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Amid job cuts, Union Bank rolls out plan

By   /  Friday, December 7th, 2012  /  Banking & Finance, Banking Industry, Top Stories, Tri-County Economy, Tri-County Public Companies  /  Comments Off on Amid job cuts, Union Bank rolls out plan

Union Bank sent shockwaves through the region with the announcement that it will cut almost 500 Santa Barbara Bank & Trust jobs as it completes a $1.5 billion acquisition. But the rollout of the San Francisco-based lender’s vastly increased footprint in the region also creates new opportunities for middle-market companies to get debt financing, experts Read More →

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Union Bank to slash almost half of SBB&T work force

By   /  Friday, November 30th, 2012  /  Banking & Finance, Banking Industry, Latest news, Tri-County Economy  /  Comments Off on Union Bank to slash almost half of SBB&T work force

Union Bank will lay off almost 500 Santa Barbara Bank & Trust employees, or nearly half the bank’s work force, the San Francisco-based lender announced on the eve of its acquisition of Pacific Capital Bancorp. A spokesperson for Union Bank told the Business Times that 468 SBB&T positions will be eliminated over the next year. Read More →

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UPDATE: Pacific Capital sale to close Dec. 1

By   /  Wednesday, November 14th, 2012  /  Banking & Finance, Banking Industry, Latest news  /  Comments Off on UPDATE: Pacific Capital sale to close Dec. 1

Union Bank’s $1.5 billion acquisition of Santa Barbara Bank & Trust’s parent company is slated to close Dec. 1 now that federal regulators have signed off on the deal. In approving the sale of Pacific Capital Bancorp with a formal order on Nov. 14, Federal Reserve officials set in motion a number of events. They Read More →

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Pacific Capital’s third quarter profits up 62%

By   /  Wednesday, October 24th, 2012  /  Banking & Finance, Banking Industry, Latest news  /  Comments Off on Pacific Capital’s third quarter profits up 62%

Santa Barbara Bank & Trust parent Pacific Capital said third-quarter earnings were up 62.2 percent to $33.2 million, or $1.01 per diluted share. The higher profits come on the eve of the sale of the region’s largest banking franchise to San Francisco-based Union Bank, a deal expected to close in the fourth quarter. Pacific Capital Read More →

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As merger looms, PCBC marks profits

By   /  Thursday, July 26th, 2012  /  Banking & Finance, Banking Industry, Earnings, Top Stories, Tri-County Public Companies  /  Comments Off on As merger looms, PCBC marks profits

Santa Barbara Bank & Trust parent Pacific Capital Bancorp earned $24.1 million, or 73 cents per diluted share, in the second quarter of 2012 compared with $21 million the year before. The company, which is in the process of being bought by Union Bank, said the profits were its highest since Texas-based Ford Financial Group Read More →

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PCBC earns $16.6M in Q1

By   /  Wednesday, April 25th, 2012  /  Banking & Finance, Banking Industry, Earnings, Latest news, Tri-County Public Companies  /  Comments Off on PCBC earns $16.6M in Q1

Pacific Capital Bancorp turned in profits of $16.6 million in the first quarter of the year, down slightly from the same period a year earlier. The parent of Santa Barbara Bank & Trust said its latest earnings were affected by $1 million in merger-related costs. UnionBanCal Corp., the parent of Union Bank, is acquiring Pacific Read More →

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Union deal rattles region’s banks

By   /  Friday, March 16th, 2012  /  Banking & Finance, Banking Industry, Top Stories  /  1 Comment

  EDITOR’S NOTE: This is one part in a three-part package on Union Bank’s acquisition of Pacific Capital Bancorp, the parent of Santa Barbara Bank & Trust. Read the other two stories here: “End of an era for SBB&T brand.” A look back at the 52-year history of a company that enjoyed exceptional customer and Read More →

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