September 28, 2022
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Pacific Capital Bancorp gets preliminary OK for $188M

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Santa Barbara-based Pacific Capital Bancorp, the Tri-Counties’ largest bank, said Nov. 6 that it has received preliminary approval for a $188 million investment from the federal government.

 

If given final approval, the money would come from U.S. Treasury Department as part of a program introduced in October to increase the flow of financing and support the economy.

George Leis, president and chief executive officer of Pacific Capital Bancorp, said in a release that the company “will utilize this capital infusion to continue making loans to our clients and strengthening the economy along the Central Coast of California.”

If approved, the infusion would equal about 3 percent of the company’s risk-weighted assets. It would improve the bank’s top-tier capital-to-risk-weighted-assets ratio to 12.1 percent and the total capital-to-risk-weighted-assets ratio to 14.9 percent.

Pacific Capital Bancorp is the parent company of Santa Barbara Bank & Trust, South Valley National Bank, First National Bank of Central California, First Bank of San Luis Obispo and San Benito Bank.