PCBC - Pacific Cap Bancorp (NASDAQ Stock)

[Volatile22]

This one caught my attention today at 1.65 and I brought it up in chat. Made a nice move toward the end of the day and closed at 1.81. I think this one might have some left in the tank. There are talks of a possible merger and that PCBC might be close to raising new capital. Key resistance at 1.90. Break this and PCBC should see 2.20. Here is the article from today that mentions these speculations:

PCBC shares soar on speculation of capital infusion
Written by Pacific Coast Business Times
Wednesday, 07 October 2009
Shares of Pacific Capital Bancorp, parent of Santa Barbara Bank & Trust, soared nearly 25 percent on Oct. 7, as 3 million shares, twice the normal volume, changed hands. Pacific Capital closed at $1.82 on NASDAQ, climbing 35 cents amid ongoing speculation the bank might be close to raising new capital or announcing a merger.

Pacific Capital has been under pressure from regulators to raise capital after a big loss in the second quarter, blamed on rising bad real estate loans. The bank has hired an investment banker to explore strategic options.

Also on Oct. 7, Rabobank, a major competitor, announced it had hired Donald Toussaint, formerly Pacific Capital’s head of commercial lending and wealth management. Toussaint will become market president for Rabobank’s 17-branch South Central Coast region, from Santa Ynez to Westlake Village. Toussaint has 33 years of experience in banking, having held positions with Fleet Financial, Bank of Boston and Security Pacific.

Toussaint will report to Jeff Paul, Rabobank’s Ventura-based executive vice president in charge of community banking. Rabobank, based in the Netherlands, entered the tri-county market through its acquisition of Mid-State Bank & Trust several years ago.

basic info on PCBC:

Pacific Capital Bancorp (PCB) is a community bank holding company providing full service banking, including consumer and commercial lending, trust and investment advisory services, and other consumer and business banking products through its subsidiaries' retail branches, commercial and wealth management centers, and other distribution channels to consumers and businesses primarily located in the central coast of California. PCB has five wholly owned subsidiaries, Pacific Capital Bank, National Association (the Bank or PCBNA), a banking subsidiary and four unconsolidated subsidiaries. The Company has four operating segments: Community Banking, Commercial Banking, Wealth Management and Refund Anticipation Loan (RAL)/ Refund Transfer (RT) Programs. In January 2008, PCBNA acquired REWA, which provides personal and financial investment advisory services to individuals, families and fiduciaries. In November 2008, the Bank opened a third commercial and wealth management center in Torrance.

[Aufan 1983]

Originally Posted by Volatile22

This one caught my attention today at 1.65 and I brought it up in chat. Made a nice move toward the end of the day and closed at 1.81. I think this one might have some left in the tank. There are talks of a possible merger and that PCBC might be close to raising new capital. Key resistance at 1.90. Break this and PCBC should see 2.20. Here is the article from today that mentions these speculations:



basic info on PCBC:

We are on the same page. I grabbed a few shares yesterday @ 1.72 as a lottery play

[Volatile22]

This was looking very promising premarket. It hit 2.00. Now its just dropping like a rock. Current PPS is 1.72. Very unfortunate.

[lovemoney]

This has formed a nice looking ascending triangle pattern since it bottomed out in mid November. It could set up to possibly pop very soon!

[doublereed]

It was up 20% + on Thursday at one point. would have been an awesome daytrader that day!

I agree that it looks like it's about to go. I don't like that it didn't STAY broken out on Thursday but maybe it just needs more time.

[greencat]

PCBC has an upward channel. Higher hig and higher low. Next stop may be around 2.00

[greencat]

PCBC looks like it wants to make a new high. Sitting on resistance with 3 higher lows..

Originally Posted by greencat

PCBC has an upward channel. Higher hig and higher low. Next stop may be around 2.00

[greencat]

PCBC looking and moving like i thought it would...

Originally Posted by greencat

PCBC looks like it wants to make a new high. Sitting on resistance with 3 higher lows..

[greencat]

PCBC has setup again. This move should be bigger than the last move up. I expect it to hit around $4.00 this go around.

PCBC Chart

[Timbo]

Any thoughts on this one? Had a nice selloff today, looking good at .77 ?