Pacific Capital Bancorp and its chief financial and operating officer are already parting ways.

Stephen Masterson joined the company in March 2008, and his resignation will be effective March 12, 2010, the company said in a statement.

Pacific Capital and Masterson mutually agreed to the resignation, and the company has initiated a search for a new CFO.

The banking company has 48 branches and $7.4 billion in assets, according to its Web site. Its local banks are Santa Barbara Bank & Trust, First National Bank of Central California, South Valley National Bank, San Benito Bank and First Bank of San Luis Obispo.

Masterson previously worked for advisory firm Grant Thornton LLP and accounting firm Arthur Andersen LLP.

— Noozhawk staff writer Giana Magnoli can be reached at gmagnoli@noozhawk.com.