SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) December 3, 1996
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PACIFIC CAPITAL BANCORP
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(Exact name of registrant as specified in its charter)
California 0-13528 77-003875
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
307 Main Street, Salinas, California 93901
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (408) 757-4900
N/A
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(Former name or former address, if changed since last report.)
This Report on Form 8-K consists of two (2) pages, the manually signed original
of which is sequentially numbered.
<PAGE>
Item 2. Acquisition or Disposition of Assets
Effective November 20, 1996, South Valley Bancorporation ("South
Valley") was merged with and into Pacific Capital Bancorp ("Company") pursuant
to the Agreement and Plan of Reorganization ("Agreement") dated July 18, 1996.
In connection with the Agreement, the Company agreed to issue 1,210,185 shares
of its common stock to South Valley shareholders. The number of shares to be
issued was determined by multiplying the number of South Valley shares
outstanding on November 20, 1996 (1,315,419) by the exchange ratio of 0.92 as
provided for in the Agreement. In addition to the shares issued to South Valley
shareholders, the Company also issued 81,000 shares of its common stock as
consideration for the outstanding options to purchase shares of South Valley
common stock held by certain officers and directors of South Valley. As a result
of the merger, South Valley's principal subsidiary, South Valley National Bank,
became a subsidiary of the Company.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Date: December 3, 1996 PACIFIC CAPITAL BANCORP
/s/ Clayton C. Larson
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Clayton C. Larson
President
