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Montecito Bank & Trust Posts Quarter Profit of $1.8 Million

The bank marked its 36th anniversary with donations of $15,000 to 10 local nonprofits

Montecito Bank & Trust reported Wednesday that it ended the first quarter of 2011 with $1.8 million in net profit, in line with net profit of $1.9 million a year ago.

“The bank continues to be exceptionally well-capitalized with a total risk-based capital ratio of 12.57 percent, well above the 10 percent regulatory minimum needed to be considered well-capitalized,” said Janet Garufis, president and CEO of Montecito Bank & Trust. “We are one of the few banks in this area which neither asked for nor needed TARP funding.”

Total demand deposits have grown 23 percent year over year, and total deposits were up 1 percent from $800.1 million to $804.6 million. Although total gross loans declined 6 percent from $555.8 million to $520.4 million because of continuing weak loan demand, total assets were down less than 3 percent from $958.5 million in the first quarter of 2010 to $933.5 million at the end of the quarter in 2011.

“The bank’s solid financial performance and extremely strong liquidity position ensures that we continue to be well-positioned to make loans to creditworthy businesses and consumers in the markets we serve,” Garufis said.

During the first quarter, the bank celebrated its 36th anniversary by continuing its tradition of giving $15,000 to 10 local nonprofits selected by the bank’s employees through its Anniversary Grants program.

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 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, consumer loans, credit cards, merchant services, 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.

— Carolyn Tulloh is director of marketing for Montecito Bank & Trust.

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