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Home / Articles Posted by Albert Chu

9:24 pm
Giving Back June
CLICK HERE Learn more about Montecito Bank & Trust Grants

Article Provided
Photography by Clint Weisman, Clint Weisman Studio

The longstanding tradition of celebrating Montecito Bank & Trust’s (MB&T) anniversary by honoring local nonprofits selected by the bank’s more than 260 associates continued last March when more than 110 attendees gathered for a reception in the bank’s historic downtown branch. The bank’s late founder, Michael Towbes, first started the Anniversary Grants program in 1993 to honor Montecito Bank & Trust’s anniversary by giving back to the community. He wanted bank associates to have a voice in the direction of the bank’s corporate giving and to celebrate the exceptional volunteer service they provide to Central Coast communities.

The annual program is a source of pride among bank associates, as they campaign, rally and vote for the organizations that make an impact on their lives and communities. In addition to receiving a $3,000 check, each Anniversary Grant recipient also received a 1-minute locally produced promotional video showcasing the organization’s extraordinary work and the bank provides additional promotion of each organization in the branches and on social media throughout the year.

Chairman and CEO Janet Garufis welcomed the community-minded audience commenting that the evening’s event “provides the opportunity to celebrate where we are today, remember what has brought us here and recognize the good work that is happening across our communities everyday thanks to dedicated nonprofit organizations like those here this evening.”

After MB&T associates introduced each organization, Garufis smiled as she highlighted that “there seems to be a trend each year of furry friends, helping improve the health and well-being of individuals and nurturing babies and kids!”

As the celebration drew to a close, Garufis thanked the deserving organizations. “There will be many more of these anniversaries and celebrations. On behalf of our associates and our Board of Directors, thank you for joining us in our commitment to make the communities we serve better places to live and work. We know that we would not be able to do what we do without each of you and the inspiring work you do!”

The Jerry Parent Anniversary Grants Legacy Award was added to the program in 2021 to honor the decades-long selfless community contributions of long-time Board Director Jerry Parent. Presented to an organization that makes a significant and sustainable impact on a local community, the awarded organization is nominated by a bank associate and selected by a committee with the input of. Parent. The 7th recipient of the Legacy Award is Santa Barbara Neighborhood Clinics, whose mission is to provide compassionate, affordable and responsive healthcare to all. Santa Barbara Neighborhood Clinics also received a $3,000 grant and a promotional video. They will be featured on a commemorative plaque in the Downtown Branch.

The 2026 Anniversary Grants recipients:

  • Angels Foster Care of Santa Barbara ASAP Cats
  • Bethania Preschool and After School Program Breast Cancer Resource Center
  • Bunny Brigade
  • Cottage Children’s Medical Center Cruzin’ For Life
  • Grace Fisher Foundation Royal Theater Production
  • Standing Together to End Sexual Assault (STESA)

Watch a video of each Anniversary Grant promotional video at montecito.bank/Anniversary-Grants.

Sidebar

Montecito Bank & Trust is the oldest and largest locally owned community bank in the Santa Barbara and Ventura counties. Founded in 1975, the bank celebrated its 51st anniversary on March 17, 2026, and operates 13 branch offices in Santa Maria, Solvang, Goleta, Santa Barbara, Montecito, Carpinteria, Ventura, Oxnard, Camarillo and Westlake Village. Montecito Bank & Trust has a history of unwavering corporate philanthropy in the local communities it serves. The Bank offers a variety of competitive deposit and lending solutions for businesses and consumers, including business loans and lines of credit; commercial real estate finance; SBA loans; mortgage loans, consumer loans; credit cards; merchant services; and online services, including mobile banking and cash management. Its Wealth Management Division provides comprehensive trust services and full investment management for all branch office markets. The Bank has earned 33 Best Bank awards in the last 13 years, in addition to numerous accolades for Best Mortgage and Best Financial Services Company in Santa Barbara, Best Investment Company in Santa Ynez Valley and third in the 2026 America’s Best Workplaces ranking by Best Companies Group.

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1:06 am
Finance

Montecito Bank & Trust

Montecito Bank & Trust’s Vice-President/Senior Portfolio Manager Albert Chu shares tips about smart year-end financial planning.

Albert Chu
CFA®, CAIA®, VP / Senior Portfolio Manager
805-979-4506 | achu@montecito.bank

CLICK HERE Learn more about Montecito Bank & Trust

Article by Albert Chu

Q: Why is year-end financial planning important?

A: While it’s always a good idea to periodically review your finances, and progress towards your goals, there are certain things that do have year-end deadlines. If you’re a participant in your employer’s 401k plan, you’ll want to review and maximize your contributions or employer match for 2025. From a tax perspective, you’ll want to look at harvesting losses that may offset any capital gains and other situations like a RMD (Required Minimum Distribution) from your retirement accounts. The holiday season is also a great time to think about others so review any charitable donations and any gifts you’ll want to give to individuals to maximize your annual exclusions. There are also mundane things that you’ll want to review to not leave any money on the table. For example, if you have a Health FSA (Flexible Spending Account), you’ll want to ensure you use all funds that can’t be carried over into 2026.

Q: What are the main considerations when undertaking year-end financial planning?

A: As mentioned, there are items in your financial plan that need to be addressed each calendar year. In addition to these items, you’ll need to consider updating your financial plan for upcoming life events. These can be life events like having a child, starting a new venture or purchasing a second home closer to grandchildren that impact your finances. You also want to take some time and review your progress towards your current goals.

Q: What advice can you offer for those who may be having trouble getting started?

A: You don’t need to do everything in one day; dividing your checklist into manageable pieces will help you from feeling overwhelmed.

Q: Do you recommend meeting in person or is a phone conversation sufficient?

A: An initial phone conversation is a great way to learn more about an individual’s situation. This will allow your financial advisor to research and prepare strategies that are customized to your needs. An in-person or Zoom meeting is important afterward to share ideas and recalibrate the strategy if necessary.

Q: What is the anticipated outcome of assessing finances at the end of the year?

A: With a year-end review you hope to optimize your tax strategy for the current year and set yourself up for the upcoming year. Reviewing your budget and expenses should provide some insight on opportunities to increase savings or reallocate resources. It also provides a set timeframe to check your progress on your long-term goals and adjust course if necessary for the coming year.

Q: When is the best time to perform this review—before the holidays or in November/December?

A: The best time to perform the review is sooner vs. later. The holidays can be a time filled with events, and it can be difficult to carve out time. Also, as you get closer to year-end, you may find more people rushing to get their financial check list complete as well.

Q: Any other general advice for readers regarding year-end financial planning?

A: With the new Tax Bill, you’re more likely this year to itemize deductions instead of taking the standard deduction, making it more important to keep good records of deductible items.

Q: What do you enjoy most about assisting clients with this task?

A: I enjoy working with clients and demystifying the financial planning process. It’s rewarding knowing that you can play a part in someone’s financial journey and seeing them reach personal milestones like retirement.

Q: What is challenging?

A: The biggest challenge is balancing the need to have a structured financial plan while building in the flexibility to adjust as life changes/surprises arise.

Albert Chu has over 25 years of investment management experience serving clients in private banking, prominent RIAs and a multifamily office. Albert works with clients to develop a goals-based approach to wealth management that incorporates both traditional and alternative investments. He holds both the CFA (Chartered Financial Analyst) and CAIA (Chartered Alternative Investment Analyst) designations.

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