Montecito Bank & Trust is celebrating 50 years of banking excellence and philanthropy in the community.

The bank was founded on March 17, 1975, by Michael Towbes and now has 13 branches in Santa Barbara and Ventura counties.

It was created “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,” the company said in a statement marking the anniversary.

Janet Garufis, chairman and CEO, said the bank has stayed committed to its values of serving the local community.

“This job allows me to be the best version of myself,” Garufis said. “It has been really transformational. To know Mike (Towbes) and really operationalize his vision has been something that I have really felt extraordinarily fortunate to do. Now that I am carrying on that legacy, I feel a tremendous about of responding to that while keeping it alive.”

Garufis said as a privately owned bank, it can be unique.

“Our purpose is to accept deposits locally and lend them out locally and stimulate the local community,” Garufis said. “And take some of those profits and put them back in the community. Because we are privately owned, we can take a long-term view.”

Garufis said the culture of the bank was created by Towbes, and it lives on 50 years later.

“I never have to be expedient,” Garufis said. “I can always do what I believe is the right thing to do .”

She said Towbes never took any profits from the company.

“The money went back into the bank and then the community,” Garufis said.

The founding board members included Towbes, Jerry Parent and John O’Keefe, and it was knowns as the Bank of Montecito. It began with assets of $1.25 million. The first bank opened out of a trailer, then a drive-through, and by the end of the year, it had 4,500 accounts.

In 1979, it acquired the Great Western Savings building at 1000 State St. and opened the Downtown Santa Barbara branch. By 1996, the bank became Montecito Bank & Trust and launched its Anniversary Grants program that gives money to nonprofit organizations, chosen by the bank’s tellers.

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

In addition to its Anniversary Grants program, the bank is known for its Community Dividends program, which began in 2002.

At the time, Towbes, on the Monday of Thanksgiving week, called in 100 nonprofit organizations to lunch and surprised them with a $10,000 check on their table. The tradition lives on and the bank has granted more than $21 million to Santa Barbara and Ventura County nonprofit organizations since.

This Wednesday, the bank will hold its Anniversary Grants luncheon and recognize 10 community nonprofit organizations.

The sixth annual Jerry Parent Anniversary Grant Legacy Award will also be presented. This award recognizes organizations that create sustainable change and positive impact in making communities better places to live and work, according to Montecito Bank & Trust.

Those recognized include:

• C.A.R.E.4Paws
• CALM
• Explore Ecology
• Friendship Adult Day Care Center
• Olive Crest’s Hope Refuge
• Mission Scholars
• Peabody Charter School
• Rooted Santa Barbara County
• San Marcos High School Vocal Music Program
• Santa Barbara Community Archives Project

The event is from 5 p.m. to 7 p.m., Wednesday at 1000 State St.

Garufis joined Montecito Bank & Trust 20 years ago.

“Finding Montecito Bank & Trust has been truly the reward of my career,” she said. “It has fed me in ways I never could have imagined.”