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At the special meeting, the Company's shareholders approved each of the proposals submitted for consideration, including the proposal to amend the Company's articles of incorporation to increase the number of authorized shares of common stock from 100,000,000 to 500,000,000, and the proposal to amend the Company's articles of incorporation to effect a reverse stock split by a ratio of not less than one-for-three and not more than one-for-ten at any time prior to August 31, 2010, with the exact ratio to be set at a whole number within this range as determined by the Company's board of directors.
"We are pleased with the results of the voting and the support we have received from our shareholders as we navigate through this difficult economic environment," said George Leis, President & Chief Executive Officer of Pacific Capital Bancorp. "We intend to file promptly with the California Secretary of State an amendment to our articles of incorporation to increase the number of authorized shares of our common stock, as this increase will provide us with an additional tool as we explore strategic alternatives to strengthen our capital base and enhance shareholder value. However, we have no current plans to implement the reverse stock split, but instead will evaluate if and when such an action would be most advantageous to the Company and all of our shareholders."
Pacific Capital Bancorp is the parent company of Pacific Capital Bank, N.A., a nationally chartered bank that operates 46 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.
SOURCE: Pacific Capital Bancorp
Pacific Capital Bancorp Debbie Whiteley, Executive Vice President, Investor Relations (805) 884-6680 Debbie.Whiteley@pcbancorp.com
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