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.