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Pacific Capital Bancorp Sets Record Date for Rights Offering

^{Published on 2010-08-19 13:41:49 - Market Wire}
 

SANTA BARBARA, Calif.--([ BUSINESS WIRE ])--Pacific Capital Bancorp (aPacific Capitala) (Nasdaq: PCBC) announced today that it has set 4:01p.m., New York City time, on August 30, 2010, as the record date for its anticipated rights offering.

Subject to the closing of the previously announced recapitalization transaction involving Ford Financial Fund, L.P., the rights offering will be made through the distribution of non-transferable subscription rights to purchase shares of Pacific Capitala™s common stock. Shareholders will receive, at no charge, 15.335 subscription rights for each share of common stock held of record at the record date. Subscription rights may only be exercised in whole numbers (with the total number of subscription rights issuable to a holder rounded down to avoid the issuance of fractional rights). Each whole subscription right will entitle a shareholder to purchase one share of Pacific Capital common stock at a subscription price equal to $0.20 per share. Shareholders will not have a right to over-subscribe for shares in the rights offering.

The rights offering is expected to commence as soon as possible after the closing of the recapitalization transaction and effectiveness of a registration statement relating to the rights offering.

THIS PRESS RELEASE SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY THE SECURITIES NOR SHALL THERE BE ANY SALE OF SECURITIES MENTIONED IN THIS PRESS RELEASE IN ANY STATE IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR TO THE REGISTRATION OR QUALIFICATION UNDER THE SECURITIES LAWS OF ANY SUCH STATE. THE RIGHTS OFFERING MAY BE MADE ONLY BY MEANS OF A PROSPECTUS. A REGISTRATION STATEMENT RELATING TO THE COMMON STOCK UNDERLYING THE SUBSCRIPTION RIGHTS MENTIONED IN THIS PRESS RELEASE IS EXPECTED TO BE FILED WITH THE SECURITIES AND EXCHANGE COMMISSION. THE COMMON STOCK UNDERLYING THE SUBSCRIPTION RIGHTS MENTIONED IN THIS PRESS RELEASE MAY NOT BE SOLD NOR MAY OFFERS TO BUY BE ACCEPTED PRIOR TO THE TIME THE REGISTRATION STATEMENT FILED IN CONNECTION WITH THE RIGHTS OFFERING BECOMES EFFECTIVE.

Forward-Looking Statements

This press release contains aforward-looking statementsa within the meaning of Section27A of the Securities Act of 1933, as amended, and Section21E of the Securities Exchange Act of 1934, as amended, including, but not limited to, statements regarding the proposed rights offering and the recapitalization transaction. Pacific Capital intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in these provisions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Pacific Capital cautions you therefore against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, adverse changes in general economic or market conditions, the inability to successfully complete the rights offering or the recapitalization transaction, and other risks and factors detailed in reports filed by Pacific Capital with the Securities and Exchange Commission, including Pacific Capitala™s Annual Report on Form 10-K for the year ended December31, 2009 and Pacific Capitala™s Quarterly Reports on Form 10-Q for the quarters ended March31, 2010 and June 30, 2010. Pacific Capital cautions that the foregoing factors are not exclusive.