Any time a special or secret meeting is called, it’s a sure bet that the stock price will be affected either positively or negatively.  The Pacific Capital Bancorp PCBC special shareholder meeting on September 29th concerned (among other things) the amending of the Company’s articles of incorporation and to increase the number of common stock substantially, from 100,000,000 to 500,000,000.

By doing this, the company would be implementing a reverse stock split by a ratio of not less than one-for-three and not more than one-for-ten (exact numbers to be set by the BOD)

“We are pleased with the results of the voting and the support we have received from our shareholders as we navigate through this difficult economic environment,” said George Leis, President & Chief Executive Officer of Pacific Capital Bancorp. “We intend to file promptly with the California Secretary of State an amendment to our articles of incorporation to increase the number of authorized shares of our common stock, as this increase will provide us with an additional tool as we explore strategic alternatives to strengthen our capital base and enhance shareholder value. However, we have no current plans to implement the reverse stock split, but instead will evaluate if and when such an action would be most advantageous to the Company and all of our shareholders.”

About Pacific Capital Bancorp

Pacific Capital Bancorp operates as the holding company for Pacific Capital Bank, N.A., which provides a range of commercial and consumer banking services to households, professionals, and businesses primarily in the central coast of California. The company primarily offers its banking services under Santa Barbara Bank & Trust, First National Bank of Central California, South Valley National Bank, San Benito Bank, and First Bank of San Luis Obispo brand names. It offers a range of deposit products, including NOW accounts, money market deposit accounts, savings accounts, time certificates of deposit, interest bearing deposits, and demand deposits. The company also provides various loans comprising real estate loans, such as residential?one to four family, multi-family residential, commercial, and construction; home equity loans; consumer loans; leases; and demand deposit overdraft protection products, as well as commercial, industrial, and agricultural loans. In addition, it offers safe deposit boxes, travelers? checks, money orders, foreign exchange services, and cashiers checks. Further, the company provides trust and investment advisory services, as well as a range of wealth management services. As of December 31, 2008, it operated 51 retail branches and 17 loan production offices. The company was founded in 1960 and is based in Santa Barbara, California.