Montecito Bank & Trust Continues Impressive Loan Growth
Santa Barbara, CA – Montecito Bank & Trust reported total assets grew $70.1 million to $1.3 billion during the prior 12-month period, driven by continued strong loan growth of 20.5% year-over-year, or $154 million, and 7.3% deposit growth year-over-year. In the first six months of 2017 net income increased 12%, to $8.1 million, compared to $7.2 million in the first six months of 2016. The bank's total risk-based capital remains very strong at 12.4%, exceeding the 10% regulatory minimum required to be considered well-capitalized.
Janet Garufis, Chairman and CEO stated, “As the oldest, largest and independently owned community bank on the Central Coast, I am pleased that we continue to grow profitably and that we are the financial partner of choice for the lending, banking and investing needs of the communities we serve. We are grateful for the vision, leadership and inspiration of our late founder and mentor Michael Towbes. He would be incredibly proud of the ongoing success of our team and the continued dedication they demonstrate to our communities each and every day.”
Montecito Bank & Trust, an S Corporation, is the oldest and largest locally owned community bank in the Santa Barbara and Ventura counties. Founded in 1975, the bank celebrated its 42nd anniversary on March 17, 2017 and operates 10 branch offices in Santa Barbara, Goleta, Solvang, Montecito, Carpinteria, Ventura, Camarillo and Westlake Village. 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.
Montecito Bank & Trust received a 2016 Premier Performing Bank designation by The Findley Reports, an independent service which rates the annual performance of California banks. Montecito Bank & Trust has been designated as a Premier Performing or Super Premier Performing bank by The Findley Reports 32 times in its 41-year history.
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