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Bank Buyout
updated: Aug 14, 2012, 4:01 PM

By Edhat Subscriber

What do edhat readers think about the buyout of Santa Barbara Bank & Trust by Union Bank? Will people stick with the bank or move elsewhere?

Comments in order of when they were received | (reverse order)

COMMENT 308203	2012-08-14 04:03 PM
Moved months ago, to Keypoint CU
COMMENT 308209	2012-08-14 04:14 PM
Santa Barbara Bank & Trust are being bozos. They are attempting to thwart a Santa Barbara county conservation program placed to protect California Tiger Salamanders which are listed as threatened by the feds. Presumably so it is easier for the bank to develop (or sell) the property up north. I hope the county and feds go after the bank and protect this valuable species. I also hope Union bank will instill real community values in this forlorn bank.
COMMENT 308211	2012-08-14 04:20 PM
I closed my account too and put all my funds with a local credit union.
COMMENT 308212	2012-08-14 04:22 PM
Only if Cali would this turn to discussion of salamander.... We were hoping they would be OK - Main branch is like a ghost town ..........we will be moving soon..... Any one have a favorite bank that has great people....
COMMENT 308216	2012-08-14 04:26 PM
Ill be keeping my accounts, Union Bank I Cali's oldest bank thats still local to me... Plus I dont have to pay atm fees anymore when I travel..
COMMENT 308223	2012-08-14 04:37 PM
Bank of the West has been great for me. The Upper State street branch is staffed by very friendly and helpful people, and they have plenty of parking.
COMMENT 308226P	2012-08-14 04:38 PM
There just aren't many good ole "community banks" left, as the big fish eat up the little. This trend will probably continue so my bet is put your money in a credit union, and get to know a few of the employees who have been there for a while, and trust that they won't get bought out anytime soon. I bank at Montecito Bank & Trust, know a few people, and they take pretty good care of me, and they do support the local non-profit community, but I'm not crazy about a bank owned by one person (M. Towbes).
COMMENT 308227	2012-08-14 04:38 PM
I did not know about not having to pay ATM fees at Union. Is this for International also.? Chase Manhattan kills us with their non-Chase ATM debit fees and it applies to credit purchases also.
COMMENT 308229	2012-08-14 04:39 PM
where else is there to go? not Chase or Wells or BofA (AKA the Axis of Evil!) and the smaller banks kinda suck! they only have one or two branches in town. I'll stick to SBBT/Union Bank so at least I can keep my favorite tellers and branch managers. Being able to call a branch directly and know the staff still speaks VOLUMES for me. I hate online banking and I don't do the automated stuff!
ROGER DODGER	2012-08-14 04:40 PM
I'm with Rabo Bank I like the name.
SBJULES	2012-08-14 04:47 PM
I like the people at my branch & as long as they are there, I'll stay. I think I would go to Rabo Bank or Bank of Santa Barbara, if so.
LIZTISH340	2012-08-14 04:51 PM
SBBT charged me ATM fees while I was in Canada recently. I was thinking of changing and that cinched it! Two dollars for each withdrawal. I'm going with Community West.
REDTOP	2012-08-14 04:53 PM
I haven't found a reason to change yet. Same nice people doing a fine job.
COMMENT 308241	2012-08-14 04:56 PM
I've been really happy with (online) Ally Bank - though it works best with direct deposit. In fact I can't imagine using Ally without direct deposit. It would be an amazing hassle.
COMMENT 308243	2012-08-14 05:01 PM
I closed my accounts as well. Wonder what percentage they lost in the sale.
COMMENT 308244	2012-08-14 05:07 PM
Community West is a great local bank.
COMMENT 308255P	2012-08-14 05:46 PM
Like Roger I too am with Rambo, no Roba, no Rabobank which acquired my former bank Mid-State a few years back.
COMMENT 308259P	2012-08-14 05:49 PM
By the way, I have no opinions about SBBT or Union bank. Just another consolidation to me.
COMMENT 308263	2012-08-14 06:03 PM
I still like SBB&T -- nice people, handy ATMs around town. I don't use much cash when I am out of town.
COMMENT 308276	2012-08-14 06:39 PM
Anyone who isn't in a credit union is an absolute sucker.
COMMENT 308280	2012-08-14 07:02 PM
I switched to Golden1 Credit Union this year. Everything about it has been an improvement over banks I've used in the past.
COMMENT 308290	2012-08-14 07:36 PM
DGAF....if you have an ATM that's relatively easy to access then I'll sign up. F the pretense.
COMMENT 308296	2012-08-14 07:52 PM
209 - there are lots of salamander properties that have nothing to do with SBBT. I dont think theyd go to so much trouble over one persons loan. There's a guy and his girlfreind making that story up to save her neck. She's going to lose her property and they are trying use use that story.
COMMENT 308320P	2012-08-14 09:07 PM
Got the albatross off my back last January, I am a very happy member of a credit union located on Calle Real in Goleta across the street, and down a bit from Trader Joe's.I should have done this years ago. No more cheap seats at the ball park for me!
COMMENT 308327P	2012-08-14 09:37 PM
Axis of evil?....pffft. All banks are the same, I haven't stepped foot in B of A in years. Online banking and ATM's work for me. Credit unions are not convenient at all.
COMMENT 308368P	2012-08-15 07:13 AM
I would like to know what banks or credit unions in the Santa Barbara area offer safe deposit boxes? We are at SBBT, and are not happy with the idea of the new owners, although in CA for years, actually being owned by an overseas country, not the US, but that said, our main interest is having a safe deposit box. Any suggestions other than buying one and bolting it down in our house somewhere?
COMMENT 308379	2012-08-15 07:33 AM
I just bury my $$$ in little blue bags so that they're easy to find when I need them.
COMMENT 308391P	2012-08-15 07:51 AM
308368P - Montecito B&T.
COMMENT 308398	2012-08-15 08:01 AM
Went to cash a check drawn on one of their accounts and they tried to charge me $4 for it. I passed the cost onto the account holder. FOUR DOLLARS to honor a check!! That's bad business.
COMMENT 308416	2012-08-15 08:25 AM
689P First Bank on the corner of Las Positas and State still does. They are not a "local" bank per se but the it's been family owned for almost 100 years and the owners do live part time in Santa Ynez - they have a vineyard there. They are out of St. Louis MO - nice to meet and see actually BANK OWNERS for a change. There aren't many locations - just the one in SB one in Solvang and one in Santa Maria but they have lots of Southern California locations as well as a few around the country. I'd say Montecito B&T but not sure about what they have to offer or if Mr. Tobes is really that great of a guy. I personally left SBBT a long time ago.
COMMENT 308420	2012-08-15 08:27 AM
SBB&T's policies and "products" generally sucked the last ten years but they have convenient locations and are helpful in person. I'm going to wait to see how the transition goes. If there was a credit union anywhere near me I'd be there. Oh, and Chase/BofA is truly the Axis of Evil !
COMMENT 308431P	2012-08-15 08:46 AM
Charging people to cash checks written on customers accounts is why I left these creeps a couple of years ago. They have sold out the original local tradition of customer service and openness for cheap and questionable tactics--pay day loans, etc. I like Rabo Bank.
COMMENT 308439P	2012-08-15 08:51 AM
I have been very happy with Community West Bank for many years. And they have safe deposit boxes.
COMMENT 308441	2012-08-15 08:54 AM
Montecito Bank & Trust is a terrific local bank.
COMMENT 308453	2012-08-15 09:07 AM
I love Community West Bank! The only true community bank left in town.
COMMENT 308462	2012-08-15 09:22 AM
Montecito Bank & Trust - Ron!
COMMENT 308468P	2012-08-15 09:33 AM
420 This is where I'm at right now too....waiting to see. The exception of not great products/service is my loan officer, who has always been helpful when it comes to refinancing. I'm in a credit union HDQed back east, but their only affliated, free ATM is in Goleta and I live by the Mission........I'd use more gas than I'd save in ATM fees.
COMMENT 308475	2012-08-15 09:40 AM
Community West has to be the worst of the local banks. They seem to have a revolving door for management (my company has dealt with no less than five different administrators in the last two years), and they have high maintenance fees and low interest rates for Health Savings Accounts. Needless to say, we dumped them. I wouldn't keep my money in SBB&T or Union Bank either. And Rabobank is based in the Netherlands, so nothing like giving your money to an out-of-the-country bank. I've heard great things about Bank of the West and Montecito Bank and Trust. Otherwise, there's not much left.
MARTINSHAPIRO	2012-08-15 10:34 AM
I would like to change to a Credit Union. Can someone tell me about Credit Unions near Costco where the SBB&T office is. That has been a convenient location near our home, but I like the idea of a Credit Union better. And what does one look for in a Credit Union? Are they all the same or are there things to watch out for? Marian
COMMENT 308511	2012-08-15 10:36 AM
#241 what do you do if you need to go to Ally Bank? The closest branch is either in New York or Pennsylvania. Do they charge for ATM use since they have no local branch?
COMMENT 308516	2012-08-15 10:51 AM
Can someone explain why Credit Unions are so great? I would think big banks would be the most convenient?
COMMENT 308521	2012-08-15 10:57 AM
SBB&T being local is a complete myth. In recent years leading up to the financial meltdown, SBB&T was known as a national leader in the issuance of the extremely predatory, high interest "tax refund" loans that prey upon the poorest, most desperate of our citizens. If you want to know more, you can Google the Vanity Fair article written about it a few years ago.
COMMENT 308523	2012-08-15 10:59 AM
Convenient doesn't always equal good, 516.
COMMENT 308535	2012-08-15 11:09 AM
I have always had excellent servie at SBB&T, see no reason to change.They support many local causes in our community with funds and volunteers. I have never seen a credit union support anything. So it will be SBB&T for me.
COMMENT 308537P	2012-08-15 11:13 AM
For our small business, we use Community West & SBBT. For ourselves, we use Kinecta, the credit union out by Costco. [I definitely recommend Kinecta. Nice people, good fees and services. It just takes some getting used to, as CUs work differently than banks. Too bad we can't use them for the business too.] We used to be with other local banks, but as they were acquired, their fees and practices got less hospitable, so we switched. I always make sure I tell a bank manager when I'm displeased with the fees or services. They need to know why they're losing customers.
COMMENT 308541	2012-08-15 11:20 AM
Bank of Santa Barbara. No account fee and you can use any ATM (they reimburse the charge). You don't need a big bank to have 'access' to your money.
COMMENT 308602	2012-08-15 12:35 PM
I use the Goleta Rabobank. Friendly, helpful, aware, knowledgable staff abound. These folks always address customers by name, and always have a nice word even if its busy. They know how to solve problems and how to prevent problems from happening. This is so different from the Goleta Wells Fargo branch: rude employees asking questions they have no business asking plus tellers who never crack a smile at any customer. Rabobank doesn't have a reputation for trying to wring fees out of customers, and has good rates AND safe deposit boxes.
COMMENT 308638P	2012-08-15 01:19 PM
The criticism of Rabo as being out of the US is one of the silliest things I have seen on Edhat. EVERY bank is an international fiscal scheme to take your money and use it for their benefit. Maybe there is a mini-loan operation somewhere that only does neighborhood business--sort of like the loan sharks of the big cities, but this is not the business of money changers. All we can do is use the services of the one we find least corrupt--so far Rabo seems to be right up there.
COMMENT 308657	2012-08-15 01:53 PM
@516 Credit unions are great because they're cooperative financial institutions operated for the benefit of their owner-members. A bank, in contrast, is a financial institution operated for the benefit of Wall Street. This means that a credit union is able to offer the same exact convenience (through a network of several thousand ATMs and cooperative agreements with thousands of other credit unions) that banks offer, and it can offer better services and benefits. Lower interest rates on loans, higher interest rates on savings instruments, free checking, free ATMs, free money orders and cashier's checks...the list goes on. And they offer vastly superior customer service as well. Credit unions have the same government insurance programs for their accounts, so there's really no good reason to be in a bank.
COMMENT 308674	2012-08-15 02:22 PM
I'm choosing to stay with the bank for many reasons. First and foremost i absolutely love the people at most of the branches that i go to. Everybody is friendly and knows me by name. The acquisition is not going to affect MOST of the retail offices in the area since there is no Union Bank Presence in Santa Barbara. Can't say the same for the internal departments (though from employees I know who work there, they will be receiving a plentiful severence package) Union Bank is the oldest bank in California and although Mistubishi holds most all of the stock, it still operates here in California, headquarters are in San Fransisco and a lot of their operations are done in the LA area. I'm very happy Union Bank plays a big role in supporting the community, from what i hear, even more than SBB&T does today, and even pays their employees to volunteer! I hope great things come from this acquisition, if not no harm in moving my money elsewhere.
COMMENT 308679	2012-08-15 02:25 PM
To 308638P: Check the www.fdic.gov web site to see who owns Rabobank: BHC ID: 1242928 COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A., "RABOBANK NEDERLAND" Doesn't sound like "local" ownership to me.
COMMENT 308709	2012-08-15 03:01 PM
@674 Back office at SBBT here. While the severance package is not bad, no one has heard anything about their future or when they can expect to get laid off. It's hard to plan anything more than month into the future. We're still told to take vacation with our families which to most people here is laughable.. Who wants to take vacation when they need to save money since their job will most likely be eliminated in the near future? But it's ok since our great President (leis), who has told everyone that he has a job, gets us donuts every week. Thanks.
COMMENT 308716	2012-08-15 03:13 PM
mmm... doughnuts...
COMMENT 308731	2012-08-15 03:35 PM
hey, come on. be fair, #709 - who doesn't love DONUTS? LOL
COMMENT 308790P	2012-08-15 05:12 PM
731--what''s your point? Never said Rabo Bank wasn't international. Read what was written--they're all affiliated with the international money crooks. I just try and find the one who is less greedy and has some conscience.
COMMENT 308803	2012-08-15 05:44 PM
The Bank of Santa Barbara is locally owned by several SB long time residents. The staff downtown is very professional and friendly. Fees are low. They are opening a branch in Goleta on Hollister near Costco. They might get sold someday but if you want a LOCAL bank, this is one.
COMMENT 309071	2012-08-16 01:12 PM
DONUTS!!!! THANKS GEORGE!!!! What a great way to run a bank into the ground....
COMMENT 309154	2012-08-16 02:53 PM
308803 - I don't think that Bank of SB is going to open that Goleta branch, dude. what location? DOUBTFUL!
COMMENT 310262P	2012-08-19 09:57 PM
Credit Unions rule!

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