TITLE

Pacific Capital Closes Sale of Its Lucrative Tax Unit

AUTHOR(S)
Aspan, Maria
PUB. DATE
January 2010
SOURCE
American Banker;1/19/2010, Vol. 175 Issue 9, p8
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
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.
ACCESSION #
47600758

 

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