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Santa Barbara, Calif.-based Pacific Capital Bancorp announced July 27 that it entered into a definitive agreement with the U.S. Treasury Department, under which it will exchange $180.6 million in preferred stock issued under TARP.
Upon satisfaction of certain closing conditions, the company plans to exchange 180,634 shares of preferred stock for shares of a newly created series D fixed-rate cumulative mandatorily convertible preferred stock with an aggregate liquidation amount equal to the sum of $180.6 million plus accrued but unpaid dividends on its TARP...