Shares of Pacific Capital Bancorp sank 10.6% after the Santa Barbara, Calif., company warned that its second-quarter results would not meet expectations.
It blamed technology expenses, losses from securities transactions, and higher-than-expected loan-loss provisions. It is scheduled to report earnings July 26 and estimated they will be 29 to 31 cents a share.
Wachovia Corp. fell 2.6%, Wells Fargo & Co. fell 0.3%, and U.S. Bancorp gained 0.9%. All three reported second-quarter results Tuesday -- Wachovia's rose 9%, to $1.04, Wells' 12%, to $1.12, and U.S. Bank's 11%, to 60 cents.
The American Banker index of 225 banking stocks gained 1.16% and the Standard & Poor's 500 gained 0.67%.
Tuesday's big gainers included First Charter Corp. of Charlotte, up 5.8%, First Regional Bancorp of Century City, Calif., 5.7%, and Doral Financial Corp. of San Juan, Puerto Rico, 5.5%.
Credit Acceptance Corp. of Southfield, Mich., fell 9.3% after it disclosed Monday night that it would be delisted by Nasdaq before the opening of the market Wednesday. The company is in the midst of restating it 2004 financial results.
Independence Community Bank Corp. of Brooklyn, N.Y., fell 2.6%, and New York Community Bancorp Inc. of Westbury fell 1.6%.
