MB&T reports strong growth in 2014
Janet A. Garufis, President and Chief Executive Officer of Montecito Bank & Trust, announced the Bank’s 2014 performance. Ms. Garufis stated: “2014 represented another strong growth year for Montecito Bank & Trust with growth in loans, deposits and assets. Total gross loans grew from $534.2 million to $609.2 million, up 14% year over year. Total deposits grew 11% from $951.8 million to $1.053 billion and total assets grew 11% from $1.07 billion to $1.19 billion. Total risk-based capital remained very strong, ending the year at 14.0%, well above the 10% regulatory minimum required to be considered well-capitalized.” At $13.1 million, net profit for the year was virtually unchanged from 2013.
“We saw significant increases in loan demand in 2014 which resulted in the largest loan production year ever for MB&T. Our substantial loan growth is a reflection of improving confidence of both businesses and consumers and there is strong momentum as we head into our 40th year of providing financial solutions to the communities we serve. We are especially pleased to expand our ability to serve customers in Ventura County with the opening of our Camarillo Financial Services Center. As the oldest locally owned community bank in Santa Barbara and Ventura counties, it is rewarding to welcome so many new customers to the bank and continue to earn the support and trust of so many local residents and business owners. For the second year in a row, MB&T was recognized as the “Best Bank in Town” by The Independent’s Reader’s Poll, and for the first time as the Santa Barbara News Press Reader’s Poll BEST BANK. Our associates work hard for our customers every day and I’m tremendously proud that they have received this level of community support!”
Continuing the bank’s commitment to giving back to the communities it serves, Ms. Garufis also noted that “we celebrated our twelfth annual Community Dividends® event, contributing $1 million to 184 nonprofits throughout Santa Barbara and Ventura counties. The event was created for the sole purpose of ‘investing in the community,’ and as Mr. Towbes frequently notes in his annual remarks, ‘the hope of encouraging others to follow suit.’ Over the last twelve years, we have invested more than $12 million in our nonprofit community partners. Community Dividends® combined with our Anniversary GrantsSM program and a multitude of sponsorships for local nonprofit events are some of the ways Montecito Bank & Trust works to make our communities better places to live and work. Accepting local deposits, funding loans to local businesses and individuals and reinvesting in the community is the value of community banking.”
Montecito Bank & Trust, an S Corporation, is a locally owned community bank founded in 1975, with branch offices located in Santa Barbara, Goleta, Solvang, Montecito, Carpinteria, Ventura, and Westlake Village. The bank opened a Financial Services Center in Camarillo in 2014 furthering our ability to serve customers in Ventura County. The bank offers a variety of competitive deposit and lending solutions for businesses and consumers, including business loans and lines of credit; commercial and construction real estate finance; SBA loans; consumer loans; credit cards; merchant services; and online services, including mobile banking and cash management. Its Wealth Management Division, with locations in Montecito, Solvang and Ventura, provides full investment management as well as trust services for all branch office markets.
For more information, please contact Rob Skinner, Chief Innovation Officer at (805) 564-0299 or [email protected].