Pacific Capital Bancorp (PCBC)

[56Chevy]

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 ;)

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.