Pacific Capital Bancorp (NASDAQ:PCBC)

CAPS Rating: 3 out of 5

A bank holding company, which provides a full range of commercial and consumer banking services to households, professionals, and small-and medium-sized businesses.

Recs

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Player Avatar dmccomas (31.91) Submitted: 7/27/2008 8:36:30 PM : Outperform Start Price: $1,197.18 PCBC Score: -160.98

The lesson we learned from Wachovia is that there is an under-appreciation for the value in regional banks. The stronger national banks will see the current depressed pricing of regionals as an opportunity to expand and take out competition.Mark Mayo, the influential analyst at Deutsche Bank, thinks Wachovia's poor second-quarter earnings per share should mark a bottom in the banking sector. If he's right look for PCBC to skyrocket. Regionals haven't been this cheap to franchise value in over a decade.

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