The Invaluable Asset
Montecito Bank & Trust marks 50 years of reinvesting in local communities on the Central Coast
Montecito Bank & Trust marks 50 years of reinvesting in local communities on the Central Coast
Founder Michael Towbes, Pearl Chase, inaugural Bank President Perry Carter and Founder John O’Keefe (1975)
Written by Jenn Thornton
Photos Courtesy of Montecito Bank & Trust
Defining excellence in relationship banking for 50 years, Montecito Bank & Trust is the largest locally owned community bank on the Central Coast, serving clients and communities with integrity, trust, and the most priceless assets of all, consistency and commitment.
Downtown Santa Barbara branch
Born from bold ambition, the originally named Bank of Montecito was founded on March 17, 1975, by a group of local businessmen including Michael Towbes, Jerry Parent, and John O’Keefe to deliver exceptional and personalized customer service, build lasting relationships, and contribute to the economic vitality of the local community. Among this core group, it was the late Michael Towbes, a prolific Santa Barbara County real estate developer and philanthropist, who most influenced the bank’s long-term, conservative approach that has sustained the institution through decades, economic downturns, and a global pandemic.
“Mr. Towbes’ mission, values, and integrity drove the bank,” says Santa Barbara-bred CFO Bruce Stevens, who joined the institution as an ATM Assistant in 1985 while attending college at UCSB. “He was a visionary.” Eventually becoming the bank’s sole shareholder, Towbes never took money out of the bank. He did, however, savvily convert it to an S corporation to enhance his own philanthropy, setting the stage for MB&T’s extraordinary record of corporate giving.
Bank CEO & Chairman Janet Garufis and CFO/CAO Bruce Stevens (2024)
“Being a bank is really the vehicle for us to be able to give back to the community, if fuels everything.”
“Being a bank is really the vehicle for us to be able to give back to the community, it fuels everything,” says CEO & Chairman Janet Garufis, who joined MB&T in 2004 and was appointed Chairman in 2017. “Our vision, to make the communities we serve better places to live and work, is our motivation—and our guiding star.” It is the Bank’s legacy, too.
Anne and Michael Towbes
In the 1990s, the Bank launched the inaugural Anniversary Grants® program celebrating its anniversary by making awards to non-profits chosen by bank associates. In the 2000s, Montecito Bank & Trust, which changed its name with the opening of a Trust division in 1996, marked its silver jubilee with the acquisition of Valley Oaks National Bank, expanding into Solvang, and holding the first of its much-loved Community Dividends® events, a program that gifts over $1 million to nearly 200 local non-profits annually—a stunning amount for an institution with a local footprint, especially considering that its giving is equal to, and often exceeds, the local philanthropy of much larger national banks.
The extensive layers of philanthropy that make MB&T a local touchstone are tightly woven into its organizational culture, too. “Mr. Towbes used to say, not everybody can give away a million dollars, but everybody can do something—whether it’s time, treasure or talent,” says Stevens. To that end, MB&T offers its associates paid volunteer time monthly; supports training that allows them to teach financial literacy and prepare tax returns for individuals without resources; and more. “We hire people who understand and embrace our values,” Garufis says of cultivating a culture of giving within the organization. “Every person has the ability and responsibility to lead and there are many ways to do that—volunteerism, mentoring, coaching, providing exceptional service. Our associates live and work in their communities, they serve clients who they know as friends, new and old, and neighbors. Those connections are incredibly important to us.”
Customers visit the bank’s second location, the 1000 State St. branch, during its grand opening on February 5, 1979
In building community inside and outside the bank, MB&T—now with 134 branches, over 265 associates and over $2 billion in assets—reached its 50-year mark with the distinction of being ranked #3 Best Places to Work in the nation for 2026, the latest in a series of accolades and awards it has received. All reflect the bank’s broader commitment to Michael Towbes’ mantra to do the right thing even when nobody’s looking. “We do that every day,” Janet says.