Another Monday morning scoop from Pacific Coast Business Times, and this one has mixed messages for the Santa Barbara County economy:
According to PCBT, eighteen months after buying Pacific Capital Bancorp, Santa Barbara Bank & Trust's parent company, Dallas-based Ford Financial Fund is selling the local banking group to Union Bank's parent for an estimated $1.5 billion.
The deal will likely cause a further shake-up at Santa Barbara Bank & Trust, which has laid off at least 300 employees and had 963 employees in 2010.
UPDATE: more great reporting from PCBT has revealed that Santa Barbara Bank & Trust will be renamed and re-branded as part of the Union Bank group. My guess is that this will provide a big boost to Montecito Bank & Trust, now one of the only local banking groups on the central coast.