Pacific Capital Bancorp Announces Credit Loss

Pacific Capital Bancorp announced credit losses of $22.4 million in its 2007 third-quarter report as a result of tax refund anticipation loans (RALs). PCB president and CEO George Leis said RAL lenders have simply not kept pace with the Internal Revenue Service’s new and improved fraud-detection processes, which have resulted in the IRS denying a greater number of refund claims.


Please note this login is to submit events or press releases. Use this page here to login for your Independent subscription

Not a member? Sign up here.