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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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Former CEOs debate future of the auto industry

By   /  Thursday, January 21st, 2010  /  Latest news  /  Comments Off on Former CEOs debate future of the auto industry

Former Ford Motor Co. Chief Executive Officer Donald Petersen and auto quality guru Dave Power, founder and former CEO of J.D. Power and Associates, debated the future of the car business at California Lutheran University on Jan. 21. “The disease of, ‘how I am going to make my mark?’ is a devilish thing,” Petersen said. Read More →

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Court wants Distenfield to pay legal bills

By   /  Wednesday, January 20th, 2010  /  Latest news  /  Comments Off on Court wants Distenfield to pay legal bills

After a daylong trial Jan. 20, a bankruptcy court in Santa Barbara let stand an earlier ruling that Ira Distenfield aimed to deceive Los Angeles attorney Richard Lubetzky by concealing a stock sale and not paying $115,000 in legal fees related to the sale of We the People. U.S. Bankruptcy Court Judge Robin L. Riblet Read More →

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County Commerce reports strong growth in 2009

By   /  Wednesday, January 20th, 2010  /  Latest news  /  Comments Off on County Commerce reports strong growth in 2009

On Jan. 20, Ventura-based County Commerce Bank released its year-end financial statement, which showed substantial growth in 2009. The bank’s net income was roughly $1 million for 2009, up from $901,000 in 2008. Capital increased 8.49 percent to $13.2 million in 2009 from $12.2 in 2008. During the 12-month period ending Dec. 31, 2009, assets Read More →

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Breaking news update: Pacific Capital sells tax-refund loan program for $10M

By   /  Thursday, January 14th, 2010  /  Latest news  /  Comments Off on Breaking news update: Pacific Capital sells tax-refund loan program for $10M

Santa Barbara-based Pacific Capital Bancorp will get $10 million for a program that earned the banking firm hundreds of millions of dollars over the past decade, a sum that will contribute only “a drop in the bucket” toward curing the bank’s capital woes, one analyst said. The stunningly low price makes the possibility of a Read More →

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Chinese cyber attack suspected by Santa Barbara tech firm

By   /  Wednesday, January 13th, 2010  /  Latest news  /  Comments Off on Chinese cyber attack suspected by Santa Barbara tech firm

A day after Internet giant Google said it might pull out of China because of massive cyber attacks from that country, the lawyers for a Santa Barbara software firm that recently sued the Chinese government said they had been hit by Trojan viruses from China. On Jan. 5, Cybersitter filed a lawsuit in federal court Read More →

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Breaking news: Music festival company countersues

By   /  Wednesday, January 13th, 2010  /  Latest news  /  Comments Off on Breaking news: Music festival company countersues

Twiin Productions, the firm behind the West Beach Music & Arts Festival in Santa Barbara, has fired back in a legal battle of band bookers taking place on the South Coast. In August, Jackie Kane, another concert organizer, sued Twiin. She alleged that she’d been frozen out of her share of the 2008 festival and Read More →

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