Montecito Bank and Trust Gives 20 Percent

In your previous issue, a spokesperson for Santa Barbara Bank & Trust stated that Union Bank has a policy of donating 2 percent of its after-tax profits to nonprofit organizations.

On a comparable C-corp basis, Montecito Bank & Trust’s annual donations to nonprofits are more than 20 percent of our after-tax profits.

I believe our support for nonprofits, both financially and through the volunteer hours of our associates, is unmatched!

Michael Towbes is the president of the board of Montecito Bank and Trust

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