Created in 2003 by Montecito Bank & Trust owner and Chairman Michael Towbes, Community Dividends awards a total of $1 million dollars to hundreds of 501(c)(3) designated organizations which serve low and moderate-income individuals and families in Santa Barbara and Ventura Counties. The program also awards dividends to organizations that serve the arts, youth and education, social welfare, and medical and health services sectors.
Held at the Coral Casino in Santa Barbara, the nonprofit honorees are invited to join bank employees in a celebration of their community commitment. It has become known as one of the most anticipated nonprofit events of the year, providing organizations the opportunity to socialize with their nonprofit colleagues, share ideas, build stronger bonds within the community and reflect on their impact in the community.
Explaining the motivation behind Community Dividends, Michael Towbes said, “We do this because we recognize and support the invaluable role nonprofits play in enhancing the quality of life for all segments of our society. We do this to encourage other organizations to follow in our footsteps. We do this to encourage our employees to volunteer to support these worthy organizations. We do this because we think it’s the right thing to do.”