March 12, 2012 at 14:35 PM EDT
Pacific Capital Catapults 57% Higher With Takeover
While many banks stocks are weighed down by prospects for stress tests , Pacific Capital shareholders are big winners today: a unit of Japan’s largest bank agreed to purchase the California bank holding company at a 60% premium. Shares of Pacific Capital (PCBC), halted for a time, are up 57%, or $16.36. to $45.05. The [...]

While many banks stocks are weighed down by prospects for stress tests , Pacific Capital shareholders are big winners today: a unit of Japan’s largest bank agreed to purchase the California bank holding company at a 60% premium.

Shares of Pacific Capital (PCBC), halted for a time,  are up 57%, or $16.36. to $45.05. The stock closed Friday at $28.69.

UnionBanCal, a unit of Mitsubishi UFJ Financial Group (MTU), offered $46 per share for the parent of Santa Barbara Bank & Trust and other affiliated bank names. It has 47 branches and $6.3 billion in assets, and boasts the largest trust and investment management operation in its market – the central coast of California.

The deal values Pacific Capital at roughly $1.5 billion;  it is expected to close in the fourth quarter.

Shares of Mitsubishi UFJ traded on the New York Stock Exchange were off 1.55%, or 8 cents, to $5.07.

In contrast, Regions Financial (RF) was off nearly 3%, or 17.5 cents, to $5.62, while shares of SunTrust Banks (STI) were off 2.8%, or 61 cents, to $21.82.

See our previous post on banks that could raise dividends in light of Federal Reserve stress tests.

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