Pacific Capital Bancorp (PCBC)

[Enterprising Investor]

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.