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Montecito Bank & Trust
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U.S. should set inflation target, Fed economist says at UCSB

By   /  Wednesday, October 27th, 2010  /  Banking & Finance, Tri-County Economy  /  Comments Off on U.S. should set inflation target, Fed economist says at UCSB

Setting the federal funds interest rate target at zero is a trap, and one the Federal Reserve would be better off avoiding, St. Louis Federal Reserve Economist Bill Gavin said at an Oct. 27 appearance at UC Santa Barbara. Warning of the dangers of the so-called “zero lower bound,” when the federal funds rate is Read More →

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Amgen reports earnings drop

By   /  Monday, October 25th, 2010  /  Earnings, Technology, Tri-County Public Companies  /  Comments Off on Amgen reports earnings drop

Thousand Oaks-based Amgen said Oct. 25 that third-quarter earnings fell 14 percent to $1.3 billion as revenue flatlined. Amgen is the world’s biggest biotech company and the largest private employer in the Tri-Counties. It reported adjusted earnings per share of $1.36, a decrease of 9 percent compared to the same quarter last year. Total revenue Read More →

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Pacific Capital gets delisting warning

By   /  Wednesday, October 13th, 2010  /  Banking & Finance, Banking Industry, Latest news, Tri-County Public Companies  /  Comments Off on Pacific Capital gets delisting warning

Pacific Capital Bancorp said in an Oct. 13 filing with the U.S. Securities and Exchange Commission that the Nasdaq stock market has told it to get its stock price back above $1 before April 6, 2011, or potentially be delisted. The Santa Barbara-based banking firm — the holding company for Santa Barbara Bank & Trust Read More →

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Latest

Major shareholders file suit against Occam

By   /  Thursday, October 7th, 2010  /  Banking & Finance, Latest news, Technology, Tri-County Public Companies  /  Comments Off on Major shareholders file suit against Occam

A group of shareholders who between them own about 19 percent of Occam Networks filed suit Oct. 6 against Occam’s board of directors to stop the proposed acquisition of the company by Calix. In a news release announcing the suit, the investors — who include legendary hedge fund manager Michael Steinhardt — claim the $171 Read More →

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Revisiting a bank acquisition, one year later: Bank of SB hits 54% asset growth

By   /  Monday, October 4th, 2010  /  Banking & Finance, Banking Industry  /  Comments Off on Revisiting a bank acquisition, one year later: Bank of SB hits 54% asset growth

One of the Tri-Counties’ smallest banks has made a sizeable rebound in the 10 months since a team of Santa Barbara investors purchased it from its former Michigan parent. The Bank of Santa Barbara, which came under local ownership in November 2009, has seen deposits jump 80 percent year-over-year as assets climbed more than 54 Read More →

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Cal Oaks deal puts small banks in play

By   /  Monday, September 6th, 2010  /  Banking & Finance, Banking Industry, Top Stories  /  Comments Off on Cal Oaks deal puts small banks in play

The $17.3 million proposed merger of Thousand Oaks-based California Oaks State Bank and a larger San Fernando Valley bank may hint at what the community banking world will look like in the aftermath of financial overhaul. Many smaller banks, especially those with less than $500 million in assets, are looking to their neighbors or larger Read More →

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Weighing the options for Harbor Freight

By   /  Monday, August 9th, 2010  /  Banking & Finance, Top Stories  /  Comments Off on Weighing the options for Harbor Freight

By Stephen Nellis Staff Writer Something big was in the works at Harbor Freight Tools, the nationwide discount tool retailer, when a father-son struggle for control of the company broke out in Los Angeles Superior Court on July 14. The closely held private company was in the midst of moving its Camarillo headquarters to Calabasas. Read More →

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