Pacific Capital Bancorp Cuts Workforce by 300 Jobs

» RSB wrote on 03.19.09 @ 11:23 AM

Interesting that PCB received more than $186 million in TARP money.  Yet they not only have been spending lavishly on the remodel of their downtown Santa Barbara office, but one top officer of Pacific Capital Bancorp recently renewed his $1million employment contract with the Bank.  Looks like more abuse of the taxpayers for the benefit of the wealthy.

» Stop dissing "the wealthy" wrote on 03.19.09 @ 01:06 PM

Actually RSB, the remodeling began over a year and a half ago before all this trouble began, I know because my small business (me) benefited from it, before tax payer money was involved. I am far from wealthy, I can barely support myself, my business has taken in more losses than gains. If not for “the wealthy” I would have no business at all, because there would be nobody to give me work. But it always feels good to blame everything on “the rich” doesn’t it, while hurting small business in the process? It’s nothing more than class envy. Get a job and maybe you wouldn’t be so upset anytime some evil entity makes a nickel.

» SB BANKER wrote on 03.19.09 @ 05:49 PM

All the current posts are totally correct. I worked for SBBT for 4 years, left a year ago for a new bank in area & 2 years ago predicted this. When Leis took over, it was done.

Now A big bank with incompetent CEO only interested in Wealth Management and IRS investigated RAL loans. Very unethical & lost the community bank foundation of SBBT.

But the senior VP’s still kept getting big bonus & stock options, while middle management & the rest got nothing. About 2 weeks ago I noticed all the Executive Officers of the bank were selling all their stock. Can you say “AIG”?

» Sell your bank stock Now wrote on 03.20.09 @ 02:58 AM

Rats leaving the sinking ship

» Way to go wrote on 03.20.09 @ 08:55 AM

All the libs that hate corporations and “corporate greed” should be very happy when a corporation goes under - who cares about the employees let go - right you smelly libs? Perhaps everyone can work for Obama greening America with what is left of our tax dollars after there are no corporations left to fill the treasury. Problem is, nobody will be paying into the system - we will all be employed by a draining pool of leftover government revenue, I mean debt.

» Educate yourselves wrote on 03.20.09 @ 10:54 AM

TARP funds are used to continue making loans, not to sustain employees’ salaries. If you read the annual report, you will see that no executives received any bonuses for 2008. The CEO did not receive a bonus, nor a salary increase. I suggest educating yourselves by reading the annual report and proxy statement found on their website to see what is really going on with SBBT, and other financial institutions, for that matter. Being snide and negative cures nothing. It only adds to the inaccuracies and misinformation that creates more fear and negativity, which is not needed now.

» Great idea wrote on 03.21.09 @ 04:35 AM

Great idea, to “educate yourself,” but unless you think the current problems were only one year in the making, you should also check out top executive bonuses and other incentives payed out in 2007, 2006, and 2005.  Don’t forget to check out incentives paid to departing executives, successful or not.

» SB BANKER wrote on 03.21.09 @ 11:13 AM

Thanks, Great Idea for clearing up “Educate Yourselves” statement.

Yes, just go back & look at 05-07 filings & you will see that all the top execs got big bonuses & also more stock options. Everyone at the lower levels got nothing.
And please look at all the Officers salaries. Begin with Leis at $500,000/yr. base salary and contracts for big severance pay for all officers if they leave for any reason. Yes, look at the annual reports and the SEC filings-you will see what really happened in past 4 years at SBBT. What a way to treat dedicated employees! Now the 300 who will be let go will not be able to fined jobs because most have been in banking all their careers & ther are no banking jobs now.

» Gotta Wonder wrote on 03.27.09 @ 07:43 AM

Bank sells, two of its branches to Ojai Bank (by the way they were totally profitable branches), the place George Leis lives, now were building a “wealth mangement office” in Ojai, but the only office being furnished is for George himself, how can a bank justify laying off 300 and then build a personal office for George in Ojai?  Shouldn’t a CEO work where the corporate office is? Maybe he doesn’t want to put the miles on his porsch! Also GL’s base salary is $580K his total compensation for 2008 was $877K it may not been a “cash” bonus but sure sounds like a bonus to me. Sure seems to be a lot of favoritism for Ojai…makes you wonder!!!