UnionBanCal Corp announced today that they are acquiring Pacific Capital Bancorp PCBC for $46 a share. This valuation is in excess of 2 times book value. While PCBC regional footprint is attractive, it is interesting to note that the huge US Banks, BAC, C, JPM, MS, GS are trading below book value, and in many cases below tangible book value.
Other deals such as Capital One's acquisition of ING's online business were done at prices greater than book value as well, so the investor has just another point of reference at the substantial discount to intrinsic value that the financials are trading at.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.