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

To: alan holman who wrote (30163)	3/28/1999 11:52:00 AM
From: alan holman	Read Replies (1) \| Respond to of 43774

Santa Barbara Bancorp changes name after merger In separate meetings held December 15, 1998, shareholders of Santa Barbara Bancorp (Nasdaq: SABB) and Pacific Capital Bancorp of Salinas (Nasdaq: PABN) approved the merger of equals between these two pre-eminent community bank holding companies on the Central Coast of California. Of all Santa Barbara Bancorp shares voted, 96.14% voted in favor of the merger. Votes in favor of the merger were in excess of the 68.44% of the total number of Santa Barbara Bancorp shares outstanding. Of all the Pacific Capital Bancorp shares voted, 99.29% voted in favor of the merger. Votes in favor of the merger were 68.73% of the total number of Pacific Capital Bancorp shares outstanding. Management expected the transaction to close December 30, 1998. Santa Barbara Bancorp will be the surviving company in the merger, however it will assume the name Pacific Capital Bancorp, a name that more accurately reflects the geographic reach of the subsidiary community banks. Those banks are Santa Barbara Bank & Trust in Santa Barbara and Ventura Counties, First National Bank of Central California, in Monterey and Santa Cruz Counties, and its affiliate, South Valley National Bank, in Santa Clara and San Benito Counties. Shares of the new Pacific Capital Bancorp will trade on Nasdaq National Market System under the symbol SABB. After each of the old Pacific Capital Bancorp shareholders exchange their existing shares for 1,935 shares of the new company, approximately 24.14 million shares of the new Pacific Capital Bancorp will be outstanding. The market value of the shares of the new company currently is in excess of $600 million. The first quarterly cash dividend of the new Pacific Capital Bancorp of $0.18 per share will be payable February 16, 1999, to shareholders of record January 26, 1999. BACK TO TOP