Mission pays off TARP
Mission Community Bancorp has repaid the $5.1 million in federal bank rescue funds it took at the height of the financial crisis. The San Luis Obispo-based company said Jan. 4 that it had paid $5.1 million from the Troubled Asset Relief Program to the U.S. Treasury, including $30,554 in accrued and unpaid dividends. “The capital Read More →
PCBC posts $20.5M profit year after recap deal
Pacific Capital Bancorp, parent of Santa Barbara Bank & Trust, said Oct. 27 that it earned $20.5 million in the third quarter of 2011, marking its first full year of profits since a team of Texas bankers recapitalized it last year. In August 2010, Dallas-based Ford Financial Fund, led by veteran bankers Gerald Ford and Read More →
Mission Community buys Santa Lucia
Mission Community Bank said Oct. 24 that it acquired Santa Lucia Bank, doubling the San Luis Obispo-based bank’s size and kicking off its effort to consolidate smaller lenders along the Central Coast. The previously announced deal closed Oct. 21, Mission said. Although it did not confirm the deal price in its announcement, Mission’s top executive Read More →
Area banker tells Fed chair how grim it is
Santa Barbara resident and California Bankers Association President Rod Brown recently met with Ben Bernanke.
Guest op/ed: Understanding crime insurance for ‘rogue employee’ losses
Financial services companies have never been more vulnerable to catastrophic losses caused by dishonest employees and employees duped by dishonest third parties.
What did Sheila Bair know about Banco BuenaVentura, and when did she know it?
It might be the understatement of the decade to describe Sheila Bair as a complex creature. The recently retired chair of the Federal Deposit Insurance Corp. was early to spot the evils of sub-prime mortgage lending — she warned about them as a Treasury official in 2002. During the 2008 financial crisis, she famously feuded Read More →
Guest op/ed: Navigate these hurdles to ride the M&A wave
By John F. Stuart, Kenneth E. Moore and Ryan J. Barncastle on September 16, 2011 The marketplace is rich with discussion concerning the future of mergers and acquisitions. With so much talk about the coming wave of acquisitions, what is preventing more deals from being announced? The answer to that question requires us to revisit Read More →
