ProPublica

Journalism in the Public Interest

Pacific Capital Bancorp

Santa Barbara, Calif. | See all recipients in California

This investment resulted in a loss to taxpayers. See below for details.

$195M Disbursed
$166M Returned
$2.5M Revenue to Gov't
$26.6M Net Outstanding
$195M Committed
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29/ On 8/31/2010, following the completion of the conditions related to Pacific Capital Bancorp's (Pacific Capital) capital plan, Treasury exchanged its $180,634,000 of preferred stock in Pacific Capital for $195,045,000 of mandatorily convertible preferred Stock (MCP), which is equivalent to the initial investment amount of $180,634,000, plus $14,411,000 of capitalized previously accrued and unpaid dividends. On 9/27/2010, following the completion of the conversion conditions set forth in the Certificate of Designations for the MCP, all of Treasury’s MCP was converted into 360,833,250 shares of common stock of Pacific Capital. Following a reverse stock split effective 12/28/10, Treasury held 3,608,332 shares of Pacific Capital common stock. Effective 11/30/12, Pacific Capital merged with and into UnionBanCal Corporation and each outstanding share of common stock of the Company was converted into the right to receive $46.00 per share in cash, and Treasury received $165,983,272 in respect of its common stock and $393,121 in respect of its warrant.

Events

Date Type Amount Program Description
11/30/2012 Refund $165,983,272 CPP Partial Repayment
11/30/2012 Warrant $393,121 CPP Warrant Proceeds
05/31/2009 Dividend $2,107,397 CPP Dividends Paid Through 5/31/2009
11/21/2008 Purchase $195,045,000 CPP Purchase - Preferred Stock w/ Warrants

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