Union Bank sent shockwaves through the region with the announcement that it will cut almost 500 Santa Barbara Bank & Trust jobs as it completes a $1.5 billion acquisition. But the rollout of the San Francisco-based lender’s vastly increased footprint in the region also creates new opportunities for middle-market companies to get debt financing, experts Read More →
Union Bank will lay off almost 500 Santa Barbara Bank & Trust employees, or nearly half the bank’s work force, the San Francisco-based lender announced on the eve of its acquisition of Pacific Capital Bancorp. A spokesperson for Union Bank told the Business Times that 468 SBB&T positions will be eliminated over the next year. Read More →
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With the Tri-Counties’ two largest banks being acquired by bigger players, the regional lending landscape is shifting dramatically away from community financial institutions. Los Angeles-based PacWest Bancorp said Nov. 6 that it is buying First California Financial Group for $231 million in an all-stock deal. At $8 per share, PacWest’s bid represents an 18.5 percent Read More →
As part of its long-term strategy to build itself into a self-sustaining medical device company, Carpinteria-based Helix Medical has acquired MedVenture Technology Corp. Helix, which is mainly a manufacturer of components for medical devices, bought MedVenture, a Kentucky-based medical device design, development and manufacturing company that also has offices in Indiana and Minnesota, in a Read More →
Paso Robles-based Heritage Oaks Bank is buying the Morro Bay branch and assets of San Luis Obispo-based Coast National Bank. The acquisition, announced Oct. 1, will include about $30 million in deposit accounts. It will also include the branch building. Heritage Oaks said it will pay “market value” for the building at 898 Morro Bay Read More →
By Staff Report / Thursday, September 6th, 2012 / Latest news / Comments Off on KEYT sold to Missouri media firm
KEYT-TV, the ABC-affiliated television station serving Santa Barbara and San Luis Obispo counties, has been sold to Missouri-based News-Press & Gazette Co., or NPG. Terms of the deal were not disclosed. “We have greatly valued the opportunity to serve the communities of California’s Central Coast,” KEYT’s general manager, Michael Granados, said in a statement. “Fortunately, Read More →
