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.
| Industry | Banking |
|---|---|
| Founded | March 17, 1960 |
| Defunct | December 1, 2012 |
| Fate | Acquired by MUFG Union Bank |
| Headquarters | Santa 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
editThe 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
edit- ^ a b c d e f "Pacific Capital Bancorp 2011 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
- ^ "FDIC Bank Find: Pacific Capital Bank, National Association (FDIC # 18169)". Federal Deposit Insurance Corporation.
- ^ "Santa Barbara Bancorp to Buy Pacific Capital". Los Angeles Times. Bloomberg News. July 21, 1998.
- ^ "Bailed out banks". CNNMoney.
- ^ "Pacific Capital (PCBC) Completes RAL and RT Business Sale to Santa Barbara Tax Products Group" (Press release). Street Insider. January 14, 2010.
- ^ "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.
- ^ Case, Brendan (April 29, 2010). "Dallas billionaire Gerald Ford strikes $500 million deal for troubled Pacific Capital bank". The Dallas Morning News.
- ^ "UnionBanCal Corporation Announces Completion of Acquisition of Pacific Capital Bancorp" (Press release). Business Wire. December 1, 2012.
- ^ "Bailout Tracker". ProRepublica. Retrieved June 12, 2019.