Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Microcap & Penny Stocks : PanAmerican BanCorp (PABN) -- Ignore unavailable to you. Want to Upgrade?

To: LegalBeast who wrote (30162)	3/28/1999 11:33:00 AM
From: alan holman	Read Replies (2) \| Respond to of 43774

Santa Barbara Bancorp, parent company of Santa Barbara Bank & Trust, and Pacific Capital Bancorp located in Salinas, California, holding company for the First National Bank of Central California and South Valley National Bank, announced the signing of a Definitive Agreement calling for a merger of equals between the two companies. This combination will create a multi-community bank holding company with offices from Camarillo to Morgan Hill with assets of $2.43 billion and shareholders' equity of $204 million as of June 30, 1998. Santa Barbara Bancorp will be the surviving parent company for all three banks and will take the name of Pacific Capital Bancorp. Santa Barbara Bank & Trust, First National Bank of Central California and South Valley National Bank will continue to operate as separate, wholly-owned subsidiaries. The merger is structured to be a tax-free reorganization and will be accounted for on a pooling-of-interests basis. The agreement provides for existing Pacific Capital Bancorp shareholders to receive 1.935 shares of Santa Barbara Bancorp common stock for each of their outstanding shares of common stock. The value of the merger is estimated to be $287.6 million. Current Santa Barbara Bancorp shareholders will own approximately 36%. The merger is expected to close in the fourth quarter of 1998, subject to shareholder and regulatory approvals. One time charges to be taken at the time of closing are estimated to be between $6.5 to $7.5 million. Santa Barbara Bancorp currently has more than 4,000 shareholders and Pacific Capital Bancorp currently has more than 2,000 shareholders. Both companies' common stock is traded on the NASDAQ National Market System under the symbols SABB and PABN, respectively.