Pacific Capital Bancorp investor wants greater diversity on board

By Lisa Kerner

Charlotte, N.C., May 29 - Pacific Capital Bancorp shareholder Santa Ynez Band of Chumash Indians said it will "explore other means of pushing forward to improve" the company's corporate governance after Pacific Capital rejected board nominees recommended by Santa Ynez.

The shareholder made its comments in a Thursday letter to Pacific Capital included in a schedule 13D/A filed with the Securities and Exchange Commission on Friday.

Santa Ynez said the composition of the company's board of directors does not reflect the diversity of its core markets and that the bank has failed to articulate its long-term vision to shareholders.

Santa Ynez beneficially owns 2,351,669 shares, or 5.02%, of Santa Barbara, Calif., bank holding company's outstanding stock.

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