A well known South Coast community leader is retiring as chairman of a bank he founded more than four decades ago.
Michael Towbes is stepping down as Chairman of Montecito Bank & Trust. The Santa Barbara businessman and philanthropist founded the bank in 1975.
In a statement, he says he plans to spend more time with his family.
It has 10 branches on the Central and South Coasts.
Plans call for Bank President and CEO Janet Garufis to become Chair of the Board. Pending approval by the bank’s Board of Directors, George Leis, the bank’s Executive Vice President and Chief Operations Officer, would take over her post as president.
