Montecito Bank & Trust

On March 17, 1975, a group of local businessmen started the Bank of Montecito with a singular vision - building a local bank committed to serving the needs of the community. What they sought to build then is what drives us to this day and will continue to guide us into tomorrow.

1974 - 1979

Under founding Board members Michael Towbes, Jerry Parent and John O’Keefe, the Bank of Montecito is approved in May 1974 with starting assets of $1.25 million. On March 17, 1975, the first branch opens in a trailer in Montecito. A few months later, the Bank’s first “Drive-Thru” opens and by December, over 4,500 accounts are open.

The Bank acquired the Great Western Savings building at 1000 State Street and opened the Downtown Santa Barbara Branch in 1979 on February 5.

The founding board members stand in front of "The Bank of Montecito" sign inside the branch in 1975.

1980 - 1989

In March 1982, the Bank received the first of 30+ designations as a Premier Performing bank by The Findley Reports, an independent service that rates the performance of California banks. Also in 1982, Michael Towbes assumed the role of CEO and became the sole owner of the Bank of Montecito in October 1983. Through 1986, the Bank expanded to five locations, adding Goleta, La Cumbre and Carpinteria. Bruce Stevens joins the Bank as an ATM assistant in 1985.

A group of bank employees mingle inside the branch during the 1980s.

1990 – 1999

March 1990 celebrates the Bank’s 15th Anniversary by hosting the inaugural Anniversary Grants®, which becomes an annual giving tradition to award nonprofits chosen by Bank associates. On August 19, 1994, the Montecito branch is destroyed by fire; completion of the new branch finishes two years later. The Bank of Montecito officially becomes Montecito Bank & Trust in February 1996 when the Bank opens its Trust & Investment division. In May of 1996 the Bank’s first website debuts.

An audience watches the founder of Montecito Bank & Trust shake hands with the recipients of their first anniversary grant in the 1990s.

2000-2009

March 2000 sees the Bank celebrate its 25th Anniversary with a multi-day event to mark its silver jubilee.

In the fall of 2001, the Bank acquired Valley Oaks National Bank in Solvang. John O’Keefe, an MB&T founding member, passed on November 29, 2001. The first Community Dividends® took place in November 2003, which annually gifts $1 million to local nonprofit organizations. The Bank expanded to seven locations with the opening of the Westlake Village branch in the Fall of 2004, this was followed by Janet Garufis joining the Bank in November that year as EVP / Sales & Relationship Manager. Bruce Stevens is named CFO in January 2005. In September 2006, the Bank names Janet Garufis as President & CEO and she is elected to the Board of Directors. The Bank opened its 8th branch, in Ventura, in 2009.

The founder of Montecito Bank & Trust holds a check with the recipient.

2010-2019

A second Goleta branch is opened in 2012, on Hollister Avenue. Reaching a new milestone in 2013, the Bank eclipsed $1 billion in assets, and is voted “Best Bank” in the Santa Barbara Independent’s Best of Readers Poll, kicking off a string of 30+ “Best Bank” and “Reader Recommended” awards across multiple publications in Central Coast cities.

In 2015, the Bank adopted the .bank domain and opened its 10th branch, in Camarillo. That same year, the Bank becomes foster feeders for Monty & Cito, two Humboldt penguins at the Santa Barbara Zoo. A new Mortgage division is launched in 2016.

Janet Garufis is named Chairman & CEO in 2017. Founder Michael Towbes passed on April 13, 2017. The Bank unveils a new brand design, website and campaign including the “Behind every great community is a great bank” tagline. The Bank is named 2017 Bank of the Year by the Western Independent Bankers Association.

In 2019, the Bank surpassed $1 billion in loans and $1 billion in assets under management for the Wealth Management division.

2020 - Present

The global COVID-19 pandemic occurs in 2020 making remote and hybrid working the norm. In March 2020, the Bank turned 45 and the annual Anniversary Grants celebration is held virtually for the first time ever. The Bank is the first and only Bank to begin accepting Paycheck Protection Program (PPP) applications the first day, April 3, 2020, ultimately fulfilling 3,593 PPP loans totaling over $322 million to local companies, helping to maintain over 33,000 jobs. An 11th branch is opened in September on the Mesa in Santa Barbara.

In 2021, Jerry Parent, an MB&T founding member, retires from the Board of Directors after 46 years. In 2022, the Bank celebrates its 10th year of winning Best Bank, bringing the total to 25 awards. In November 2022, the Bank celebrated the 20th Community Dividends and doubled that year’s giving to $2 million.

In 2023, the Bank expanded its footprint opening new branches in Santa Maria and Oxnard. Janet Garufis celebrated her 20th anniversary at MB&T in 2024 and leads the banks more than 260 associates to national and local recognitions, including fourth Best Bank to Work For (#1 in California), and the Bank’s 29th Best Bank in Santa Barbara and #1 Best Bank in Ventura.

In 2025, the Bank celebrates its golden jubilee, having served the Central Coast for over 50 years, with plenty of planned celebrations to follow. Bruce Stevens, CFO and CAO, celebrates his 40th year at MB&T.