Gerald J. Ford plans to inject $500 million into Pacific Capital Bancorp (NASDAQ:PCBC) as the company struggles to stanch losses, according to a Bloomberg report.
Ford's affiliates will pay $0.20 per share of Pacific Capital, whose stock closed at $4.11 yesterday. Ford will control a 91% stake, according to a statement.
Chairman Edward Burch said that the offer "was the best alternative available to us to assure the company's future."
Pacific Capital is currently trading 48.42% lower at $2.12.
Link to this comment:
All Comments (0)