Pacific Capital loses $431.3 million in 2009
Santa Barbara Bank & Trust parent Pacific Capital Bancorp said March 12 that it lost $431.3 million in 2009 and faces strong headwinds raising the capital it needs to satisfy its agreements with federal regulators. In a regulatory filing, Pacific Capital said its total net loss for 2009 was $431.3 million, compared with $23.8 million Read More →
Read More →QAD swings back to profits
Santa Barbara-based business software firm QAD on March 11 shot back into the black with a $1.3 million profit for the fiscal year despite faltering revenue. QAD ends its fiscal year Jan. 31, making its most recent results its 2010 year. Its $1.3 million profit was up sharply from the $23.7 million loss it saw Read More →
Read More →Wendy
A burger bidding war might be in the works for Carpinteria-based CKE Restaurants, the parent of the Carl’s Jr. chain of fast-food restaurants. Citing sources close to the potential offer, the New York Post reported March 11 that Nelson Peltz, owner of the Wendy’s and Arby’s chain of restaurants, is considering a bid for the Read More →
Read More →Heritage Oaks to raise $60M
Just days after receiving orders from federal regulators to submit a plan to keep its capital levels up, Paso Robles-based Heritage Oaks Bank said March 10 it intends to raise $60 million by selling securities. The bank, which has 13 tri-county branches and is the parent of Business First Bank in Santa Barbara, said the Read More →
Read More →Semtech shows $9.5M profit in Q4
Fresh off a $180 million, all-cash buyout of another chipmaker, Camarillo-based Semtech turned in a $9.5 million profit on $85 million in revenue for the fourth quarter March 10, up from $6.3 million the year before. Semtech makes chips for the popular BlackBerry phones and other high-end mobile devices. The fourth-quarter profit was up from Read More →
Read More →Santa Barbara contractors decry union-backed plan
Construction contractors and business leaders on March 10 denounced a proposal they say would discriminate against non-union shops and drive up building costs for taxpayers in Santa Barbara County. John Holehouse, president of Holehouse Construction Co., called a proposal to restrict bidding on public projects in the county to union shops “a shark dressed as Read More →
Read More →PCBC's top legal exec to retire
Fred Clough, executive vice president and general counsel at Pacific Capital Bancorp, the struggling parent of Santa Barbara Bank & Trust, will leave the company at the end of the month. Clough’s retirement will become effective a few weeks after the departure of Chief Financial Officer Stephen Masterson, who announced in December that he will Read More →
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