montoya
Nevada,#2Consumer Comment
Fri, May 24, 2013
Also known as Pacific Capital Bancorp or formerly PCBC this company has a long and troubled history especially since 2004. And subsequent to a couple of different ownerships it is now owned by Union Bank or Mistsubishi Bank. As public records show, the trouble began in earnest with RAL and IT technology fiascos which provided a double whammy to their business. As you can see from the public record the Office of the Comptroller of the Currency slapped them with an MOU which was eventually made a matter of public knowledge: 'During the second quarter of 2009, PCB entered into the Memorandum of understanding with the FRB (“FRB Memorandum”) and PCBNA entered into the Memorandum of understanding with the OCC (“OCC Memorandum”). See “Regulation and Supervision—Current Regulatory Matters” for the discussion of the terms of the FRB Memorandum and OCC Memorandum. If PCB fails to comply with the FRB Memorandum or PCBNA fails to comply with the OCC Memorandum, it may be subject to further supervisory enforcement action, which could have a material adverse effect on its results of operations, financial condition and business.'