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Montecito Bank & Trust Continues Profitability and Strong Capitalization Trend


Janet A. Garufis, President and Chief Executive Officer of Montecito Bank & Trust said: “We are pleased to report that the bank ended the first quarter with $1.8 million in net profit in line with net profit of $1.9 a year ago and continues to be exceptionally well capitalized with a total risk-based capital ratio of 12.57%, well above the 10% regulatory minimum needed to be considered well-capitalized. We are one of the few banks in this area which neither asked for nor needed TARP funding.”

Total demand deposits have grown an impressive 23% year over year, and total deposits were up 1% from $800.1 million to $804.6 million. Although total gross loans declined by 6% from $555.8 million to $520.4 million due to continuing weak loan demand, total assets were down less than 3% 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.

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



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