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Gov. heralds job growth at SLO firm

By   /  Monday, February 8th, 2010  /  Latest news  /  Comments Off on Gov. heralds job growth at SLO firm

Gov. Arnold Schwarzenegger made a rare appearance in San Luis Obispo on Feb. 8, stopping at REC Solar to herald the company’s announcement that it will add 200 jobs this year, a 40 percent boost in its workforce.
 Schwarzenegger, state Sen. Abel Maldonado, R-Santa Maria, and other leaders shared REC Solar’s success story as Chief Read More →

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Schniepp: Ventura County will see turnaround in 2010

By   /  Thursday, February 4th, 2010  /  Latest news  /  Comments Off on Schniepp: Ventura County will see turnaround in 2010

Economist Mark Schniepp thinks the lowest point in the recession has passed and that 2010 will be a transition year for Ventura County. Schniepp, director of the California Economic Forecast in Goleta, predicted a recovery for the county during his presentation at the 2010 Ventura County Real Estate & Economic Outlook held in Westlake Village Read More →

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Amid $20M loss, Pacific Capital in talks to sell branches

By   /  Monday, February 1st, 2010  /  Latest news  /  Comments Off on Amid $20M loss, Pacific Capital in talks to sell branches

Pacific Capital Bancorp, the struggling parent of Santa Barbara Bank & Trust, cut its losses to $20 million in the fourth quarter of 2009 and held its capital ratios steady though below where regulators want them to be. The bank said it has started talks over the potential sale of branches and that it will Read More →

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Judge sides with PCBC in shareholder lawsuit

By   /  Friday, January 29th, 2010  /  Latest news  /  Comments Off on Judge sides with PCBC in shareholder lawsuit

A federal judge in Los Angeles dismissed a shareholder lawsuit against Pacific Capital Bancorp that alleged the parent of Santa Barbara Bank & Trust hid bad loans from shareholders before announcing a $362.6 million loss last summer. In a Jan. 28 decision, Judge Gary Klausner said the shareholder who brought the case, William Jurkowitz, didn’t Read More →

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Pacific Capital taps veteran as interim finance chief

By   /  Wednesday, January 27th, 2010  /  Latest news  /  Comments Off on Pacific Capital taps veteran as interim finance chief

[Editor’s Note: After this story was posted, Pacific Capital announced that its earnings call will be delayed until Feb. 1.] Pacific Capital Bancorp named longtime insider Donald Lafler interim chief financial officer on Jan. 26. Pacific Capital, the struggling corporate parent of Santa Barbara Bank & Trust and a likely buyout target, has been under Read More →

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Amgen earnings hold steady

By   /  Monday, January 25th, 2010  /  Latest news  /  Comments Off on Amgen earnings hold steady

Thousand Oaks-based biotech giant Amgen reported only a slight increase in profits in the fourth quarter, but said one new drug in its pipeline looks promising. Amgen’s net income inched up 1 percent to $931 million in the fourth quarter, compared to $925 million in the same quarter a year ago. Revenue for the quarter Read More →

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Los Padres Bank shores up capital levels

By   /  Monday, January 25th, 2010  /  Latest news  /  Comments Off on Los Padres Bank shores up capital levels

After months of struggling with capital ratios, Harrington West Financial Group, parent company of Solvang-based Los Padres Bank, has escaped a regulatory action that can precede a seizure and returned to “adequately capitalized,” the bank said Jan. 25. The bank remains under a longer-term cease and desist order to raise capital ratios. Harrington West had Read More →

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