Staff Report

Montecito Bank & Trust is saying farewell to Larry Edwards, longtime investment manager and active community member in the Santa Ynez Valley as of March 31.

Larry Edwards

“Larry Edwards, a friend and colleague for many years, is that rare individual who is reliable, calm and genuinely keeps a ‘steady hand on the tiller.’ His accomplishments, both personal and professional, are worthy of a panegyric, but I can only offer that, for me and the rest of the Wealth Management Division he has been an irreplaceable resource and mentor,” said Peter W. Madlem, Chief Investment Officer for Montecito Bank & Trust.

Edwards, CFA, is a graduate of Occidental College and a veteran of the Vietnam War, where he served as Communications Officer aboard a Destroyer. Following military service and an MBA from Stanford Graduate School of Business, Edwards launched a 50 year career in investment management. The most distinguished segment of his career was a 15-year stint as President of Leland O’Brien Rubinstein Associates (“LOR”) and its subsidiaries, one of which created the first successfully-traded “Basket Securities,” now known as Exchange Traded Funds (ETFs). For the past 33 years, Edwards and his wife of 54 years, Janice, have lived in the Santa Ynez Valley, both serving the Rotary Club of Solvang among several other Valley organizations. They always look forward to visits from their two daughters and six grandchildren.

“The things I’ve found most meaningful are serving a group of wonderful clients, working with highly talented and dedicated investment professionals, and benefitting from the culture at MB&T which encourage associates to become involved in community service,” Edwards said. “In my case this has primarily been through the Rotary Club of Solvang where I am currently serving as Immediate Past President, and Assistant District Governor for six Rotary Clubs in our region. The Bank’s recruitment of Rick Weber is a demonstration of support for the Solvang Branch and a commitment to maintaining a Wealth Management presence in the Santa Ynez Valley.”

Montecito Bank & Trust welcomes Rick Weber to serve clients in the Santa Ynez Valley and North County as the VP/Portfolio Manager based in the Solvang Branch. Weber began his investment career at Angelo, Gordon & Co. working as a research analyst responsible for both equity and debt positions and now has more than 35 years of experience in investment management. Rick has held multiple positions including Chief Risk Officer for P. Schoenfeld Asset Management, a New York based multi-strategy fund, and he founded and managed his own Investment Fund that grew to over $400 million in assets.

Rick Weber

“After learning about the history, culture and vision of Montecito Bank & Trust, I set my sights to continue my career in wealth management with the ‘Best Community Bank.’ Additionally, having the opportunity to be with an institution that values giving back and being part of the civic fabric was quite compelling. To help clients achieve their financial goals and to be given encouragement by the Bank to get actively involved in the community seemed like a wonderful job,” Weber said.

Weber and his wife, Susan, discovered the Santa Ynez Valley about 15 years ago and both of them felt connected to the people, the scenery, and the ‘feeling of home’. Years later, they bought a property, built a barn and recently completed building their home using local builder, Mark Hemming. Enthusiastic to give back to the community, Rick has already joined the Rotary Club of Solvang, works as an Assistant Basketball Coach for the Santa Ynez High School Boy’s Varsity team and volunteers with the Kitchen Crew at St. Mark’s in the Valley. Through her therapeutic riding career, Weber’s wife has also enjoyed the benefits of making a difference in people’s lives.

Montecito Bank & Trust is the oldest and largest locally owned community bank in the Santa Barbara and Ventura counties. Founded in 1975, the bank celebrated its 45th anniversary on March 17, 2020 and operates 11 branch offices in Santa Barbara, Goleta, Solvang, Montecito, Carpinteria, Ventura, Camarillo and Westlake Village. Montecito Bank & Trust has a history of unwavering corporate philanthropy in the local communities it serves, annually donating 1.5 million dollars and volunteering over 7,500 hours to nonprofit organizations in Santa Barbara and Ventura counties. Awarded the 2017 Bank of the Year (Western Independent Bankers) from among more than 550 independent community banks headquartered in 13 western states the bank offers a variety of competitive deposit and lending solutions for businesses and consumers, including business loans and lines of credit; commercial real estate finance; SBA loans; mortgage loans, consumer loans; credit cards; merchant services; and online services, including mobile banking and cash management. Its Wealth Management Division provides comprehensive trust services and full investment management for all branch office markets. The Bank has earned 19 Best Bank awards in the last 7 years, in addition to numerous accolades for Best Mortgage and Best Financial Services Company in Santa Barbara, Best Investment Company in Santa Ynez Valley and the third Best Bank to Work For in the United States (American Banker Magazine).

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