Santa Barbara Bancorp Pays 18-Cent Dividend

The board of directors of Santa Barbara Bancorp, parent company of Santa Barbara Bank & Trust, announced an increase in the quarterly dividend from 15 cents to 18 cents per share.

The dividend will be payable Nov. 10 to shareholders of record Oct. 20.

According to board Chairman Don Anderson, the board increased the dividend to continue the trend of increased net income for each quarter over the same quarter of the prior year, and because of the board’s policy of paying dividends at a range of 35% to 40% of annual earnings. Through June 30, earnings were up 26% over earnings for the first half of 1997.

Santa Barbara Bank & Trust, the primary subsidiary of Santa Barbara Bancorp, operates in Santa Barbara and Ventura counties. The company currently has assets of approximately $1.7 billion with 27 offices from Camarillo to Santa Maria.