March 12, 2024
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Montecito Bank & Trust owner Towbes stepping down as chairman

By   /  Monday, April 3rd, 2017  /  Banking & Finance, Banking Industry, Latest news, Real Estate  /  Comments Off on Montecito Bank & Trust owner Towbes stepping down as chairman

Updated at 8:40 p.m.: Montecito Bank & Trust founder and owner Michael Towbes will step down from his role as board chairman, the bank announced April 3. The bank, which will continue under ownership by a trust that is overseen by trustees, said it would propose naming current President and CEO Janet Garufis as CEO and Read More →

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Montecito Bank & Trust reports income drop but strong loan and deposit growth

By   /  Wednesday, January 25th, 2017  /  Banking & Finance, Banking Industry, Earnings, Latest news, Tri-County Public Companies  /  Comments Off on Montecito Bank & Trust reports income drop but strong loan and deposit growth

Santa Barbara-based Montecito Bank & Trust reported an 8.5 percent drop in net income in 2016 to $14.6 million but saw strong loan and deposit growth. The decrease in net income was due to loan loss reversals in 2015 that were not repeated in 2016. The bank reported loan growth of 22 percent year over Read More →

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Regulation key to fintech’s future

By   /  Friday, December 2nd, 2016  /  Banking & Finance, Banking Industry, Latest news, Law & Goverment  /  Comments Off on Regulation key to fintech’s future

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Montecito Bank & Trust donates $1 million to nonprofits

By   /  Wednesday, November 23rd, 2016  /  Nonprofits, right  /  Comments Off on Montecito Bank & Trust donates $1 million to nonprofits

Montecito Bank & Trust doled out $1 million to nonprofits throughout Santa Barbara and Ventura counties at its 14th annual Community Dividends event. The largest financial institution based in Santa Barbara County rung in the season of giving by providing grants to a record-high 203 area nonprofits that primarily serve low- and moderate-income individuals. “We Read More →

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Montecito Bank & Trust net income down but loan, deposit growth strong

By   /  Tuesday, October 18th, 2016  /  Banking Industry, Earnings, Latest news, Tri-County Public Companies  /  Comments Off on Montecito Bank & Trust net income down but loan, deposit growth strong

Santa Barbara-based Montecito Bank & Trust reported $10.9 million of net income in the third quarter, down from $12.2 million over the same period last year, but had strong loan and deposit growth. In 2016, MB&T discontinued reversals of excess loan loss reserves to support loan growth, which is reflected in the reduced year-to-date net Read More →

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Tri-county community banks ready to be heard on financial policy

By   /  Friday, October 7th, 2016  /  Banking & Finance, Banking Industry, left  /  Comments Off on Tri-county community banks ready to be heard on financial policy

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Net income down but Montecitio Bank & Trust’s loans and deposits grow

By   /  Thursday, August 25th, 2016  /  Banking & Finance, Banking Industry, Earnings, Latest news  /  Comments Off on Net income down but Montecitio Bank & Trust’s loans and deposits grow

Santa Barbara-based Montecito Bank & Trust reported net income of $7.2 million in the second quarter, down $800,000 from the same period last year. The bank reported 13.6 percent year-over-year loan growth, ending the quarter at $752 million. Total deposit growth was up 3.3 percent from the second quarter of 2015 while total assets grew Read More →