Tuesday, August 14 , 2018, 1:20 pm | Fair 75º

 
 
 
 

Business

Public Can Listen In on Pacific Capital Bancorp Conference Call

Officials with the bank, facing demands from regulators, with discuss quarterly financial results

Officials of the embattled Pacific Capital Bancorp in Santa Barbara will host a conference call at 8 a.m. Tuesday to discuss second-quarter 2010 financial results and operational highlights.

The public can listen in to the live quarterly conference call through the investor relations page of the company’s Web site at www.pcbancorp.com. For those who can’t listen to the broadcast, a replay of the conference call will be available shortly after the call at the same site.

Early Tuesday, officials announced the bank has satisfied “significant conditions” to close a $500 million investment in the company by SB Acquisition Company LLC, a subsidiary of Ford Financial Fund LP. They anticipate closing the deal Aug. 31.

Pacific Capital is the parent company of Pacific Capital Bank N.A., which operates 48 branches under the names of Santa Barbara Bank & Trust, First National Bank of Central California, South Valley National Bank, San Benito Bank and First Bank of San Luis Obispo.

Federal regulators have called for Pacific Capital to achieve a tier-1 risk-based capital of at least 9 percent within four months and a ratio of total capital to risk-weighted assets of at least 12 percent within four months.

In April, Texas billionaire Gerald Ford said he wants to invest $500 million in the $7 billion bank holding company and bring its capital ratios bank in line. He said his company is trying to help Pacific Capital deal with paying back $188 million in federal bailout funds.

The regulators’ order requires Pacific Capital to submit a capital plan by Sept. 8. If the bank can’t meet the minimum capital ratios, the agreement calls for Pacific Capital’s board of directors to submit a proposal to sell or merge the bank or liquidate the bank.

The company has laid off more than 315 employees and cut retiree benefits during the past two years. A first-quarter net loss for the bank of $72.6 million followed a 2009 net loss of $405 million, as loan losses hurt the bank’s capital.

Pacific Capital’s last call report said nonperforming assets made up 6.13 percent of its total assets as of March 31. The bank’s annualized ratio of net charge-offs, or loan losses less recoveries, to average loans was 6.62 percent for the first quarter of 2010.

Noozhawk contributor Ray Estrada can be reached at .(JavaScript must be enabled to view this email address).

Support Noozhawk Today

You are an important ally in our mission to deliver clear, objective, high-quality professional news reporting for Santa Barbara, Goleta and the rest of Santa Barbara County. Join the Hawks Club today to help keep Noozhawk soaring.

We offer four membership levels: $5 a month, $10 a month, $25 a month or $1 a week. Payments can be made through Stripe below, or click here for information on recurring credit-card payments and a mailing address for checks.

Thank you for your vital support.

Become a Noozhawk Supporter

First name
Last name
Enter your email
Select your membership level
×

Payment Information

You are purchasing:

Payment Method

Pay by Credit Card:

Mastercard, Visa, American Express, Discover
One click only, please!

Pay with Apple Pay or Google Pay:

Noozhawk partners with Stripe to provide secure invoicing and payments processing.

  • Ask
  • Vote
  • Investigate
  • Answer

Noozhawk Asks: What’s Your Question?

Welcome to Noozhawk Asks, a new feature in which you ask the questions, you help decide what Noozhawk investigates, and you work with us to find the answers.

Here’s how it works: You share your questions with us in the nearby box. In some cases, we may work with you to find the answers. In others, we may ask you to vote on your top choices to help us narrow the scope. And we’ll be regularly asking you for your feedback on a specific issue or topic.

We also expect to work together with the reader who asked the winning questions to find the answer together. Noozhawk’s objective is to come at questions from a place of curiosity and openness, and we believe a transparent collaboration is the key to achieve it.

The results of our investigation will be published here in this Noozhawk Asks section. Once or twice a month, we plan to do a review of what was asked and answered.

Thanks for asking!

Click Here to Get Started >

Reader Comments

Noozhawk is no longer accepting reader comments on our articles. Click here for the announcement. Readers are instead invited to submit letters to the editor by emailing them to [email protected]. Please provide your full name and community, as well as contact information for verification purposes only.

Daily Noozhawk

Subscribe to Noozhawk's A.M. Report, our free e-Bulletin sent out every day at 4:15 a.m. with Noozhawk's top stories, hand-picked by the editors.

Sign Up Now >

Meet Your Realtor Sponsored by Village Properties

Photo of Elizabeth Wagner
Elizabeth Wagner
"I consider myself to be an up front and honest agent and willing to talk my clients out of purchasing a property that isn’t right for them or won’t meet their needs in a year or two."

Full Profile >