By Pacific Coast Business Times Staff Monday, November 30th, 2009

It’s nice to see traditions get established — especially when it comes to philanthropy.

That’s why we once again recognized Montecito Bank & Trust for its seventh annual Community Dividends program, where some 150 area nonprofits shared in $1 million in grants at a luncheon on Nov. 23.

The privately held bank, which has nine branches between Solvang and Westlake Village, is able to make the donations in part because it operates as a Subchapter S corporation, which gives it additional flexibility in supporting community organizations.

“We are grateful  once again to be able to take a meaningful share of our profits and distribute them to  organizations in the communities we serve.  We hope that others will join us in giving this year, particularly with the economic challenges upon us,” said chairman Michael Towbes. We can’t think of a way to say it any better.

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