County 11-5

On 11/2 Dustin Olson was appointed UC Santa Barbara Police Department’s new police chief over 100 other applicants in a nationwide search. Olson graduated from the University of Nevada, Las Vegas, and the FBI National Academy, also acquiring a Graduate Certificate in Criminal Justice from the University of Virginia before serving in the U.S. Marine Corps for nine years. Olson received various awards for his time in the service and from the 10 years he spent with the University of Nevada, Las Vegas Police Department. Olson succeeds the UCSB Police Department’s former chief, Bill Bean.

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As reported by the Pacific Coast Business Times, Pacific Capital Bancorp-the parent company of Santa Barbara Bank & Trust-turned in a loss of $40.7 million for the third quarter. The bank fell far short of its agreement with federal regulators to boost its capital ratio to 9 percent by September 30. The ratio, which consists of the bank’s cash divided by its loans and other assets, came in at 5.6 percent, essentially unchanged from the previous quarter.

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