The Santa Ynez Band of Chumash Indians of California is raising concerns about the operation of Pacific Capital Bancorp.
The tribe owns 5 percent of shares in Pacific Capital Bancorp. A letter says the bank's stock has lost one billion dollars in value in recent years.
"This bank should return to its roots of being the premier bank in our local communities," Treasurer Eldon Shiffman wrote in a letter to Pacific Capital Bancorp Chairman Edward Birch, The Santa Ynez Valley News reported.
To address the situation, the tribe wants the bank to appoint an independent director with local experience, to bring more minorities and women to the board and to develop a clear vision statement.
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Chumash tribe seeks change to practices of banks
(The Santa Ynez Valley News 6/11)
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