Pacific Capital Bancorp Announces Closing of $500 M Investment
Pacific Capital Bancorp (Nasdaq: PCBC) announced today the closing of the previously announced $500 million investment in the Company by SB Acquisition Company LLC, a wholly-owned subsidiary of Ford Financial Fund, L.P.
Upon the closing of the investment, Mr. Ford was appointed Chairman of the Board of the Company and a member of the Board of Directors of Pacific Capital Bank, N.A. In addition, Mr. Webb was appointed Chief Executive Officer and a member of the Board of Directors of the Company and Chairman of the Board and Chief Executive Officer of the Bank.
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