February 25, 2024
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Montecito Bank & Trust reports growth in assets, loans, deposits and income


Montecito Bank & Trust’s total assets grew by $68.1 million to $1.3 billion in the prior 12-month period, according to a quarterly report released April 20.

The bank also reported loan growth of $155 million and increased deposits by 7.34 percent. The bank also reported that its net income for the period grew 28 percent to $4.6 million, enhanced by a one-time collection of interest on a loan.

According to the report, the bank’s total risk-based capital is 12.7 percent, exceeding the 10 percent regulatory minimum required to be considered well-capitalized.

In other news, the board of directors approved a leadership succession plan on April 18. Founder and CEO Michael Towbes announced two weeks ago that he would be stepping down. Towbes died on April 13.

The board appointed Janet Garufis to the position of board chair and CEO. George Leis was appointed president and chief operating officer. S. Lachlan Hough was appointed to the board. Hough has more than 30 years of banking and diversified financial service experience. He is a resident of Santa Barbara County.

“I am honored to serve as president to lead our more than 200 dedicated bank associates,” Leis said. “We have the clarity of mission and are in a position of strength to continue to serve our customers in ways that only a community bank can. Our customers have confidence in our ability to serve their needs and we will continue to earn that confidence by offering a full complement of banking products, services and unique solutions.”

The bank also reported that the Western Independent Bankers chose Montecito Bank & Trust as the 2017 Bank of the Year from among more than 550 independent community banks headquartered in 13 western states.

The bank was honored for its enduring impact on local communities, exceptional bank performance and demonstrated industry innovation.

• Contact Joshua Molina at jmolina@pacbiztimes.com.