Michael Towbes stepping down as Montecito Bank & Trust chairman

Local businessman and philanthropist Michael Towbes will be stepping down as board chairman for Montecito Bank & Trust, according to the Pacific Coast Business Times.

It’s unclear who would take Towbes’ place, who founded the bank in 1975. However, the Pacific Coast Business Times is reporting that Montecito Bank & Trust President Janet Garufis could be named CEO and board chair.

Sources say Towbes’ decision to spend more time with his family was one of the main reasons why he is stepping down.

The move would also allow a succession plan to be implemented as smoothly as possible.

Montecito Bank & Trust remains one of the largest independently owned banks in the Central Coast and southern California region.