Locally Owned and Operated
www.santacruzmarkets.com
RA o St
Chicken
5 lb bag
69¢ lb.
99¢ ea.
LEG QUARTERS
RUSSET POTATOES
49 $1.49 Satsuma
TANGERINES¢
Boneless
RIB-EYE STEAK
$8.99 lb.
lb.
lb.
GREEN BEANS
PORK BUTT
$1.98 lb.
1
$ 99 $1.49 lb. ea.
Fresh Daily
Medium
$2.29 lb.
49¢ lb. ¢
GROUND BEEF
59 ¢
YAmS
89
ROmA TOmATOES
$2.29 lb.
99¢ lb.
SANTA BARBARA Trimmed 324 W. Montecito St
PINEAPPLES INEAPPLES lb.
$3.98 lb. $8.99 69 ¢
$1.99 ea. 49 ¢ Shasta (2 Ltr.) ¢ SODAS lb. 99¢ $ 1 99
Dona Maria ( 8 oz. )
Del Monte (15 oz.)
SPARE RIBS
‘Montecito Bank & Trust’s work, for me, has been the most amazing gift,’ said Garufis, seen at right during one of the annual Community Dividends events where the bank doles out $1 million GOLETA of nonprofits. to dozens 5757 Hollister Ave
lb.
Pork
89 ¢
BEEF TRI-TIP
59
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BEER
89 ¢
lb.
ea.
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$2.19
ea.
lb.
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GOLETA 5757 Hollister Ave
SANTA BARBARA 324 W. Montecito St
$2.59
$1.49
49 ON HAND • PRICES EFFECTIVE 7 FULL 49DAYS D TO STOCK FROM OCTOBER 27TH THROUGH NOVEMBER 2ND ¢
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SANTA BARBARA 324 W. Montecito St
26
$
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SANTA BARBARA SANTA BARBARA Montecito St St 324324 W.W.Montecito
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lb.
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FROM NOVEMbER 16 THROUGH NOVEMbER 22
SANTA BARBARA THE INDEPENDENT 324 W. Montecito St
NOVEMBER 16, 2017
$ ¢99
GOLETA 5757 Hollister Ave
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independent.com5757 Hollister Ave
$
the nine-month training program, she was assigned to be branch operations supervisor at SPNB’s Wilshire Westwood branch. Soon after, her boyfriend, a lifeguard named Sam Bertolet, whom she’d met in a Shakespeare class at Santa Monica College in 1973, got a job with the Santa Barbara Harbor Patrol. She transferred north to an assistant manager job in Oxnard and commuted from Santa Barbara.“I was young and in love,” said ¢ They got married at Our Lady of Garufis. Mount Carmel with a reception at the Gold Room of El Paseo, now part of Wine Cask. When Bertolet got a new job in the Marina del Rey Harbor Patrol with the L.A. County Sheriff’s Department, Garufis reluctantly moved back south. Bertolet soon realized he didn’t like the law enforcement aspect of his job and went back to ¢ lifeguarding — which he did until his recent retirement —but Janet’s job as operations officer at the Westwood Village branch was a turning point for her career. The second largest branch in the SPNB system, Westwood was struggling to manage a huge volume of daily transactions. So Garufis streamlined the filing of checks and GOLETA preparing of statements and was soon asked Ave 5757 Hollister to do so for the whole bank system, which centralized the entire process. She gave birth to her son Matt in December 1981 and son Adam in February 1984.
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That same year Garufis was allowed to begin loan training but only if she stayed on as branch operations manager. She completed banking school in 1986. American banking went through big changes in the 1980s, and the combo of centralization and deregulation made it harder for small businesses to access capital. SPNB decided to organize a business banking division to address the problem, and Richard Davis, her friend from banking school who’d been promoted up the ranks, suggested Garufis should lead it. “No male commercial banker would have taken the job making these smallbusiness loans, for it would be demeaning to them,” said Garufis. “I didn’t have a big budget, and I had to be smart about it.” She developed a personal credit score, traveled to Princeton to create an algorithm to assess risk, and funded lots of small businesses.“We cobbled this together with chewing gum and wire,” she recalled.“We tried to address what all small business was struggling with. The size of the portfolio was $750 million in loans.” Against the protests of small-business advocates, Bank of America (BofA) acquired SPNB in April 1992, which was
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Angeles, though it was during the gas crisis. “I spent a lot of time in line at the gas station!” she laughed. In the summer of 1975, Garufis was sent to Marina del Rey to fill in for a note teller going on a three-week vacation. On the first day, the branch manager said there was a problem in the note department that needed to be cleaned up before the employeeGOLETA returned. Garufis tackled the task and was offered a job at the office while she Ave 5757 Hollister finished school. Upon graduation in 1977, Garufis was only offered training in operations management, since the lending training was essentially reserved for men only. Though lending was the quick path to more lucrative opportunities, the operations track played to her long-term advantage: It covered the basics of banking, while the lending curriculum didn’t address day-to-day management or customer service issues. “Solving customer problems on a dayto-day basis helps you understand where things can go wrong,” said Garufis, who learned to anticipate client needs, understand risks, and know when to bend the rules.“It gives you a more holistic picture of what happens in a bank.” Three weeks into
one of the largest bank mergers in history at the time. A week later, when the Rodney King verdict triggered the L.A. riots, Garufis was in Oakland speaking to the Black Contractors Association. “I was the only white woman in the room,” she said, remembering the 9-1-1 message she got on her pager announcing the riots. Days later, BofA’s chief credit officer called on Garufis to apply her loan formula to businesses in the riot zone. Suddenly, this former bank teller was playing a central role in the rebuilding of Los Angeles. Thousands of business owners applied, and that was the beginning of BofA’s smallbusiness lending program. It grew from $750 million to $4.5 billion in just five years on loans that averaged just $40,000. That’s a lot of loans. “Nobody in the organization was paying much attention to us until our revenues became too significant to ignore,” said Garufis, who had to fend off the man from consumer lending who wanted to take over her division. “I fiercely believed in the mission, and the people that worked with me believed in it as well. The softer side is to understand the people and what they need.” When BofA eventually abandoned this system, community banks like Montecito Bank & Trust graciously filled the smallbusiness void.