“Everybody can do something,” Montecito Bank & Trust founding member and Chairman Michael Towbes became famous for saying. While he spoke these words to encourage his colleagues to use their time, treasure or talent to help organizations they are passionate about, Towbes also modeled this sentiment throughout his life.
From serving his country in the Navy during the Korean War, to volunteering and chairing numerous nonprofit boards and granting more than $25 million to more than 400 organizations on the Central Coast through his Towbes Foundation, Towbes’ desire to help others led him to create a lasting legacy that continues to this day, almost 10 years after his passing in April 2017.
Towbes’ spirit of service was embedded into the culture of Montecito Bank & Trust from the beginning, back in 1975 when he cofounded the bank, originally named Bank of Montecito. Elected as CEO in 1982, Towbes became the sole shareholder in 1983 and eventually served as Chairman from the 1990s until 2017.
During his tenure, he established impactful programs, including Community Dividends and Anniversary Grants, donating millions of dollars to help local nonprofits in their invaluable work supporting those in need and strengthening communities.
“Giving back has always been part of who we are at MB&T. Michael Towbes founded the bank with a vision to make the communities we serve better places to live and work, and more than 50 years later, that still guides us,” said Chairman and CEO Janet Garufis. “We believe being a community bank means investing in the people and organizations doing the important work to help our communities grow and thrive.”
Towbes wanted MB&T associates to have the opportunity to support the organizations that mattered most to them. In 1990, he began the annual tradition of celebrating the bank’s anniversary by encouraging associates to nominate and select 10 nonprofits to receive Anniversary Grants in support of their missions. Since its inception, the program has provided more than $700,000 to over 180 unique nonprofits.
In 2003, Towbes invited 100 local nonprofits to join him for lunch on the Monday before Thanksgiving. He surprised each with a check, totaling $1 million, and announced the launch of MB&T’s Community Dividends program. Today, the annual celebration brings together local nonprofits and provides more than $1 million each year in support to community organizations focused on enriching Arts & Culture, Health & Medical, Social Services, and Youth & Education. As of November 2026, the program has provided more than $25 million to over 500 nonprofits throughout Santa Barbara and Ventura counties.
After Towbes’ passing in 2017, the bank added the Michael Towbes Community Impact Dividend to the annual Community Dividends celebration in his honor, providing significant additional funding to organizations delivering critical and sustainable services to some of our community’s most vulnerable residents. Since its inception in 2019, the Community Impact Dividend has awarded $1.325 million to 18 organizations, including last year’s recipients, the Santa Barbara Foundation and Ventura County Community Foundation.
Beyond these giving programs, the bank supports hundreds of community and business events through sponsorships, matches associates’ and directors’ charitable giving and recognizes their volunteer service with additional donations to the organization of their choice.
Carrying on the legacy of Towbes, MB&T’s associates give back to their communities year after year. Last year, they volunteered over 7,900 hours, with 43 associates serving on nonprofit boards and reaching over 2,250 students through their financial literacy programs. Partnering with schools and nonprofits through programs like REACH, PEAC and Fun in the Sun, MB&T’s associates educate community youth about finances, empowering them with essential tools to build successful financial futures.
“We know we can do more together,” said Garufis. “No single organization can meet every need, but we all have something to contribute. For us, that might be funding, expertise, relationships or simply showing up when we’re needed. When we bring those strengths together, we can make a much greater impact.”
Towbes’ vision to create a community bank dedicated to giving back continues to serve hundreds of nonprofits from Santa Maria to Westlake Village. The seeds he planted more than 50 years ago have bloomed into a mighty force for good in the world.
Towbes’ enduring commitment to improving and uplifting the lives of so many lives on through MB&T’s support of nonprofits focusing on Arts and Culture, Youth and Education, Social Services, and Health and Medical Services. Local nonprofits can apply for Community Dividends, and 188 nonprofits received support last year through just that one program.
As communities’ needs change, MB&T will continue to develop solutions and resources to address essential issues including affordable housing, mental wellness and food access, while sharing expertise and educating communities about financial education, fraud prevention and cybersecurity.
Guided by their founder’s example to provide innovative, lifechanging programs, MB&T’s associates stand strong in their efforts to make the communities they serve better places to live and work.
Michael Towbes’ Origins & Timeline
- Born in Washington, DC, July 17, 1929
- Obtained a B.S.E. in Civil Engineering from Princeton University, graduating Summa Cum Laude and Phi Beta Kappa in 1951
- Pursued graduate studies in Structural Engineering at MIT
- Joined the Navy during the Korean War
- Began volunteering in the 1960s: 27 years on the board of Cottage Hospital (5 years as Chair); President, Santa Barbara Foundation; founding board member, Scholarship Foundation of Santa Barbara
- Formed Michael Towbes Construction & Development, Inc. in 1970
- Founded Bank of Montecito in 1975
- Founded the Towbes Foundation in 1980
- Passed away April 13, 2017, leaving a legacy of giving back
