[Sign Up Now] to Receive Our FREE Daily SCVTV-SCVNews Digest by E-Mail

Inside
Weather
Santa Clarita CA
Cloudy
Cloudy
72°F
 
Calendar
Today in
S.C.V. History
June 25
1859 - Outlaw Tiburcio Vasquez escapes from prison while serving sentence for grand larceny in L.A. County; recaptured in August and sent to San Quentin [story]
Tiburcio Vasquez


[UNBC] – UnionBanCal Corporation (UNBC) and its primary subsidiary, Union Bank, N.A. (Union Bank), today announced that UNBC has entered into a definitive agreement to acquire Pacific Capital Bancorp, a bank holding company headquartered in Santa Barbara, California, for $46 per share in cash. The acquisition, which requires approval from banking regulators and subject to other customary closing conditions, is expected to be completed in the fourth quarter of 2012. Following entry by the companies into the agreement, SB Acquisition Company LLC, the holder of approximately 75 percent of the outstanding shares of common stock of Pacific Capital Bancorp, delivered to Pacific Capital Bancorp its action by written consent adopting and approving the agreement.

By acquiring Pacific Capital Bancorp and its primary bank operations, Santa Barbara Bank & Trust, N.A., Union Bank will expand its geographic footprint to important areas of the Central Coast. Union Bank will become the leading bank in the Santa Barbara Metropolitan Statistical Area (MSA), fourth in the Oxnard-Thousand Oaks MSA, fourth in the Salinas-Carmel MSA and a top five bank in other Central Coast MSAs. This acquisition will strengthen Union Bank’s ability to serve customers through greater scale and distribution in community banking, consumer, commercial and small business lending, and wealth management.

The transaction values Pacific Capital Bancorp at approximately 1.6 times adjusted tangible book value, and reflects the unique strategic value of this acquisition to Union Bank and the opportunity to realize significant operating synergies. Pacific Capital Bancorp’s tangible book value is expected to increase significantly upon the close of the transaction from tax-related assets and an increase in the value of the loan portfolio.

Union Bank President and Chief Executive Officer Masashi Oka said, “We are excited about the opportunity to acquire Pacific Capital Bancorp and Santa Barbara Bank & Trust. This allows us to extend our community-focused banking services to customers in the vitally important Santa Barbara and Central Coast regions.”

Mr. Oka added, “As a responsible California-based bank that has provided services to Californians for nearly 150 years, our approach and focus on long-term customer and community relationships will be a perfect fit with Pacific Capital Bancorp. Santa Barbara and the Central Coast are very attractive regions for banking and wealth management services, and represent an important geographic expansion for Union Bank. We look forward to working with the employees of Santa Barbara Bank & Trust.”

“This transaction is confirmation of the significant achievements over the past 18 months of the entire team at Santa Barbara Bank & Trust, an outstanding community bank franchise,” said Pacific Capital Bancorp Chief Executive Officer Carl B. Webb. “We have joined forces with a strong, stable financial services organization that shares our vision of community-based banking. The combination of our two organizations ensures that our local customers and communities will continue to be well served in the future by a responsible, high quality bank with significant capabilities and convenience throughout California.”

UnionBanCal Corporation has engaged Morgan Stanley & Co., LLC as its financial advisor in connection with this acquisition. Its legal advisor is Sullivan & Cromwell LLP. Pacific Capital Bancorp engaged Wachtell, Lipton, Rosen & Katz as its legal advisor for this transaction. Sandler O’Neill + Partners provided a fairness opinion to Pacific Capital Bancorp’s Board of Directors.

 

About UnionBanCal Corporation & Union Bank, N.A.

Headquartered in San Francisco, UnionBanCal Corporation is a financial holding company with assets of $89.7 billion at December 31, 2011. Its primary subsidiary, Union Bank, N.A., is a full-service commercial bank providing an array of financial services to individuals, small businesses, middle-market companies, and major corporations. The bank operated 414 branches in California, Washington, Oregon, Texas and New York, as well as two international offices, on December 31, 2011. UnionBanCal Corporation is a wholly-owned subsidiary of The Bank of Tokyo-Mitsubishi UFJ, Ltd., which is a subsidiary of Mitsubishi UFJ Financial Group, Inc. Union Bank is a proud member of the Mitsubishi UFJ Financial Group (MUFG, NYSE:MTU), one of the world’s largest financial organizations. Visit www.unionbank.com for more information.

 

About Pacific Capital Bancorp & Santa Barbara Bank & Trust, N.A.

Pacific Capital Bancorp, with $5.9 billion in assets, is the parent company of Santa Barbara Bank & Trust, N.A., a nationally chartered bank headquartered in Santa Barbara which operates 47 branches in eight California counties on the Central Coast of California. SBB&T provides a full line-up of community banking, commercial banking, and trust and wealth management products and services. The Company’s website, including investor relations information, can be found at www.pcbancorp.com; SBB&T’s website, including products and services information and branch locations, can be found at www.sbbt.com.

Comment On This Story
COMMENT POLICY: We welcome comments from individuals and businesses. All comments are moderated. Comments are subject to rejection if they are vulgar, combative, or in poor taste.
REAL NAMES ONLY: All posters must use their real individual or business name. This applies equally to Twitter account holders who use a nickname.

0 Comments

You can be the first one to leave a comment.

Leave a Comment


Latest Additions to SCVNews.com
The Los Angeles County Department of Public Works (Public Works) announced lane closures in Castaic on Thursday.
Lane Closures in Castaic Thursday Expected to Cause Delays
SAN BERNARDINO - The JetHawks put together their biggest ninth-inning comeback of the season on Monday night, rallying for six runs to beat the Inland Empire 66ers, 8-7, at San Manuel Stadium.
JetHawks Rally with 6 Runs in 9th-Inning Comeback
The Santa Clarita City Council will consider adopting its new budget for the 2019-20 fiscal year Tuesday, and hold public hearings related to special districts and open space.
City Council to Consider Adopting 2019-20 Budget
1859 - Outlaw Tiburcio Vasquez escapes from prison while serving sentence for grand larceny in L.A. County; recaptured in August and sent to San Quentin [story]
Tiburcio Vasquez
The Lancaster JetHawks came out on top, 9-8, over Rancho Cucamonga in a game that saw multiple lead changes in the late innings Sunday afternoon at The Hangar.
JetHawks Win in Late Innings Sunday, Take Series
Sean Bouchard went deep and drove in four runs on Saturday night, but the JetHawks fell to the Rancho Cucamonga Quakes, 10-5, at The Hangar.
Another Big Game for Bouchard in JetHawks Loss
The Santa Clarita City Council Legislative Committee will hold its next public meeting Tuesday, June 25, starting at 4 p.m.
June 25 City Council Legislative Committee Meeting
The Santa Clarita Valley Sanitation District Board of Directors regular meeting is set for Wednesday, June 26, starting at 1 p.m.
June 26 Special Meeting: SCV Sanitation District
The June 25 agendas for the Santa Clarita City Council's special and regular meetings have been released by officials.
June 25 Agendas – Santa Clarita City Council Meetings
Of all the parks and recreation agencies in the nation, the city of Santa Clarita's Jakes Way Neighborhood Program in Canyon Country has won the 2019 Innovation in Social Equity Award from the National Recreation and Parks Association.
City’s Jakes Way Program Wins Top National Award
The Los Angeles County Department of Public Health is assessing exposure on the West Side of Los Angeles by two county residents who recently traveled and became ill with measles shortly after returning home.
County Warns of Measles Exposure on LA’s West Side
The Lancaster JetHawks, playing as El Viento de Lancaster for the sixth time this year, took down Rancho Cucamonga, 13-7, at The Hangar Friday night.
El Viento Win Over Los Temblores Friday
The Santa Clarita Valley Chamber of Commerce, in partnership with the city of Santa Clarita, is proud to announce the honorees for the 9th Annual Patriots Luncheon.
SCV Chamber Names 2019 Patriots Luncheon Honorees
Southern California Gas Co. will continue its grant program that helps California cities become more resilient in the face of climate change risks such as flooding, wildfires, extreme heat, drought, sea level rise, and other extreme weather events.
SoCalGas Offers $100K Grant to Help Cities Prep for Climate Change
The city of Santa Clarita has received an award from the Association of Public Treasurers of the United States and Canada for its Fiscal Year 2019-20 Investment Policy.
Santa Clarita Investment Policy Wins National Honor
Static and ham radio codes pierced the air at SCV Water in Saugus as the Santa Clarita Amateur Radio Club held its Amateur Radio Field Day on Saturday and Sunday.
SCV Amateur Radio Club Broadcasts Nationwide for Field Day
A traffic collision involving two semi trucks and an electric car caused a fuel spill in Newhall on Monday morning.
Truck, EV Crash Causes Fuel Spill on Sierra Highway
The California Department of Motor Vehicles will close its offices statewide for a half day of 'Operation: Excellence' customer service training on Wednesday, July 24.
DMV to Close Statewide for ‘Operation Excellence’ Training
The spiteful ex-boyfriend was dead wrong when he told Ashley Farley she would never see her beloved Pomeranian pup “Ella” again after informing her that he sold the dog while she was at work.
Ash, Ella Reunited: Dog Sold by Ex Returned
An individual involved in a stabbing by an apartment complex in Newhall was sent to a hospital Saturday night, according to Los Angeles County Sheriff’s Department officials.
Stabbing in Newhall Sends 1 Person to Hospital
Santa Clarita Valley Sheriff’s Station deputies discovered a suspected concentrated marijuana grow lab and detained three suspects after being called to the scene of a party at a vacant property in Canyon Country on Saturday evening.
Deputies Bust Suspected Cannabis Grow Lab, 3 Detained
A Canyon Country property that housed the Soledad Trailer Lodge for decades until the mobile home park's recent demolition could soon become the site of several new residential and office units.
Developer Seeks to Build on Mobile Home Park Site
1980 - Saugus Train Station relocated to Heritage Junction [story]
Saugus Train Station
1946, 11:20pm: William S. Hart, 81, dies at L.A.'s California Lutheran Hospital, leaving his Newhall home and 80-acre estate to L.A. County and his Hollywood home to L.A. City [story]
Hart dies
%d bloggers like this: