The Santa Barbara Fire Sale: How the Golden RAL Goose Died

Wednesday, 03 February 2010
News

George LeisPacific Capital Bancorp CEO George Leis said the fact his company would receive about $10 million in proceeds from the sale of its refund loan and refund transfer business was disappointing. That was a major understatement because the forced sale of the tax business of the company's subsidiary, Santa Barbara Bank and Trust resulted in its disposing of a unit that had produced just under $132 million in net interest income over the last two years.

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