Montecito Bank & Trust reported total assets grew $493.38 million, an increase of 30.78% during the 12-month period ending March 31, closing at $2.09 billion, with loan growth of 26.93% year-over-year, ending the first quarter at $1.37 billion.

Deposit growth saw a 37.16% lift year-over-year, with quarter-end deposits totaling $1.88 billion. Total net income for the first quarter, year-over-year, increased 34.01% to $3.82 million. The bank’s total risk-based capital remains very strong at 14.70%, exceeding the 10% regulatory minimum required to be considered well-capitalized.

“As our communities continued to navigate COVID-19 throughout the first quarter, our teams remained dedicated to helping ensure the safety of our branches and offices, and to securing as much Paycheck Protection Program (PPP) funding as possible for Central Coast organizations during the Small Business Administration program’s latest round,” said Janet Garufis, chairman and CEO.

“As a PPP financial partner of choice, our teams facilitated an additional 1,700 new PPP loans in the first quarter, providing over $115 million of critical support to businesses and organizations across the Central Coast,” she said.

“This volume was a primary driver of our year over year loan growth, coupled with heightened activity in our residential lending group,” she said. “Looking ahead, as vaccination rates increase and our economy begins to reopen more fully, I am optimistic about what the next chapter holds for our communities and am confident in our team’s ability to continue providing the world-class customer experience our communities have long trusted us to deliver.”

Founded in 1975, Montecito Bank & Trust celebrated its 46th anniversary on March 17, and operates 11 branch offices in Santa Barbara, Goleta, Solvang, Montecito, Carpinteria, Ventura, Camarillo, and Westlake Village.

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for Montecito Bank and Trust

Montecito Bank & Trust reported total assets grew $344.13 million, an increase of 21.39% during the 12-month period, to $1.95 billion for the year ending Dec. 31, 2020.

Strong loan production yielded an increase of $277.26 million for the year, up 26.65% versus prior year, to finish the year at $1.32 billion. Deposit growth of 22.71% year-over-year, or $320.65 million, pushed year-end deposit totals to $1.73 billion.

Net income before taxes of $16.65 million was a 13.67% increase year over year. The bank’s total risk-based capital remains very strong at 14.56%, far exceeding the 10% regulatory minimum required to be considered well-capitalized.

“Our 2020 performance is a story of dedication, perseverance, nimbleness, kindness, safety and heart,” said Janet Garufis, chairman/CEO. “The COVID-19 pandemic has impacted our communities and each of us in ways that we could never have imagined. Our teams came together in new and innovative ways to support and serve our communities in whatever way possible.

“From prioritizing the safety of our associates, clients and communities, to donating over $1.5 million to local nonprofit and securing over $206 million in PPP funding for Santa Barbara and Ventura county clients and non-clients, our teams’ tremendous efforts underscore the unique difference and distinct advantage of banking with Montecito Bank & Trust.

“I am so grateful for the opportunity to lead an organization that is an integral part of the communities we live in, and to carry out the long-term vision Michael Towbes imagined for our bank,” she continued. “I’m sure he would share in my pride for having earned an additional six Best Bank and Best Places to Work recognitions this year as well.

“I remain inspired by the many ways in which our communities and my teams came together and look forward to the day when we can all gather, share and laugh, in person.”

 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. It operates 11 branch offices in Santa Barbara, Goleta, Solvang, Montecito, Carpinteria, Ventura, Camarillo and Westlake Village.

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Montecito Bank and Trust kicked off the holiday season on Monday, Nov. 23, with a special annual tradition and a new twist — a virtual Community Dividends celebration. Now in its 18th year, this unique giving program has granted a total of $18 million to local Santa Barbara and Ventura County nonprofits.

In lieu of the traditional Thanksgiving meal that is typically shared among nonprofit friends at each year’s celebration luncheon, Montecito Bank and Trust donated 200 turkeys to Central Coast nonprofit organizations, including Foodbank of Santa Barbara County, Santa Ynez Valley People Helping People, Food Share of Ventura County and Manna Conejo Valley.

“PHP is honored to have been the recipient of a Michael Towbes Community Impact grant,” said Valerie Kissell, CEO of SYV People Helping People. “This could not have come at a better time for our agency. As this horrific virus runs its course, we have had to make hard decisions even while the need for our services grows. We are so blessed to be a part of such a giving community.”

SYV People Helping People got a grant of $25,000 which will bring new resources to their emergency services, food and shelter.

The Wildling Museum of Art and Nature received a grant of $2,500 which will help sponsor a year’s worth of virtual programming, according to Executive Director Stacey Otte-Demangate.

“This means online lectures, artist panels and art classes,” Otte-Demangate said. “We are so grateful for their investment as it means we can forge ahead with scheduling a great calendar of programs for 2021. Montecito Bank and Trust is such an incredible supporter of our local nonprofits — it’s truly inspiring.”

The virtual gathering was filled with over 320 attendees, including Central Coast nonprofits, MB&T associates and media. Recipients received a special hand delivery from bank associates, which included a bottle of celebratory bubbles from several local wineries and a mask with the message “Choose Kindness,” tying together the theme of supporting and keeping each other safe during these times. Nonprofit leaders cheerfully reconnected through Zoom chat and watched videos showcasing impactful photos of their own teams at work in the community.

“Our community has experienced disaster, but this year has been like no other,” said Janet Garufis, Chairman & CEO of Montecito Bank and Trust. “You, our nonprofit community, took your previous experience and quickly mobilized. You activated partnerships and networks to help meet the needs of our community. You are caring for the most vulnerable, healing the sick and the lonely, educating our children, meeting basic needs such as food and rent and lifting our spirits with music and arts that remind us of the beauty around us. You are an integral part of our community-wide resilience,”.

The Community Dividends grant program was created in 2003 by Michael Towbes, Montecito Bank & Trust’s late owner and founder, with a primary focus on supporting organizations or programs that serve low- and moderate-income individuals and families in Santa Barbara and Ventura Counties. Dividends are awarded to organizations that serve youth and education, social services, medical and health services and the arts.

The Michael Towbes Community Impact Grant was created in 2019 to honor the legacy of Montecito Bank & Trust’s founder, whose vision inspired the bank’s philanthropic giving programs and made a significant and meaningful impact on the Central Coast communities. This grant is intended to do the same by gifting $100,000 to one or more nonprofits that deliver critical and sustainable services to a large amount of the most vulnerable people in Santa Barbara and Ventura counties.

In its second year, the Michael Towbes Community Impact Grant was increased to $175,000 due to the overwhelming needs that have arisen from the COVID-19 pandemic, and it was distributed to five organizations that are providing critical community aid during this time. The 2020 recipients were announced on the call and included Child Abuse Listening Mediation, Inc. (CALM), Council on Alcoholism and Drug Abuse (CADA), Santa Ynez Valley People Helping People, Organic Soup Kitchen and Gold Coast Veterans Foundation.

The inaugural Jerry Parent Anniversary Grants Legacy Award was also presented at this year’s Community Dividends celebration.

“As we prepared for our 45th Anniversary in March, I was thinking not only about the legacy that Mike left, but how this bank came to be,” Garufis shared. “Most people know that Mike was one of the founders of this wonderful bank, but what you may not know, is that if it was not for our other founding board member, Jerry Parent, Montecito Bank & Trust might not be what is today. It was Jerry who invited Mike to invest in the bank over 45 years ago and what better way to celebrate this milestone anniversary than by celebrating our very own Jerry Parent.

“Mr. Parent has dedicated 45 years of his leadership and expertise to the bank and local community at large and in his honor the award goes to an organization that creates sustainable change and positive impact just as he has. The 2020 recipient was the Scholarship Foundation of Santa Barbara, an organization which Mr. Parent has been supporting and involved in for many years.”

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 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.

This is a listing of all 194 nonprofit organizations that received Community Dividends:

AHA! (Attitude. Harmony. Achievement.)
Alpha Resource Center of Santa Barbara
Alzheimer’s Association, California Central Coast Chapter
American Heart Association – Santa Barbara County
American Heart Association- Ventura County
Angels Foster Care of Santa Barbara
Atterdag at Home, Inc.
Atterdag Village of Solvang
Boxtales Theatre Foundation
Boys & Girls Club of Camarillo
Boys & Girls Club of Moorpark & Simi Valley Inc.
Breast Cancer Resource Center of Santa Barbara
C.A.R.E.4Paws
California Avocado Festival, Inc.
California Lutheran University
California State University Channel Islands Foundation
Cancer Foundation of Santa Barbara
Cancer Support Community Valley/Ventura/Santa Barbara
Carpinteria Children’s Project
Carpinteria Education Foundation, Inc.
Carpinteria Valley Arts Council
Casa Del Herrero
Casa Pacifica Centers for Children and Families
Casa Serena, Inc.
Channel Islands YMCA
Child Abuse Listening Mediation, Inc. (CALM)
Children’s Resource & Referral
City Impact, Inc.
Common Table Foundation
CommUnify
Community Arts Music Association of Santa Barbara Inc.
Community Conscience / Under One Roof
Community Counseling and Education Center
Community Environmental Council
Community Memorial Healthcare Foundation
Conejo Valley Senior Concerns, Inc.
Congregation B’nai B’rith
Council on Alcoholism and Drug Abuse
Court Appointed Special Advocates of Ventura County
Court Appointed Special Advocates of Santa Barbara County
Crane Country Day School
Direct Relief
Doctors Without Walls
Domestic Violence Solutions for Santa Barbara County
Dos Pueblos Engineering Academy Foundation
Dream Foundation
Easy Lift Transportation
El Concilio Family Services
Elings Park Foundation
Elverhoj Museum of History & Art
Endowment For Youth Committee
Ensemble Theatre Company
Family Service Agency of Santa Barbara County
Fielding Graduate University
Food From The Heart
Food Share
Foodbank of Santa Barbara County
Foundation for Santa Barbara High School
Fr. Virgil Cordano Center
Friendship Manor Inc.
Ganna Walska Lotusland
Girls Incorporated of Carpinteria
Girls Incorporated of Greater Santa Barbara
Goleta Education Foundation
Goleta Valley Cottage Hospital Foundation
Habitat for Humanity of Southern Santa Barbara County
Habitat for Humanity of Ventura County
Hearts Therapeutic Equestrian Center
HELP of Carpinteria
Hillside House
Hinchee Homes
Hospice of the Conejo
Hospice of Santa Barbara, Inc.
Housing Authority of the City of San Buenaventura
Housing Trust Fund of Santa Barbara County, Inc.
Housing Trust Fund Ventura County
Independent Living Resource Center, Inc.
Isla Vista Youth Projects, Inc.
Jewish Federation of Greater Santa Barbara
Kids & Families Together
Laguna Blanca School
Leading From Within
Livingston Memorial Visiting Nurse Association
Lobero Theatre Foundation
Lompoc Valley Community Healthcare Organization
Los Olivos School Foundation
Make-A-Wish Tri-Counties
Mental Wellness Center
Midland School
Mission Scholars
Mixteco/Indigena Community Organizing Project (MICOP)
Montecito Firefighters Charitable Foundation
Casa Dorinda
Montecito Union School
MOXI, The Wolf Museum of Exploration + Innovation
Museum of Ventura County
Music Academy of the West
National Association of Women Business Owners (NAWBO) Santa Barbara Chapter
National Association of Women Business Owners, Ventura County
National Disaster Search Dog Foundation
New Beginnings Counseling Center
New House Santa Barbara
Old Mission Santa Barbara
Old Spanish Days in Santa Barbara, Inc.
Opera Santa Barbara
Organic Soup Kitchen
Pacific Pride Foundation
Parks and Recreation Community Foundation
PathPoint
Peoples’ Self-Help Housing Corporation
Pierre Claeyssens Veterans Foundation
Planned Parenthood California Central Coast
Project Understanding of San Buenaventura
PublicSquare, Inc.
Sansum Clinic
Sansum Diabetes Research Institute
Santa Barbara Alternatives to Violence
Santa Barbara Bicycle Coalition
Santa Barbara Botanic Garden, Inc.
Santa Barbara Bowl Foundation
Santa Barbara Center for the Performing Arts, Inc.
Santa Barbara Channelkeeper
Santa Barbara Club Preservation Foundation
Santa Barbara Community Housing Corporation
The Marjorie Luke Theatre
Santa Barbara Cottage Hospital Foundation
Santa Barbara County Education Office
Santa Barbara Culinary Experience
Santa Barbara Education Foundation
Santa Barbara Foundation
Santa Barbara Hillel
Santa Barbara Historical Museum
Santa Barbara International Film Festival
Santa Barbara Maritime Museum
Santa Barbara Meals on Wheels, Inc.
Santa Barbara Museum of Art
Santa Barbara Museum of Natural History
Santa Barbara Neighborhood Clinics
Santa Barbara Police Activities League
Santa Barbara Public Library Foundation
Santa Barbara Rescue Mission
Santa Barbara Symphony
Santa Barbara Trust for Historic Preservation
Santa Barbara Zoological Foundation
Santa Ynez Valley Cottage Hospital Foundation
Santa Ynez Valley People Helping People, Inc.
Buellton Senior Center
Santa Ynez Valley Therapeutic Riding Program
Sarah House
Scholarship Foundation of Santa Barbara
Solvang Friendship House
Solvang Senior Center
Solvang Theaterfest, Inc.
TV Santa Barbara
St. Vincent’s Institution
Standing Together to End Sexual Assault
State Street Ballet
Storyteller Children’s Center
Studio Channel Islands Art Center
Surgical Eye Expeditions (SEE) International
Teacher’s Fund
Teddy Bear Cancer Foundation
The Arc Foundation of Ventura County
The Cecilia Fund
The Center for Urban Agriculture at Fairview Gardens
The Foundation for Girsh Park
The Foundation For Santa Barbara City College
The Grace Fisher Foundation
The Howard School
The Oxnard College Foundation
The Rona Barrett Foundation
The Salvation Army of Santa Barbara
Tina Hansen McEnroe & Paul V. McEnroe Reading and Language Arts Clinic at UCSB
Transition House
UC Santa Barbara Graduate Division
UCP WORK, Inc.
UCSB Alumni Association
UCSB Arts & Lectures
UCSB Economic Forecast Project
UCSB Technology Management Program
United Boys & Girls Clubs of Santa Barbara County
United Way of Santa Barbara County, Inc.
United Way of Ventura County, Inc.
Unity Shoppe, Inc.
Ventura County Community Foundation
Ventura County Library Foundation
Ventura County Medical Resource Foundation
VNA Health
Westmont College
Wilderness Youth Project
Wildling Museum of Art and Nature
Women’s Economic Ventures
Women’s Fund of Santa Barbara
Youth and Family Services YMCA: Noah’s Anchorage Youth Crisis Center

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Siri Marshall and Joshua Rabinowitz have been appointed to the Montecito Bank & Trust Board of Directors.

“Montecito Bank & Trust has made significant and strategic investments in our Board of Directors over the past several years and these two appointments further demonstrate the commitment of our leadership to the future growth, stability and longevity of our bank,” said Janet Garufis, the bank’s chairman/CEO. “With wide-ranging experience in corporate and business law, both Siri and Josh bring a focused and knowledgeable approach to leadership that complements the experience and skills of our current board members.

“On behalf of the Board of Directors, we are extremely excited to welcome them, and I am confident their commitment to personal and professional excellence will serve Montecito Bank & Trust well as we deliver on our promise to make the communities we serve better places to live and work.”

Marshall retired from General Mills as the SVP, general counsel, secretary and chief governance and compliance officer after a 34-year career in corporate law and government affairs. Before that, she held positions with Avon Products and Debevoise & Plimpton law firm in New York.

Marshall’s record of board positions includes current roles with Equifax and Manchester Capital Management, and prior positions with Ameriprise Financial, Alphatec Holdings and NovaCare.

Complementing her corporate board roles, she is also active on several nonprofit boards, including Direct Relief, the Yale Center for Corporate Law and the Yale Law School Fund.

“I have long admired Montecito Bank & Trust’s commitment to our community and its consistent support for local businesses, individuals and our many nonprofit organizations. I look forward to being part of this dedicated and innovative team,” Marshall said.

Rabinowitz is an attorney practicing at the law firm of Brownstein Hyatt Farber Schreck, LLP, and has been in practice in Santa Barbara since moving back with his wife in 2000. He specializes in representing businesses and individuals in their real estate, business and related legal needs.

“I had the privilege of knowing and working with Michael Towbes for almost 20 years. He was very proud of Montecito Bank & Trust’s accomplishments in our community,” Rabinowitz said of his new board post.

“I am honored to join the Board of Directors, work with an incredible management team, and do my part to continue Mike’s amazing legacy,” he said.

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. It operates 11 branch offices in Santa Barbara, Goleta, Solvang, Montecito, Carpinteria, Ventura, Camarillo and Westlake Village.

Montecito Bank & Trust has a history of corporate philanthropy in the communities it serves, annually donating $1.5 million and volunteering more than 7,500 hours to nonprofit organizations in Santa Barbara and Ventura counties.

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Montecito Bank & Trust (MB&T) has been actively participating with businesses across the Santa Ynez Valley and the larger Central Coast since early April, as the Small Business Administration (SBA) introduced its much anticipated Paycheck Protection Program (PPP) for businesses, organizations and independent contractors across the country. 

On May 5, MB&T announced it has secured $13.5 million for 141 businesses across the Santa Ynez Valley, including $5.9 million for 62 businesses in Solvang. 

The bank plans to participate in the program until the funds are exhausted and is still accepting PPP applications from eligible clients and non-clients across Santa Barbara and Ventura counties. 

While funding is not guaranteed, interested applicants can submit an online request at montecito.bank/contact#WriteToUs and a specialist will reach out to take the application over the phone. Additional information and suggested preparation steps can be found on the website at montecito.bank/PPPresources.

Inspired by her team’s unwavering commitment to helping the communities they serve, MB&T CEO and Chairman Janet Garufis commented “Our goal is to secure as much PPP funding as we are able to for eligible businesses, organizations and individuals across the Central Coast. Our team is prepared to continue accepting and submitting applications until the SBA’s funds are depleted. This is one of the greatest challenges of our lifetime, but our communities will prevail and Montecito Bank & Trust will be there every step of the way.”

In April, Montecito Bank & Trust earned the highest marks from both The Findley Reports and Bauer Financial, two independent services which rate the financial performance of banks. The bank received a 2018 designation of a Super Premier Performing bank by The Findley Reports, and has been designated a Premier Performing or Super Premier Performing bank 34 times since it opened its doors 44 years ago. The bank was also awarded a 5-star, Superior Bauer rating for Dec. 31, 2018, financial data.

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 and operates 11 branch offices in Santa Barbara, Goleta, Solvang, Montecito, Carpinteria, Ventura, Camarillo and Westlake Village. 

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publisher@santaynezvalleystar.com 

Leaders in the various tourism and hospitality industry talked about the impacts of COVID-19 on a local level during the UC Santa Barbara Economic Forecast Project webinar Thursday afternoon. 

“There has been an 86 percent drop in travel spending compared to this time in 2019, and Santa Barbara is greatly impacted with 47 percent drop in hotel rates,” said Kathy Janega-Dykes, Executive Director of Visit Santa Barbara. 

Santa Barbara Airport has seen a 95 percent in traffic, and future implications for this small airport remain unknown. Recovery from this pandemic could take years, and the community must work together to support the local workforce, Janega-Dykes added. 

Even with a list of negative impacts associated with job losses and most of the tourism and hospitality industry having to shut down due to the Governor’s orders, there is a light as when the stay-at home orders are lifted people will want to be going somewhere. 

“Seven in 10 people surveyed said they can’t wait to travel once restrictions are lifted, and with air travel seeing a huge hit, we expect a lot of road trippers, and those that want to drive within a few hours of their homes. For Los Angeles and San Francisco residents, we are a perfect destination,” Janega-Dykes said. 

As a majority of the cities are seeing higher cases of COVID-19, people will want to travel to smaller cities and rural areas to enjoy wide open spaces. 

“Places like the Santa Ynez Valley will be a huge attractor to people wanting to go somewhere and enjoy open areas,” Janega-Dykes said. 

Getting to that point might be tricky as there are expectations there might be an increase in cases when stay at home orders are lifted, said Lynn Fitzgibbons, M.D., Infectious Diseases Director for Cottage Health. 

Fitzgibbons said hygiene and social distancing will remain very important once that happens. 

“Most people who get this experience mild to moderate symptoms, and it varies on the community as we are not like Manhattan. We are prepared to handle low rebounds,” Fitzgibbons added. 

Another unknown at this time is small businesses, who are taking huge hits on revenue loss and it’s possible that 30 percent of restaurants could permanently close, according to Sherry Villanueva, founder of AACME Hospitality. 

Villanueva said they are operating at a zero income, and their restaurants and facilities have furloughed 345 employees. 

“There are 941 restaurants in Santa Barbara County, which roughly employs 18,095 people and $103.8 million in wages. This trickles down to suppliers like fisherman and produce, linen cleaning, farming, etc,” Villanueva said. 

Restaurants and hospitality also is having a hard time getting access to capital as they don’t fit a lot of the typical business models. 

“The volume and level of need is extraordinary,” said George Leis, President and COO of Montecito Bank and Trust, who gave an update to the PPP and SBA programs rolled out. 

Leis said the volume of calls has been overwhelming and managers are working until well after 11 p.m. going over loan documents and requests. 

“The roll out of these programs has been like flying an airplane while they’re building it. We had zero direction of how these are supposed to be done, and rules are changing everyday. Meanwhile we are giving out $100 million just from our bank,” Leis said. 

His colleague Roger Gilbert said all the banks and programs have already exhausted the $349 billion dolled out through the CARES Act, and they’re hoping for an additional $200 billion to be funded for the second round. They have clients waiting to be accepted, and yet if one of those businesses close, there is no guarantee of it being repaid. 

“What we do know is that we have to reopen, do it safely, but these businesses need to get their doors open in order to survive, but when they do reopen will people be too scared to go out,” said Peter Rupert, executive director of the Economic Forecast. 

Rupert reported that regarding the effects on employment, Christopher Rugaber of the Chicago Tribune reports that some economists predict that the unemployment rate (previously sitting at a half-century low of 3.5 percent) may reach above 15 percent. Jeff Cox of CNBC reports of a more dire outlook from St. Louis Fed projections that suggest this slowdown could cost 47 million jobs and lead to jobless rates around 32 percent. To read more about the local projections using those two figures visit https://efp.ucsb.edu/Pages/COVID19.html. 

Table provided by USCB Economic Forecast Project

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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).

Connect with Montecito Bank & Trust

montecito.bank | Facebook | LinkedIn | Instagram | Twitter | YouTube

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Noozhawk Staff Writer

Montecito Bank & Trust has awarded $20,000 in grants to 10 local nonprofit organizations, including Solvang Theaterfest, that were hand-selected by employees during a celebration of the bank’s 43rd anniversary.

Bank employees awarded $2,000 to each grantee after they nominated the organization, campaigned and voted for the nonprofit they value most.

More than $305,000 has been awarded since the program began in 1993, bank spokeswoman Jamie Perez said.

The gathering at the downtown branch of Montecito Bank & Trust in mid-March marked the first Anniversary Grant reception since the bank’s founder and owner, Michael Towbes, died in April 2017.

President and CEO Janet Garufis said Towbes created the program to celebrate the “philanthropic work of our associates in the communities we serve and to give each of them a choice in the direction of our corporate giving.”

Programs like the Anniversary Grant continue Towbes’ legacy and values, Garufis said.

She thanked the associates for honoring Santa Barbara County Search & Rescue and the National Disaster Search Dog Foundation in wake of December’s Thomas Fire and Montecito’s debris flows.

“The community response to the disasters, including the actions of these two organizations, has been remarkable and is a true testament to the pride and commitment we all feel for this wonderful place we call home,” Garufis said.

The 2018 grant recipients were:

• Court Appointed Special Advocates of Santa Barbara County (CASA)
• Dog Adoption & Welfare Group (DAWG)
• The Dos Pueblos Engineering Academy
• Many Mansions
• Mothers Helpers, Inc.
• The National Search Dog Foundation
• Santa Barbara County Search and Rescue
• Santa Paula Animal Rescue Center
• Solvang Theaterfest, Inc.
• Wilderness Youth Project

In addition to the financial grants, each nonprofit received a brief promotional video produced by Cox Communications showcasing its work.

Noozhawk staff writer Brooke Holland can be reached at bholland@noozhawk.com.

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In honor of a lifetime of contributions to Santa Barbara County communities, Santa Barbara has paid tribute to the late philanthropist and businessman Michael Towbes by declaring Nov. 28 as Michael Towbes Day.

“I think it’s just wonderful,” said his widow, Anne Smith Towbes, about the gesture. “He had such an impact on Santa Barbara. His style of philanthropy was world class.”

After a brief battle with pancreatic cancer, Towbes, 87, died April 13 at his Montecito home, surrounded by family. He left behind a long record of giving back to the community that had given him so much over the years.

Towbes began volunteering early in his career when he started developing real estate in the Santa Maria and Santa Barbara areas in the late 1950s. He served on numerous nonprofit boards and several local school boards.

He was also a founding board member of the Scholarship Foundation of Santa Barbara, which this year surpassed $100 million in total scholarships awarded during its 55-year history. That milestone is believed to be a national record.

In 1980, Towbes and his first wife, Gail, started The Towbes Foundation, which is dedicated to meeting the diverse needs of local nonprofits by focusing on a broad range of organizations. Started with a single $500 donation, the foundation now donates more than $900,000 annually to more than 300 organizations. Gail Towbes died in 1996 after a long struggle with multiple sclerosis.

Towbes later established The Towbes Fund for the Performing Arts at the Santa Barbara Foundation to benefit nonprofit performing arts organizations and their venues throughout Southern California. A lifelong supporter of the performing arts, Towbes and his second wife, Anne, whom he married in 2005, also led the $60 million campaign to restore the Santa Barbara Performing Arts Center at The Granada Theatre.

Anne Towbes said her late husband’s parents also contributed to their community, and that he used the couple as role models for his own philanthropy.

“He grew up with it,” she said. “It was just the right thing to do.

“He would always say, ‘I try to do the right thing even when no one is looking.’”

Towbes was also a founding partner of the Bank of Montecito, now known as Montecito Bank & Trust, the oldest and largest locally owned community bank in the region with offices around the county, including Solvang. A leader in local corporate philanthropy, the bank gives more than $1.3 million annually to area nonprofits through its Community Dividends and Anniversary Grants programs and nonprofit sponsorships.

His real estate company, The Towbes Group, has developed more than 6,000 residential units on the Central Coast.

The inaugural Michael Towbes Day followed the frenzied consumerism of Black Friday and Cyber Monday in 2017, coinciding with the bank’s Community Dividends program and the global Giving Tuesday movement, which encourages people to make charitable donations and perform acts of kindness.

Mayor Helene Schneider said the idea for proclaiming a day in honor of Towbes began with a Facebook post after his death. Someone said there should be a Michael Towbes Day, and Schneider thought it was a good idea.

As the conversation evolved, the idea grew into honoring the late philanthropist’s spirit of paying it forward, Schneider said.

Towbes’ youngest daughter, Carrie Towbes, said she became a little misty-eyed when she learned of the idea for a Michael Towbes Day. She said her father would be thrilled to know his giving had spurred others to do the same.

“It doesn’t have to be big,” she added. “Buy coffee for the person behind you in line at the coffee shop, cook double portions tonight and deliver the meal to a friend going through a hard time. A little bit goes a long way.”

Craig Zimmerman, president of The Towbes Group, hopes the citywide recognition of his nearly 20-year mentor will inspire others.

“I hope it reminds us the impact that one person can make and how that impact can continue, even when he is gone,” he said. “I hope it makes us all aspire to be remembered in a similar manner.”

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