Comments on: First Bank of San Luis Obispo out of the woods? http://calcoastnews.com/2009/11/first-bank-of-san-luis-obispo-out-of-the-woods/ We are San Luis Obispo County’s on-line independent news source producing in-depth investigative news in the public interest. Thu, 11 Mar 2010 21:59:15 -0800 http://wordpress.org/?v=2.9.1 hourly 1 By: mccdave http://calcoastnews.com/2009/11/first-bank-of-san-luis-obispo-out-of-the-woods/comment-page-1/#comment-2499 mccdave Sat, 21 Nov 2009 01:31:20 +0000 http://calcoastnews.com/?p=2532#comment-2499 Right, Roger, so where'd they get "third quarter"? PCBC had a $40M loss for Q3, announced a couple of weeks ago, right on PacCoastBizTimes. It's typical CCN sloppiness. The error is unlikely to trigger a sell-off, since there are probably few institutional investors reading CCN for financial coverage, which is probably a good thing for CCN. Right, Roger, so where’d they get “third quarter”? PCBC had a $40M loss for Q3, announced a couple of weeks ago, right on PacCoastBizTimes.

It’s typical CCN sloppiness. The error is unlikely to trigger a sell-off, since there are probably few institutional investors reading CCN for financial coverage, which is probably a good thing for CCN.

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]]> By: rogerfreberg http://calcoastnews.com/2009/11/first-bank-of-san-luis-obispo-out-of-the-woods/comment-page-1/#comment-2489 rogerfreberg Fri, 20 Nov 2009 22:16:05 +0000 http://calcoastnews.com/?p=2532#comment-2489 mccdave... the full text of the linked article is as follows: --------------------- "Shares of Pacific Capital Bancorp soared 35 percent in unusually heavy trading on Nov. 18 as the stock closed at 91 cents. Volume was more than 2 million shares compared with the normal 1.3 million shares daily. No news was announced, but as earlier reported, the region’s largest banking company has been seeking a buyer or capital infusion amid mounting losses that have put the company under an agreement with regulators to boost capital levels. The company is the parent of Santa Barbara Bank & Trust and First Bank of San Luis Obispo. Pacific Capital’s stock has been struggling below the $1 mark since Nov. 6. Shareholders have authorized a reverse stock split which could boost the company’s share price as much as 10-fold. No further details about the reverse split have been disclosed." ---------------- You are right in as much as reverse splits are a strategy to keep a falling stock alive and trading. If it drops below a certain point, no one will trade it. CNN is doing a good job mccdave… the full text of the linked article is as follows:
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“Shares of Pacific Capital Bancorp soared 35 percent in unusually heavy trading on Nov. 18 as the stock closed at 91 cents. Volume was more than 2 million shares compared with the normal 1.3 million shares daily.

No news was announced, but as earlier reported, the region’s largest banking company has been seeking a buyer or capital infusion amid mounting losses that have put the company under an agreement with regulators to boost capital levels. The company is the parent of Santa Barbara Bank & Trust and First Bank of San Luis Obispo.

Pacific Capital’s stock has been struggling below the $1 mark since Nov. 6. Shareholders have authorized a reverse stock split which could boost the company’s share price as much as 10-fold. No further details about the reverse split have been disclosed.”
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You are right in as much as reverse splits are a strategy to keep a falling stock alive and trading. If it drops below a certain point, no one will trade it.

CNN is doing a good job

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]]> By: mccdave http://calcoastnews.com/2009/11/first-bank-of-san-luis-obispo-out-of-the-woods/comment-page-1/#comment-2476 mccdave Fri, 20 Nov 2009 15:04:02 +0000 http://calcoastnews.com/?p=2532#comment-2476 If you're going to synopsize other people's articles, you might do it accurately: -- Pacific Capital's $362M loss was in their second quarter, not their third. -- A 10-to-1 reverse stock split doesn't really "increase the value by up to 10 fold." One's shares are nominally worth ten times more, but you have one-tenth as many shares. As PCBC's share price has fallen into de-listing range, this is an accounting measure to buy time. Have you thought of renaming CCN to the Atascadero Tribune? If you’re going to synopsize other people’s articles, you might do it accurately:

– Pacific Capital’s $362M loss was in their second quarter, not their third.
– A 10-to-1 reverse stock split doesn’t really “increase the value by up to 10 fold.” One’s shares are nominally worth ten times more, but you have one-tenth as many shares. As PCBC’s share price has fallen into de-listing range, this is an accounting measure to buy time.

Have you thought of renaming CCN to the Atascadero Tribune?

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