Pacific Capital Bancorp
This investment resulted in a loss to taxpayers. See below for details.
|$2.5M Revenue to Gov't|
|$26.6M Net Outstanding|
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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.
Nov. 30, 2012 Warrant Proceeds
Nov. 30, 2012 Partial Repayment
May 31, 2009 Dividends Paid Through 5/31/2009
This amount reflects the sum of dividends paid up to 5/31/2009
Nov. 21, 2008 Purchase - Preferred Stock w/ Warrants
|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|