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Business

Montecito Bank & Trust Exceeds $1 Billion in Assets

The bank posts $9.2 million in net income, an increase of 148 percent for the same period last year

Montecito Bank & Trust has reported year-to-date net income of $9.2 million, 148 percent greater than the $3.7 million reported for the same period last year.

During the third quarter, the bank achieved a new milestone, exceeding $1 billion in assets. Assets grew from $964 million to $1.025 billion, a robust 6 percent growth from a year ago. It ended the quarter with a strong total risk-based capital ratio of 12.41 percent, well above the 10 percent regulatory minimum to be considered well-capitalized.

Montecito Bank & Trust did not ask for nor receive any TARP capital from the federal government and continues to grow its capital base to remain a strong, healthy financial institution.

“We are proud to be the largest locally owned and operated community bank in Santa Barbara and Ventura counties, and are currently hiring in preparation for the opening of our ninth branch located in Goleta at Storke and Hollister, scheduled for December 2011,” said Janet Garufis, president and chief executive officer of Montecito Bank & Trust.

Total deposits grew $60 million to $885 million, an increase of 7 percent from the same period last year. Gross loans decreased 5.61 percent year over year from $538 million to $508 million due to continued weak loan demand. The bank’s solid financial performance and extremely strong liquidity position ensures it continues to be well positioned to make loans to qualifying businesses and consumers in all the markets it serves, and it is aggressively seeking quality loan opportunities.

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; and 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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