.6 million with the trustees for the trust preferred securities for the upcoming interest payment dates. The deposits, when paid by the trustees to the holders of the trust preferred securities, will bring Pacific Capital’s obligations current under the applicable agreements. Because Pacific Capital has accrued the expense of each deferred interest payment at the normal rate on a compounded basis, the cash payment of the accrued interest will not have any impact on the Company’s earnings for the fourth quarter of 2011.

“Early redemption of these subordinated debentures further evidences the financial strength of our community bank,” said Carl B. Webb, Chief Executive Officer of Pacific Capital Bancorp. “In the 13 months following our recapitalization, we have reported $84 million in net income, as we effectively managed credit issues from the Company’s legacy loan portfolio. Today, PCB is among the most well capitalized financial institutions in the country, with 20.0% in risk based capital at September 30, 2011. Our core deposit base is growing, we are lending throughout our footprint, and we are underway with a core system upgrade that sets the stage for our continued growth.”

About Pacific Capital Bancorp

Pacific Capital Bancorp, with $5.8 billion in assets, is the parent company of Santa Barbara Bank & Trust, N.A., a nationally chartered bank headquartered in Santa Barbara which operates 47 branches in eight California counties on the Central Coast of California. The Bank provides a full line-up of community banking, commercial banking, and trust and wealth management products and services. The Company’s website, including investor relations information, can be found at www.pcbancorp.com; the Bank’s website, including products and services information and branch locations, can be found at www.sbbt.com.

Contacts
Pacific Capital Bancorp
Mark Olson
EVP and Chief Financial Officer
805-884-8635
or
Debbie Whiteley
EVP and Public Affairs Director
805-884-6680

http://www.businesswire.com/news/home/20111219006282/en/Pacific-Capital-Bancorp-Announces-Early-Redemption-Subordinated

correction: $0.25 per share.. As i was corrected by previous poster R/S was 1 for 100 shares not 1 for 10. My shortcoming.

you're dreaming of course. It was a 100/1 reverese split.

PCBC $2.50 pre-split. Remarkable restructuring and recovery case study; Up from 0.20 cents.

PCBC Reports Third Quarter 2011 Net Income of $20.5 Million (10/27/11)

SANTA BARBARA, Calif.--(BUSINESS WIRE)--Pacific Capital Bancorp (Nasdaq: PCBC), a community bank holding company and parent of Santa Barbara Bank & Trust, reported net income of $20.5 million, or $0.62 per diluted share, for the three months ended September 30, 2011, compared with $21.0 million, or $0.64 per diluted share, for the three months ended June 30, 2011. This brings total net income to $84.0 million, or $2.62 per diluted share, since the closing of the $500 million investment from a wholly-owned subsidiary of Ford Financial Fund, L.P. on August 31, 2010.

Third Quarter Highlights

• Delivered the fourth consecutive quarter of strong profitable results, following the successful recapitalization on August 31, 2010;

• Achieved a return on average assets of 1.39% and a return on average equity of 11.14% for the third quarter of 2011;

• Increased regulatory capital ratios to 12.1% and 20.0% for Tier 1 Leverage and Total Risk-Based Capital ratios, respectively; and,

• Continued to execute strategic plan to focus on core deposit growth, increase loan originations to commercial and private clients, and enhance technology and operational infrastructure.

“We’re pleased with what has been achieved in the first year since our recapitalization of this great community bank,” said Carl B. Webb, Chief Executive Officer of Pacific Capital Bancorp. “We’ve achieved strong earnings performance, effectively managed credit issues from the Company’s legacy loan portfolio, reintroduced lending products within our footprint, and continue to grow our core deposit base. At the same time, our capital levels have continued to grow stronger each quarter, and today, our capital significantly exceeds the regulatory levels to be considered a well capitalized financial institution.

“Our strong performance has allowed us to make important investments in the Bank’s systems and operational infrastructure,” said Mr. Webb. “These upgrades will enhance our clients’ banking experience in the years ahead, provide a substantial platform for future growth initiatives, and allow us to operate more efficiently in the future.”

Net interest income was $55.8 million, or 4.08% of average interest earning assets for the third quarter of 2011, compared with $60.2 million, or 4.42%, for the previous quarter. The decline in net interest income is primarily the result of lower loan accretion related to purchased credit impaired loans in the third quarter as compared with the prior quarter. This was offset by lower interest expense due to the maturity of longer-term debt and the decline in interest expense of deposits due primarily to the maturity of broker deposits.

Provision for loan losses declined to $0.8 million for the third quarter of 2011 compared with $1.8 million for the previous quarter. The decline is primarily the result of lower new loan originations and purchases when compared with the second quarter. The Company expects that loan originations and purchases will increase as its lending activities continue to be reintroduced throughout its footprint.

Total noninterest income was $13.0 million in the third quarter of 2011, compared with $12.5 million in the second quarter of 2011. The increase in noninterest income is primarily the result of a gain on sale of low income housing tax investments and corresponding lower operating costs associated with these investments.

Noninterest expense decreased to $48.1 million for the third quarter of 2011, compared with $50.2 million in the prior quarter. The decrease was primarily the result of lower regulatory assessment costs and professional fees, offset by higher salaries and benefits expense associated with the continued investment in personnel needed to enhance the Company’s technology and operational infrastructure. The Company expects noninterest expense to continue to increase during 2011 and 2012, as it makes further investments in its technology and personnel.

Pacific Capital Bancorp and its wholly-owned banking subsidiary, Santa Barbara Bank & Trust, N.A. (the “Bank” or “SBB&T”), exceed the ratios required to be considered, ”well capitalized” as well as capital levels that the Bank is required to meet under its agreement with the Office of the Comptroller of the Currency. Regulatory capital ratios for the Bank and the Company were 10.9% and 18.1%, and 12.1% and 20.0% at September 30, 2011, for Tier 1 leverage capital and total risk-based capital ratios, respectively.

Quarterly Report on Form 10-Q

The Company intends to file with the Securities and Exchange Commission its Quarterly Report on Form 10-Q for the quarter ended September 30, 2011, on or before November 14, 2011. This report can be accessed at the Securities and Exchange Commission’s website, www.sec.gov. Shortly after filing, it is also available free of charge at the Company’s website, www.pcbancorp.com or by contacting the Company’s Investor Relations Department.

About Pacific Capital Bancorp

Pacific Capital Bancorp, with $5.8 billion in assets, is the parent company of Santa Barbara Bank & Trust, N.A., a nationally chartered bank headquartered in Santa Barbara which operates 47 branches in eight California counties on the Central Coast of California. The Bank provides a full line-up of community banking, commercial banking, and trust and wealth management products and services. The Company’s website, including investor relations information, can be found at www.pcbancorp.com; the Bank’s website, including products and services information and branch locations, can be found at www.sbbt.com.

http://www.businesswire.com/news/home/20111027007023/en/Pacific-Capital-Bancorp-Reports-Quarter-2011-Net

Carl B Webb purchases 7,000 shares at $25.14 (8/11/11)

Webb is CEO.

http://sec.gov/Archives/edgar/data/357264/000118143111045540/xslF345X03/rrd320008.xml

PCBC Reports Q2 Net Income of $21.0 Million; Completes Brand Consolidation Initiative (7/27/11)

SANTA BARBARA, Calif.--(BUSINESS WIRE)--Pacific Capital Bancorp (Nasdaq:PCBC), a community bank holding company and parent of Santa Barbara Bank & Trust, N.A., reported net income of $21.0 million, or $0.64 per diluted share, for the three months ended June 30, 2011, compared with $16.8 million, or $0.51 per diluted share, for the three months ended March 31, 2011. This brings total net income to $63.5 million, or $2.00 per diluted share, since the closing of the $500 million investment from a wholly-owned subsidiary of Ford Financial Fund, L.P. on August 31, 2010.

Second Quarter Highlights

Achieved a return on average assets of 1.43% and a return on equity of 12.27% for the second quarter of 2011, compared with 1.14% and 10.39%, respectively, for the first quarter of 2011;

Improved net interest margins to 4.42% for the second quarter of 2011, compared with 3.99% for the first quarter of 2011;

Grew regulatory capital ratios to 11.6% and 18.3% for Tier 1 Leverage and Total Risk-Based Capital ratios, respectively; and,

Completed initiative to consolidate all operations under the single brand name of Santa Barbara Bank & Trust; changed banking subsidiary name to Santa Barbara Bank & Trust, N.A. (from Pacific Capital Bank, N.A.)

“Pacific Capital Bancorp has delivered its third consecutive quarter of strong performance since our successful recapitalization last August,” said Carl B. Webb, Chief Executive Officer. “We are very pleased with the progress we have made towards achieving our strategic goals in just ten months. Our capital levels, which have continued to grow even stronger each quarter, significantly exceed the regulatory levels to be considered well capitalized. This has allowed us to undertake the important investments in the Bank’s infrastructure that will ensure a quality banking experience for our customers, provide scalability for future growth, and allow us to operate at a lower overall cost in the future.

“During the quarter, we completed the consolidation of our bank names into a single brand. Today, we are operating throughout our footprint and in all respects as one unified bank, guided by the basic banking principles that have long defined quality community banking,” said Mr. Webb. “We are fully back in the business of banking in all areas, delivering a wide range of competitive lending, depository and wealth management products and services to businesses and individuals in communities throughout the Central Coast of California.”

Net interest income grew to $60.2 million, or 4.42% of average interest earning assets for the second quarter of 2011, compared with $54.3 million, or 3.99%, for the previous quarter. The improvement in net interest income is primarily the result of an increase in loan interest income due to higher loan accretion related to better than expected cash flows from the legacy loan portfolio; an increase in the average amount of investment securities held as the Company continues to put to work its excess liquidity; and lower interest cost of deposits.

Provision for loan losses slightly increased to $1.8 million for the second quarter of 2011, compared with $1.7 million for the previous quarter, due primarily to new loan growth. The Company expects that loan originations and purchases will continue to increase as its lending activities continue to be reintroduced throughout its footprint.

Total noninterest income was $12.5 million in the second quarter of 2011, compared with $12.9 million in the first quarter of 2011. The decline in noninterest income is primarily the result of the loss on sale of investment securities and lower gains on the sale of loans as the Company discontinued selling nonconforming residential real estate products into the secondary markets.

Noninterest expense increased to $50.2 million for the second quarter of 2011, compared with $48.3 million in the prior quarter. The increase was primarily the result of higher marketing costs associated with the Company’s brand consolidation initiative and higher software expenses. The Company expects noninterest expense to continue to increase during the rest of 2011 as it makes significant investments in technology and personnel in order to expand and improve its operations.

Pacific Capital Bancorp and its wholly-owned banking subsidiary, Santa Barbara Bank & Trust, N.A. (the “Bank”), exceed the ratios required to be considered, ”well capitalized” as well as capital levels that the Bank is required to meet under its agreement with the Office of the Comptroller of the Currency. Tier 1 leverage capital ratios were 10.4% and 11.6%, and total risk-based capital ratios were 16.5% and 18.3% at June 30, 2011, for the Bank and Company, respectively.

Quarterly Report on Form 10-Q

The Company intends to file with the Securities and Exchange Commission its Quarterly Report on Form 10-Q for the quarter ended June 30, 2011, on or before August 15, 2011. This report can be accessed at the Securities and Exchange Commission’s website, www.sec.gov. Shortly after filing, it is also available free of charge at the Company’s website, www.pcbancorp.com or by contacting the Company’s Investor Relations Department.

About Pacific Capital Bancorp

Pacific Capital Bancorp, with $5.8 billion in assets, is the parent company of Santa Barbara Bank & Trust, N.A., a nationally chartered bank headquartered in Santa Barbara which operates 47 branches in eight California counties on the Central Coast of California. The Bank provides a full line-up of community banking, commercial banking, and trust and wealth management products and services. The Company’s website, including investor relations information, can be found at www.pcbancorp.com; the Bank’s website, including products and services information and branch locations, can be found at www.sbbt.com.

http://www.businesswire.com/news/home/20110727006910/en/Pacific-Capital-Bancorp-Reports-Quarter-2011-Net

Why don't you unblock me from sending you PMs? Then I could give you the information you're asking about.

Right, sorry should have stated that instead of just putting up the link.

United States Treasury is selling shareholder.

S-3 filed:

http://sec.gov/Archives/edgar/data/357264/000119312511153418/ds3.htm#toc194089_5

Common stock and warrants.

PCBC Changes Banking Subsidiary Name to Santa Barbara Bank & Trust, National Association (5/26/11)

SANTA BARBARA, Calif.--(BUSINESS WIRE)--Pacific Capital Bancorp (Nasdaq: PCBC) announced today that it has changed the name of its national banking subsidiary from Pacific Capital Bank, National Association, to Santa Barbara Bank & Trust, National Association. This name change does not affect the name of the holding company, which remains Pacific Capital Bancorp.

The name change is in conjunction with the Company’s strategy to consolidate its five bank brand names into the single brand of Santa Barbara Bank & Trust. The Bank has operated in its Central Coast markets under the brand names of Santa Barbara Bank & Trust, First Bank of San Luis Obispo, First National Bank of Central California, South Valley National Bank, and San Benito Bank. As of July 11, 2011, all retail branches and other lines of bank business will operate under the name Santa Barbara Bank & Trust.

“We are taking this opportunity to simplify our brand strategy and come together in all respects as one, unified community bank,” said Carl B. Webb, Chief Executive Officer of Pacific Capital Bancorp and Santa Barbara Bank & Trust, N.A. “We are returning to our oldest and most recognized franchise name, which conveys our history and strength of providing outstanding banking services throughout the Central Coast of California.”

Santa Barbara Bank & Trust, N.A., is a nationally chartered bank that is headquartered in Santa Barbara and operates 47 branches in communities throughout the Central Coast of California. The Bank provides a full line of community banking, commercial banking, and trust and wealth management products and services. The Bank’s website is at www.sbbt.com.


Contacts
Pacific Capital Bancorp
Mark K. Olson
EVP and Chief Financial Officer
(805) 884-8635

http://www.businesswire.com/news/home/20110526006472/en/Pacific-Capital-Bancorp-Banking-Subsidiary-Santa-Barbara

PCBC Reports Q1 Net Income of $16.8 Million (4/27/11)

SANTA BARBARA, Calif.--(BUSINESS WIRE)--Pacific Capital Bancorp (Nasdaq: PCBC), a community bank holding company (“the Company”), reported net income of $16.8 million, or $0.51 per diluted share for the three months ended March 31, 2011, compared with $20.8 million, or $0.68 per diluted share, for the three months ended December 31, 2010. This brings total net income to $42.5 million or $1.36 per diluted share, since the closing of the $500 million investment from a wholly-owned subsidiary of Ford Financial Fund, L.P. on August 31, 2010 (“Transaction Date”).

First Quarter Highlights

•Achieved a return on average assets of 1.1% for the first quarter 2011 compared with 1.3% for the fourth quarter of 2010;

•Improved net interest margins to 3.99% for the first quarter of 2011 compared with 3.76% for the fourth quarter of 2010;

•Grew regulatory capital ratios to 11.1% and 17.3% for Tier 1 Leverage and Total Risk-Based Capital ratios, respectively.

“Pacific Capital Bancorp delivered another quarter of solid performance,” said Carl B. Webb, Chief Executive Officer. “In the seven months since our recapitalization, we have made great strides towards achieving our strategic goals. This includes returning to the basic community banking principles that this franchise was built upon. Today, we are positioned to fully serve the financial services needs of our customers with a broad array of lending, depository and wealth management products and services. In addition, we have the capital needed to make substantial investments in the Company’s infrastructure to improve our customers’ experience banking with us, provide scalability as we grow, and operate at a lower overall cost.”

Net interest income grew to $54.3 million or 3.99% of average interest earning assets for the first quarter of 2011 compared with $54.1 million or 3.76% in the previous quarter. The improvement in net interest is primarily the result of an increase in loan interest income related to better than expected cash flows on certain loan pools; an increase in the average amount of investment securities held as the Company continues to put to work its excess liquidity; and lower cost of interest bearing deposits. These higher amounts were offset by higher interest expense on time deposits due to a reduction in non-cash accretion on deposit premiums resulting from a change in the weighted average estimated duration of time deposits.

Provision for loan losses increased to $1.7 million in the first quarter of 2011 compared with $535 thousand in the previous quarter. The increase in provision for loan losses is the result of the Company purchasing $188 million of commercial loans and the origination of $42 million in loans during the first quarter. Total loans contractually delinquent 30 or more days, regardless of the credit protection provided by purchased credit impaired loan accounting, have declined $34 million or 10% from December 31, 2010. The Company expects that origination and purchase of loans will continue to increase as it re-introduces lending activities throughout its footprint.

Total noninterest income was $12.9 million in the first quarter compared with $16.1 million in the fourth quarter of 2010. The decline in noninterest income is primarily the result of $2.7 million lower gains on sale and higher valuation write downs of other real estate owned, and $1.0 million lower gains on loans sold as the Company discontinued selling nonconforming residential real estate products into the secondary markets.

Noninterest expense declined to $48.3 million for the first quarter of 2011 compared with $48.8 million in the prior quarter. The decline was primarily the result of lower depreciation costs on the Company’s legacy software applications offset by higher salaries and employee benefits costs. The Company expects noninterest expense to increase during the rest of 2011 as it makes significant investments in technology and personnel in order to expand and improve its operations.

Pacific Capital Bancorp and its wholly-owned banking subsidiary, Pacific Capital Bank, N.A. (the “Bank” or “PCBNA”), exceed the ratios required to be considered ”well capitalized” under generally applicable regulatory guidelines, as well as capital levels that the Bank is required to meet under its agreement with the Office of the Comptroller of the Currency. Tier 1 leverage capital ratios were 9.9% and 11.1% and total risk-based capital ratios were 15.5% and 17.3% at March 31, 2011, for the Bank and Company, respectively.

http://www.businesswire.com/news/home/20110427005777/en/Pacific-Capital-Bancorp-Reports-Quarter-2011-Net

PCBC first quarter results to be released 4/27/11.