Pacific Capital Bancorp Announces Stock Repurchase Program

Business Wire, June 6, 2002

Business Editors

SANTA BARBARA, Calif.--(BUSINESS WIRE)--June 6, 2002

The board of directors of Pacific Capital Bancorp (Nasdaq:SABB), a community bank holding company with $4.12 billion in assets, has authorized a stock repurchase program for up to $20 million of the Company's outstanding shares. Beginning in June 2002, repurchases may be made from time to time by the Company in the open market, in block purchases, or in privately negotiated transactions in accordance with Securities and Exchange Commission (SEC) rules and when the Company deems the price to be attractive.

Between August 2001 and March 2002, Pacific Capital Bancorp completed the repurchase of 688,000 of its shares under a previously announced stock repurchase program. Pacific Capital Bancorp currently has approximately 26.1 million shares of common stock outstanding and a market capitalization of $824 million. As previously announced, on June 11, 2002, the Company will complete a 4-for-3 stock split to shareholders of record as of May 21, 2002.

Pacific Capital Bancorp is the parent Company of Pacific Capital Bank, N.A., a nationally chartered bank with four divisions: Santa Barbara Bank & Trust, First National Bank of Central California, South Valley National Bank and San Benito Bank. Pacific Capital Bank, N.A. is a 41-branch community bank network serving customers in six Central Coast counties, from Morgan Hill in the north to Westlake Village/Thousand Oaks in the south.