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Pacific Capital Bancorp (PCBC)

(NASDAQ: PCBC)

Summary

Faruqi & Faruqi, LLP Announces Investigation into Possible Breaches of Fiduciary Duties by the Board of Pacific Capital Bancorp in Connection with the Sale of the Company a unit of Mitsubishi UFJ Financial Group Inc.

Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of Pacific Capital Bancorp (“Pacific Capital” or the “Company”) (NASDAQ: PCBC) for potential breaches of fiduciary duties in connection with their conduct related to the sale of the Company to UnionBanCal Corp., a unit of Mitsubishi UFJ Financial Group, Inc. (NYSE: MTU), in an all-cash deal valued at about $1.5 billion.  Under the terms of the proposed transaction, Pacific Capital stockholders will receive $46 in cash for each share of Pacific Capital common stock they own.

Whether Pacific Capital’s Board of Directors breached their fiduciary duties to the Company’s stockholders by failing to conduct an adequate and fair sales process prior to agreeing to this proposed transaction, whether the proposed transaction undervalues Pacific Capital’s shares and by how much this proposed transaction undervalues the Company to the detriment of Pacific Capital’s shareholders are the key focus of this investigation.

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    Pacific Capital Bancorp (PCBC)
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Faruqi & Faruqi, LLP
685 Third Avenue 26th Floor
New York, NY 10017
Tel: (212) 983-9330

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