The branch will be the Bank’s second, and is expected to open in January 2013.
The branch will be located at 525 San Ysidro Road, Building G, behind the San Ysidro Pharmacy in the retail center owned by the Gunner family. American Riviera Bank will be the first new tenant in the newly constructed portion of the center, and is expected to be the only community bank in the Upper Village of Montecito. The Bank is committed to serving the Montecito market and, as such, signed a 15-year lease.
Jeff DeVine, President and Chief Executive Officer stated, “We have a considerable amount of existing clients and shareholders that live in Montecito, and they have been asking us for years when we would open a branch there. We were holding out for a very special location, and look forward to joining the other high-quality retail tenants in this center and delivering our brand of community banking to Montecito.”
The approximate 1,500-square-foot branch will occupy a Cape Cod-style building with two stories and an interior featuring bead board, decorative moldings, and a coffered ceiling consistent with the exterior theme. The new branch is a wholly local collaboration with American Riviera Bank selecting DesignARC and Campanelli Construction, both based in Santa Barbara, for the architectural design and construction of the tenant improvements. Michael Martz and Greg Bartholomew of Hayes Commercial Group assisted the Bank as consultants in site selection and lease negotiation.
The opening of the new branch comes on the heels of American Riviera Bank reporting significant growth. As of June 30, 2012, the Bank reported loan growth of 21 percent and deposit growth of 18 percent from June 30, 2011. American Riviera Bank has also expanded its employee base from 18 to 25 during this period, and anticipates staffing the Montecito branch with at least four new employees.
American Riviera Bank (OTC BB: ARBV.OB) is a full-service community bank, focused on serving the lending and deposit needs of businesses and consumers in our community. The Bank, founded in 2006 by more than 400 local shareholders, is located at 1033 Anacapa Street in downtown Santa Barbara. For more information, call (805) 965-5942 or visit our website.
Statements concerning future performance, developments or events concerning expectations for growth and market forecasts, and any other guidance on future periods, constitute forward looking statements that are subject to a number of risks and uncertainties. Actual results may differ materially from stated expectations. Specific factors include, but are not limited to, effects of interest rate changes, ability to control costs and expenses, impact of consolidation in the banking industry, financial policies of the US government, and general economic conditions.