SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report: July 30, 1999
PACIFIC CAPITAL BANCORP
(Exact name of registrant as specified in its charter)
California 0-11113 95-3673456
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(State or other (Commission File (I.R.S. Employer
Jurisdiction Number) Identification
of Number)
Incorporation)
200 E. Carrillo Street
Santa Barbara, California 93101
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(Address of principal executive offices)
(805) 564-6300
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(Registrant's telephone number, including area code)
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Item 5. Other Events
Approval of Stock Repurchase Plan
On July 27, 1999, the Board of Directors of Pacific Capital Bancorp
approved a stock repurchase plan under which future repurchases of shares of the
company's common stock may be made from time to time in the open market. A copy
of the press release issued by the company announcing the approval and
explaining the reasons for the stock repurchase program is attached to this
report as an exhibit.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Pacific Capital Bancorp
Dated: July 30, 1999 /s/ Donald Lafler
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Donald Lafler
Senior Vice President &
Chief Financial Officer
INDEX TO EXHIBITS
Item Description
99.1 Press Release of Pacific Capital Bancorp, dated July 28, 1999,
announcing approval by the company's board of directors of a stock
repurchase plan.
EXHIBIT 99.1
NEWS RELEASE
PACIFIC CAPITAL BANCORP
Contact: William S. Thomas, Jr.
Chief Operating Officer
(805) 564-6216
PACIFIC CAPITAL BANCORP
BOARD APPROVES
STOCK REPURCHASE PROGRAM
Santa Barbara, Calif., July 28, 1999 - The board of directors of Pacific Capital
Bancorp [Nasdaq: SABB] today announced its approval of a stock repurchase
program under which future repurchases of shares of the Company's common stock
may be made from time to time in the open market. Pacific Capital Bancorp is the
parent company of Santa Barbara Bank & Trust, First National Bank of Central
California and its affiliate South Valley National Bank, a community banking
partnership formed in December 1998.
"We have made this decision in view of the continued solid earnings and strong
capital position of our new community banking network," said Donald M. Anderson,
Chairman of the Board of the Company. "We believe that the repurchase of stock
from time to time is a prudent use of excess capital, and represents a favorable
investment opportunity which will enhance shareholder value as we continue to
realize the tremendous earnings potential of this unique community banking
network serving customers along the Central Coast."
Pacific Capital Bancorp currently has over 8,500 shareholders and 24.5 million
shares of common stock outstanding. The Company's market capitalization is
currently $740 million.
Santa Barbara Bank & Trust serves customers from 27 offices throughout Santa
Barbara and West Ventura counties. First National Bank maintains six offices in
Monterey, Salinas, Carmel, Watsonville and Soledad. Offices in Gilroy, Morgan
Hill, Hollister and San Juan Bautista operate under the name South Valley
National Bank.
