An investigation on behalf of current investors of Pacific Capital Bancorp (Public, NASDAQ: PCBC) over possible shareholder claims concerning breaches of fiduciary duty related to the historical and potential compensation that was awarded certain senior officers was announced.

According to the investigation by a law firm the investigation focuses on possible claims that certain Pacific Capital Bancorps senior officers were unjustly enriched through their receipt of unwarranted, excessive or unearned compensation from 2005-2007. Pacific Capital Bancorp is a community bank holding company providing full service banking, including consumer and commercial lending, trust and investment advisory services, and other consumer and business banking products through its subsidiaries retail branches, commercial and wealth management centers, and other distribution channels to consumers and businesses primarily located in the central coast of California.

Certain senior officers at Pacific Capital Bancorp, were awarded salaries, bonuses, stock options and other forms of long-term, incentive or retirement compensation that was, so the investigation, excessive or unwarranted based on Pacific Capital Bancorps performance as compared to what senior officers at comparable companies were making and/or results that were fraudulent, misleading or not long-lasting. The investigation by the law firm is also investigating claims that the prior compensation awarded at Pacific Capital Bancorp is now clearly improper based upon its current operating condition. Finally the investigation focuses also on possible claims that would allow Pacific Capital Bancorp (Public, NASDAQ: PCBC) stockholders to influence or control future compensation decisions at the Company. Pacific Capital Bancorp is located in Santa Barbara, California and had $9.574billion in total assets in 2008. Shares of Pacific Capital Bancorp (NASDAQ: PCBC) traded recently at $7.57 per share, down from $25 per share in September 2008.