Pacific Capital Closes Sale of Its Lucrative Tax Unit

Aspan, Maria
January 2010
American Banker;1/19/2010, Vol. 175 Issue 9, p8
Trade Publication
The article reports that Pacific Capital Bancorp Inc. has completed the sale of its tax division to a private equity group which renamed it Santa Barbara Tax Product Group LLC. The bank received $10 million in the transaction. The bank sold the unit after banking regulators refused to allow it to make tax refund anticipation loans.


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