Nasdaq threatens Pacific Capital Bancorp with delisting

October 15, 2010

The U.S Securities and Exchange Commission said that Pacific Capital Bancorp, the parent company of First Bank of San Luis Obispo, has to get their stock price above $1, or potentially be delisted from the Nasdaq stock market. [PacificCoastBusinessTimes]

Pacific Capital shares are currently selling at 77 cents and have traded below $1 since late August. The Nasdaq issues a warning after a company’s shares have traded below the $1 minimum bid for more than 30 consecutive business days.

The Santa Barbara-based banking firm said that it intends to issue a reverse stock split in the near future, which would bring the number of outstanding shares down, and push the per-share price up, according to the Pacific Coast Business Times.

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Before or during the fiasco involving Copeland and measure J, wasn’t Dave Booker the President of First Bank? Are the coming back to roost?

You are correct and if memory serves me…he is now over at American Perspective Bank. He is bad, bad news.

A “Flying Dutchman” perhaps?

I’m pretty sure that Booker sold his interest in First Bank to Pacific Capital prior to Measure J.

———————–A very wise man at the time!

Yep…..that he did to start his new bank, American Principle (now Perspective) Bank….you can guess who one of their major shareholders are…….