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Montecito Bank & Trust’s Earnings Rise to $5.7 Million

First six months of 2008 end with increased assets, deposits and a larger loan portfolio.

Montecito Bank & Trust‘s net income in the first six months of 2008 rose to $5.7 million from $4.4 million in the same period last year, the bank said in reporting financial results for the second quarter ending June 30.

Total gross loans for the bank were $479.5 million on June 30, compared with $440.8 million at the same time last year. Total deposits were $601 million, compared to $577 million a year ago. And total assets were $767.8 million, compared with $726.0 million.

“In these challenging economic times, we remain strongly capitalized and profitable,” said Janet Garufis, the bank’s president and chief executive officer.

“We have the capacity and balance-sheet strength to continue to provide financing solutions for businesses and consumers. We continue to introduce innovative deposit products and services to serve our clients and attract new relationships to the bank. We have no sub-prime residential mortgages, and the quality of our loan portfolio continues to be excellent.”

Montecito Bank & Trust’s capital ratios continue to substantially exceed the guidelines for well-capitalized banks established by banking regulatory agencies. As of June 30, the bank’s total capital was $78.4 million, or 10.21 percent of its total assets.

The bank, headquartered at 1010 State St., has branch offices in Carpinteria, Goleta, Montecito, Santa Barbara, Solvang, Westlake Village, and a new office in downtown Ventura. It offers a variety of competitive deposit and lending solutions for businesses and consumers: consumer loans, business loans and lines of credit, SBA loans, credit cards, merchant services, online banking and cash management. The bank’s Wealth Management Division — with offices in Montecito, Solvang and Ventura — provide full investment management as well as trust services for all branch office markets.

Montecito Bank & Trust, an S corporation, is a locally owned community bank founded in 1975. It continues to demonstrate its ongoing support of the community through unique giving programs like Community DividendsSM, which annually distributes $1 million to more than 100 local nonprofit organizations.

The bank has been designated a Super Premier or Premier Performing Bank for the last eight years by The Findley Reports, an independent service that rates the financial performance of California banks.

Carolyn Tulloh is Montecito Bank & Trust‘s marketing director.

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