Santa Barbara Bancorp Raises Dividend to 20 Cents

The board of directors of Santa Barbara Bancorp, parent company of Santa Barbara Bank & Trust, has announced an increase in the quarterly dividend from 18 cents to 20 cents per share.

The dividend will be payable Feb. 11 to shareholders of record on Jan. 21.

The board increased the dividend in recognition of four successive quarters of record income, said Tom Thomas, president and chief executive officer of Santa Barbara Bank & Trust. Net income for each of those quarters was higher than for the corresponding quarter in any prior year.

The company currently has assets of almost $1.3 billion, with 15 offices from Camarillo to Buellton. It recently announced the signing of a definitive agreement to merge with First Valley Bank of Lompoc, effective at the end of the first quarter of 1997.