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Nov 30, 2012 2:42 PM by Kelly Orsini, KSBY News

Union Bank to lay off nearly 500 Santa Barbara Bank & Trust employees

Union Bank plans to lay off 468 Santa Barbara Bank & Trust employees over the next 12 months. Word of the planned layoffs comes on the day before the legal closing date of Untion Bank's purchase of Pacific Capital Bancorp, a Santa Barbara-based holding comany that operates under the name Santa Barbara Bank & Trust.

The following is a statement sent to KSBY from a Union Bank spokesperson:

Union Bank will retain 570 Santa Barbara Bank & Trust employees, including most customer-facing positions across the bank. 468 positions will be eliminated over the course of the next twelve months. 80 percent of those whose positions have been eliminated will not depart the bank until at least April 30, 2013. Union Bank currently has 175 open positions from Los Angeles to San Jose for which impacted employees can apply. This year, Union Bank filled 2,400 positions in California.

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