Pacific Capital shares up 35 percent
Shares of Pacific Capital Bancorp soared 35 percent in unusually heavy trading on Nov. 18 as the stock closed at 91 cents. Volume was more than 2 million shares compared with the normal 1.3 million shares daily.
No news was announced, but as earlier reported, the region’s largest banking company has been seeking a buyer or capital infusion amid mounting losses that have put the company under an agreement with regulators to boost capital levels. The company is the parent of Santa Barbara Bank & Trust and First Bank of San Luis Obispo.
Pacific Capital’s stock has been struggling below the $1 mark since Nov. 6. Shareholders have authorized a reverse stock split which could boost the company’s share price as much as 10-fold. No further details about the reverse split have been disclosed.
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