Local News

Aug 31, 2010 1:30 PM by Ariel Wesler

Pacific Capital to make announcement regarding bank sale

The parent of First Bank of San Luis Obispo and Santa Barbara Bank and Trust is set to announce the latest details this afternoon regarding its sale of the company to Ford Financial.

In April, Santa Barbara-based Pacific Capital Bancorp agreed to sell 91 percent of the company to Texas banking billionaire Gerald Ford. Under the deal, Ford will invest $500 million in the company.

Pacific Capital has struggled as the California real estate market declined. Last year, the company cut 300 jobs. The sale has been awaiting regulatory approval.

Watch KSBY News for a complete report on this story tonight at 6:30p.m.

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