San Diego, March 12, 2012 (Shareholders Foundation) -- The announcement by UnionBanCal Corporation that it intends to acquire Pacific Capital Bancorp for $46 per NASDAQ:PCBC caused an investigation for investors in Pacific Capital Bancorp (NASDAQ:PCBC) shares concerning whether the offer to acquire Pacific Capital Bancorp and the buyout process are unfair to investors in NASDAQ:PCBC shares.

The investigations by law firms concern whether Pacific Capital Bancorp, certain officers and directors, and/or others breached their fiduciary duties owed to Pacific Capital Bancorp (NASDAQ:PCBC) investors in connection with the proposed acquisition.

On Monday, March 12, 2012, UnionBanCal Corporation (UNBC) and its primary subsidiary, Union Bank, N.A. (Union Bank) announced that UNBC has entered into an agreement to acquire Pacific Capital Bancorp (NASDAQ:PCBC) for $46 per share in cash.
Shares of Pacific Capital Bancorp (NASDAQ:PCBC) jumped on Monday from $28.69 per share to $45.04 per share.

However, the investigation for NASDAQ:PCBC investors concerns whether the Pacific Capital Bancorp Board of Directors undertook an adequate sales process and in particular breached their fiduciary duties to Pacific Capital Bancorp (NASDAQ:PCBC) shareholders by failing to adequately shop the Company before entering into this transaction.
UnionBanCal Corporation also said that following entry by the companies into the agreement, SB Acquisition Company LLC, the holder of approximately 75 percent of the outstanding shares of common stock of Pacific Capital Bancorp, delivered to Pacific Capital Bancorp its action by written consent adopting and approving the agreement.
Furthermore, Pacific Capital Bancorps performance increased lately. Its Net Loss of $139.16million in 2010 turned into a 9months Net Income in 2011 of $70.51million.