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DBRS: Pacific Capital unchanged
DBRS said Pacific Capital Bancorp issuer and senior debt rating of B (high) is unchanged following the release of its 1Q11 earnings.
The trend is positive.
Pacific Capital reported net income of $16.8 million for the first quarter, which was down from $20.8 million in 4Q10, the agency said.
The recapitalization efforts have enabled the company to resume lending and invest in the franchise, the agency said.
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