Sullivan Aids Union Bank In $1.5B Buy Of Calif. Rival

Law360, New York (March 12, 2012, 3:36 PM EDT) -- California banking giant Union Bank NA has purchased Pacific Capital Bancorp for more than $1.5 billion in one of the largest industry deals of the year, the holding company for the buyer said Monday.

UnionBanCal Corp. said that the bank agreed to acquire Pacific Capital, which is based in Santa Barbara, Calif., for $46 per share in cash. The deal is expected to close in the fourth quarter of 2012.

The transaction valued Pacific Capital shares at roughly 1.6 times adjusted book value, the San Francisco-based...
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