Feds give Pacific Capital September deadline to raise cash
Pacific Capital Bancorp, parent of Santa Barbara Bank & Trust and the largest banking company in the Tri-Counties, is under new orders from regulators to boost its capital levels by September or potentially sell or liquidate the bank. Pacific Capital, which is in talks over a $500 million rescue that would transfer control of the Read More →
Lokey joins Mission Community Bank
San Luis Obispo-based Mission Community Bank announced May 3 that it is bringing former Rabobank executive and tri-county banking veteran Jim Lokey on as its executive chairman. Lokey was the president and chief executive officer of Arroyo Grande-based Mid-State Bank & Trust for seven years, until the bank was bought by Rabobank in 2007 in Read More →
Ethos Water co-founder talks innovation, "ethical brands" at CLU
Social entrepreneurship is an emerging blend of nonprofit and for-profit activity, and leading-edge companies are “ethical brands” such as Tesla or Grameen Bank that favor relationships over transactions. That is the view of Jonathan Greenblatt, a former Clinton administration official and entrepreneur who now teaches at UCLA. Greenblatt spoke May 4 at the latest installment Read More →
Updated story: Pacific Capital chief briefs shareholders on $500M deal
[Editor’s note: This story was updated at 3:20 p.m. April 29 with comments from Gerald Ford.] Hours after signing a $500 million deal that could transfer control of Pacific Capital Bancorp to a Texas billionaire’s firm, the banking company’s executives went before investors at its 50th annual shareholder meeting to explain the bold transaction that Read More →
CKE to be acquired by Apollo
Carpinteria-based CKE Restaurants announced April 24 that it will be acquired by an affiliate of Apollo Management. Under the terms of the agreement, CKE stockholders will receive $12.55 per share in cash, representing a 41 percent premium to the company’s closing share price on Feb. 25 and a 14 percent premium over an earlier offer Read More →
CKE nears buyout endgame
South Coast, meet buyout specialist Leon Black. He does not mess around. Black is believed to be the man behind an April 19 bid of $12.55 per share for Carpinteria-based CKE Restaurants, the parent of Carl’s Jr. and Hardees. That’s a whopping 13.5 percent higher than the $11.05 on the table from Boston-based private equity Read More →
Carpinteria chamber backs drilling proposal
The Carpinteria Valley Chamber of Commerce has gone from neutral to supportive of Measure J, which would allow Venoco to drill offshore for oil and gas from an onshore rig in the city. The Carpinteria City Council opposes Measure J, which will be on the June 8 ballot. The business community is divided. When the Read More →
