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Montecito Bank & Trust Reports Continued Growth, Profitability

Total capital increases 12 percent, and demand deposits are up 19 percent in 12 months

Montecito Bank & Trust on Thursday reported continued growth and profitability for the first nine months of 2010.

“We have welcomed many new customer relationships to the bank this year, fueling both deposit and asset growth,” said Janet Garufis, president and chief executive officer of Montecito Bank & Trust.

Total capital at $103,769,000 now exceeds the $100 million mark and reflects a 12 percent increase from the prior year. Total deposits have grown as well, and of particular importance, demand deposits have grown 19 percent in the past 12 months.

Montecito Bank & Trust’s strong liquidity positions it as the community bank leader with the capacity to partner with local businesses to jump-start the economy. Although borrowers continue to conservatively reduce their use of debt, which dampened loan growth, Montecito Bank & Trust is actively lending for business expansion, equipment purchases and real estate acquisition or refinance.

The bank’s continued profitability allowed it to prudently and significantly bolster its provision for loan loss reserves as local businesses and consumers continue to work through this prolonged economic cycle. This action is consistent with the bank’s disciplined management practices and a long-term strategic approach to growth and profitability. Although earnings were impacted period over period, it ended the quarter with a strong total risk-based capital ratio of 12.8 percent, well above the 10 percent regulatory minimum to be considered well-capitalized.

For the year to date as compared to the prior year, total assets were $963.8 million, up 4 percent from $930.1 million, and total deposits were $824.5 million, up 7 percent from $773.5 million. With sluggish loan demand, net income was $3.7 million, down 52 percent from $7.7 million, and total gross loans were $538.3 million, down 3 percent from $551.9 million.

The bank’s continued profitability also allows it to celebrate its eighth annual Community Dividends awards event in November, where it will be giving $1 million back to community nonprofit organizations.

“Our loyal and growing base of customers enables us to continue this tradition of financial support for local organizations that help enrich all of our lives,” Garufis said.

Montecito Bank & Trust has branch offices in Santa Barbara, Goleta, Solvang, Montecito, Carpinteria, Ventura and Westlake Village.

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

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