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According to Pacific Capital, the investment represents 3% of the company's risk-weighted assets. Based on the capital ratios as of September 30, the capital infusion would increase the company's Tier 1 capital to risk-weighted assets ratio to 12.1% and the total capital to risk-weighted assets ratio to 14.9%.
The U.S. Treasury launched the voluntary Capital Purchase Program on October 14 to encourage U.S. financial institutions to build capital to increase the flow of financing to U.S. businesses and consumers and to support the U.S. economy.
Santa Barbara, California-based Pacific Capital Bancorp is the parent company of Pacific Capital Bank, 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.
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Free annual reports for companies mentioned in the news are available at http://investrend.ar.wilink.com/?level=279 .
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