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Pacific Capital shares up 35 percent

By   /   Wednesday, November 18th, 2009  /   Comments Off on Pacific Capital shares up 35 percent

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Shares of Pacific Capital Bancorp soared 35 percent in unusually heavy trading on Nov. 18 as the stock closed at 91 cents. Volume was more than 2 million shares compared with the normal 1.3 million shares daily.

No news was announced, but as earlier reported, the region’s largest banking company has been seeking a buyer or capital infusion amid mounting losses that have put the company under an agreement with regulators to boost capital levels. The company is the parent of Santa Barbara Bank & Trust and First Bank of San Luis Obispo.

Pacific Capital’s stock has been struggling below the $1 mark since Nov. 6. Shareholders have authorized a reverse stock split which could boost the company’s share price as much as 10-fold. No further details about the reverse split have been disclosed.

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