First California to raise $36M
Westlake Village-based First California Financial Group, the parent of First California Bank, plans to close a $36 million stock offering by March 24. The banking company said March 19 it will sell 14.4 million shares for $2.50 each. After costs, First California will net $33 million, the bank said in a release. Earlier, First California Read More →
Santa Barbara developer Fess Parker dies at 85
Fess Parker, the face of Davy Crockett and Daniel Boone to an entire generation of Americans and perhaps the best-known developer in Santa Barbara, died at his home in the Santa Ynez Valley on March 18. He was 85. A Texas native, the television frontiersman played Davy Crockett in the 1950s and Daniel Boone in Read More →
First California to sell 10M shares
Westlake Village-based First California Financial Group, parent of First California Bank, said March 17 it plans to sell 10 million shares to raise capital to fund potential acquisitions and new customers. A per-share price has not been set for the stock offering, which is being underwritten by investment bank Keefe, Bruyette & Woods. At First Read More →
SkyWest adds Oxnard to nixed flights
After raising fares in the face of declining passenger numbers, SkyWest is cancelling its flight from Oxnard to LAX starting in June. The 20-minute connection to one of the nation’s largest airports has been a mainstay for Ventura County business and government passengers looking to cut down time and hassle getting to Los Angeles. Without Read More →
SB city manager: General fund cuts inevitable
General fund cuts are inevitable as revenue declines are historic, Santa Barbara City Manager Jim Armstrong said March 16 at the annual State of the City address. The $140 million general fund has experienced a 20 percent decline in retail taxes, a 16 percent decline in hotel taxes and an even sharper decline in property Read More →
Overconfidence caused the crash, author argues
The global financial crisis was caused by the overconfidence of experts in the field, according to author and journalist Malcolm Gladwell. Speaking at the Arlington Theater in Santa Barbara on March 10, Gladwell said people often attribute mistakes to incompetence but that the financial crisis was actually caused by expert failure. “As our world gets Read More →
Pacific Capital loses $431.3 million in 2009
Santa Barbara Bank & Trust parent Pacific Capital Bancorp said March 12 that it lost $431.3 million in 2009 and faces strong headwinds raising the capital it needs to satisfy its agreements with federal regulators. In a regulatory filing, Pacific Capital said its total net loss for 2009 was $431.3 million, compared with $23.8 million Read More →
