Amid job cuts, Union Bank rolls out plan
By Marlize van Romburgh / 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 →
Read More →Union Bank to slash almost half of SBB&T work force
By Marlize van Romburgh / 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 →
Read More →UPDATE: Pacific Capital sale to close Dec. 1
By Staff Report / 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 →
Read More →Pacific Capital’s third quarter profits up 62%
By Staff Report / 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 →
Read More →As merger looms, PCBC marks profits
By Staff Report / 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 →
Read More →Feds lift Pacific Capital order
By Staff Report / Monday, June 4th, 2012 / Banking & Finance, Banking Industry, Latest news, Tri-County Public Companies / Comments Off on Feds lift Pacific Capital order
The parent of Santa Barbara Bank & Trust has walked away from a consent order place on it by regulators two years ago, it said June 4. Pacific Capital Bancorp, the region’s largest bank, said that its agreement with the Federal Reserve Bank of San Francisco was terminated effective May 23. That frees the $5.8 Read More →
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Banks lead region’s stocks at midyear
By Staff Report / Friday, June 1st, 2012 / Banking & Finance, Top Stories, Tri-County Public Companies / Comments Off on Banks lead region’s stocks at midyear
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