Giving Guide
You are here:  Home  >  Banking & Finance  >  Current Article

Montecito Bank & Trust reports growth in assets, deposits and income

By   /   Friday, February 5th, 2021  /   Comments Off on Montecito Bank & Trust reports growth in assets, deposits and income

    Print       Email

Montecito Bank & Trust saw its total assets grow more than 20% during 2020, on the back of strong loan production, deposit growth and higher net income, the bank said Feb. 5.

The bank’s total assets grew $344.1 million, a boost of about 21.4% from the previous year, bringing Montecito Bank & Trust’s total assets to $1.95 billion. Loan production was up even more, rising 26.7% from 2019 to 2020, and year-end deposit totals were $1.73 billion, a 22.7% increase. Those factors led to a higher net income, which at $16.7 million was about 14% higher than in 2019.

“Our 2020 performance is a story of dedication, perseverance, nimbleness, kindness, safety and heart,” Janet Garufis, the Chairman and CEO of Montecito Bank & Trust, said in a news release. “The COVID-19 pandemic has impacted our communities and each of us in ways that we could never have imagined.”

The biggest bank based in the tri-county region, Montecito Bank & Trust also donated more than $1.5 million to local nonprofits last year, and connected local businesses with more than $200 million in PPP funding.

    Print       Email

About the author

Staff Writer at Pacific Coast Business Times, Inc.

You might also like...

VCTC executive director to leave for top Metrolink post

Read More →