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 →
Santa Barbara-based RingRevenue has raised $3.25 million in fresh venture capital in a round led by investors GRP Partners and Rincon Venture Partners, bringing its total funding to date to more than $10 million. The company, founded in 2007, initially built a technology platform to let digital advertisers track sales calls the way they track Read More →
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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 →
On Nov. 5, Thousand Oaks-based Amgen argued a case before the U.S. Supreme Court that could make it much harder for shareholders to form a class when suing a company for making misleading statements that distort its stock price. The outcome, which is likely to be decided by the politics of the individual justices, could Read More →
With the Tri-Counties’ two largest banks being acquired by bigger players, the regional lending landscape is shifting dramatically away from community financial institutions. Los Angeles-based PacWest Bancorp said Nov. 6 that it is buying First California Financial Group for $231 million in an all-stock deal. At $8 per share, PacWest’s bid represents an 18.5 percent Read More →
