Nipomo man must return $47M to fraud victims, banks
By Stephen Nellis / Friday, May 3rd, 2013 / Banking & Finance, Law & Goverment, Top Stories, Tri-County Economy / Comments Off on Nipomo man must return $47M to fraud victims, banks
John Mark Moore, 51, of Nipomo has pleaded guilty in federal court to defrauding his in-laws, a former business partner and five banks out of as much as $47 million. Before his sentencing in July, Moore is likely to try to return as much of that as he can as restitution, according to prosecutors. But Read More →
Global dealmakers zoom in on region, shrug off slow growth politics
By Henry Dubroff / Friday, April 26th, 2013 / Columns, Opinion / Comments Off on Global dealmakers zoom in on region, shrug off slow growth politics
A strengthening currency, a stable economic platform and the ability to innovate and reinvent is not something that you find in many places around the world.
Prosecutors allege Deckers, Pacific Capital victims of KPMG auditor’s leaks
By Staff Report / Thursday, April 11th, 2013 / Banking & Finance, Banking Industry, Top Stories, Tri-County Public Companies / Comments Off on Prosecutors allege Deckers, Pacific Capital victims of KPMG auditor’s leaks
Deckers Outdoor Corp. and the former Pacific Capital Bancorp, two of the biggest names in tri-county business, were the targets of a KPMG auditor who leaked their financial information to a golf partner and now faces federal criminal insider trading charges, according to prosecutors. Scott London, a former partner in charge of the accounting firm’s Read More →
Amid job cuts, Union Bank rolls out plan
By Marlize van Romburgh / Friday, December 7th, 2012 / Banking & Finance, Banking Industry, Top Stories, Tri-County Economy, Tri-County Public Companies / Comments Off on Amid job cuts, Union Bank rolls out plan
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 to slash almost half of SBB&T work force
By Marlize van Romburgh / Friday, November 30th, 2012 / Banking & Finance, Banking Industry, Latest news, Tri-County Economy / Comments Off on Union Bank to slash almost half of SBB&T work force
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 →
UPDATE: Pacific Capital sale to close Dec. 1
By Staff Report / Wednesday, November 14th, 2012 / Banking & Finance, Banking Industry, Latest news / Comments Off on UPDATE: Pacific Capital sale to close Dec. 1
Union Bank’s $1.5 billion acquisition of Santa Barbara Bank & Trust’s parent company is slated to close Dec. 1 now that federal regulators have signed off on the deal. In approving the sale of Pacific Capital Bancorp with a formal order on Nov. 14, Federal Reserve officials set in motion a number of events. They Read More →
Pacific Capital’s third quarter profits up 62%
By Staff Report / Wednesday, October 24th, 2012 / Banking & Finance, Banking Industry, Latest news / Comments Off on Pacific Capital’s third quarter profits up 62%
Santa Barbara Bank & Trust parent Pacific Capital said third-quarter earnings were up 62.2 percent to $33.2 million, or $1.01 per diluted share. The higher profits come on the eve of the sale of the region’s largest banking franchise to San Francisco-based Union Bank, a deal expected to close in the fourth quarter. Pacific Capital Read More →
