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Pacific Capital Bancorp
Pacific Capital Bancorp was a bank headquartered in Santa Barbara, California. It had 47 branch (banking), branches, all of which were in Southern California. It operated under the name Santa Barbara Bank & Trust. The company also operated Morton Capital Management and R.E. Wacker Associates, investment advisory firms. In 2012, the company was acquired by MUFG Union Bank. History The bank was founded as Santa Barbara National Bank on March 17, 1960. In 1998, Santa Barbara Bancorp acquired Pacific Capital Bancorp for $287.6 million in stock and changed its name to Pacific Capital Bancorp. In November 2008, the company received an investment of $180,634,000 from the United States Department of the Treasury as part of the Troubled Asset Relief Program (TARP). In January 2010, the company sold its Refund Anticipation Loan and Refund Transfer business to Santa Barbara Tax Products Group for $10 million. In April 2010, Gerald J. Ford bought a 91% stake in the company for $500 mill ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bank
A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Because banks play an important role in financial stability and the economy of a country, most jurisdictions exercise a high degree of regulation over banks. Most countries have institutionalized a system known as fractional reserve banking, under which banks hold liquid assets equal to only a portion of their current liabilities. In addition to other regulations intended to ensure liquidity, banks are generally subject to minimum capital requirements based on an international set of capital standards, the Basel Accords. Banking in its modern sense evolved in the fourteenth century in the prosperous cities of Renaissance Italy but in many ways functioned as a continuation of ideas and concepts of credit and lending that had their roots in the a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
