Business & Finance
Business and Finance
Business and Finance
Thu, January 15, 2009
Wed, January 14, 2009 Pacific Capital Bancorp Finalizes Funding Plan for 2009 RAL Program
SANTA BARBARA, Calif.--([ BUSINESS WIRE ])--Pacific Capital Bancorp (Nasdaq:PCBC) today announced that it has finalized a funding plan that is sufficient to meet the projected needs for the Company's 2009 Refund Anticipation Loan (RAL) and Refund Transfer (RT) programs. The funding plan consists of a loan syndication program, as well as increased use of brokered CDs and wholesale funding sources.
The Company expects that transaction volumes, product mix and loss rates for the 2009 program will be similar to the 2008 program.
Pacific Capital Bancorp (Nasdaq:PCBC), with $7.7 billion in assets, is the parent company of Pacific Capital Bank, N.A., a nationally chartered bank that operates 48 branches under the local brand names of Santa Barbara Bank & Trust, First National Bank of Central California, South Valley National Bank, San Benito Bank and First Bank of San Luis Obispo.
For more information about Pacific Capital, visit the company's website at [ www.pcbancorp.com ]
Forward Looking Statements
This press release contains forward-looking statements with respect to the financial condition, results of operation and businesses of Pacific Capital Bancorp. These include statements that relate to or are dependent on estimates or assumptions relating to the prospects of the Company's income tax refund loan and transfer programs. These forward-looking statements involve certain risks and uncertainties, many of which are beyond the Company's control. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, among others, the following possibilities: (1) deterioration in general economic conditions, internationally, nationally or in California; (2) changes in the interest rate environment reducing interest margins or increasing interest rate risk; (3) increased competitive pressure among financial services companies; (4) the occurrence of terrorist acts; (5) reduced demand for or earnings derived from the Company's income tax refund loan and refund transfer programs; (6) legislative or regulatory changes or litigation adversely affecting the businesses in which Pacific Capital Bancorp engages; (7) unfavorable conditions in the capital markets; (8) difficulties in opening additional branches or integrating acquisitions; and (9) other risks detailed in reports filed by Pacific Capital Bancorp with the Securities and Exchange Commission.Forward-looking statements speak only as of the date they are made, and Pacific Capital Bancorp does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made. For a more detailed description of the risk factors associated with the Company's businesses, please refer to the Company's most recent Annual Report on Form 10-K.
