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



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).

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