Michael Towbes

Michael Towbes
Born 1929 (age 86–87)
Nationality American
Alma mater Princeton University
MIT
Occupation Businessperson
Title Chairman of The Towbes Group;
CFO of The Towbes Foundation;
Chairman and owner of Montecito Bank & Trust
Spouse(s) Gail Towbes (deceased 1996); Anne Smith Towbes (2005 to present)
Awards Santa Barbara News-Press Lifetime Achievement Award;
2006 California Building Industry Hall of Fame

Michael Towbes (born 1929) is an American banker, real estate developer, and philanthropist.[1]

Early life

Michael Towbes was born and raised in Washington DC, where his father was a Russian-born real estate owner. In 1951 Towbes graduated from Princeton University, where he studied structural engineering. Following this Towbes attended MIT graduate school and eventually enlisted in the US Navy during the Korean War. Though he never saw combat, Towbes served for three years as a part of the Civil Engineering Corps.[2][3][4] While stationed in Point Mugu, California, he met his first wife, and Towbes decided to move to California with her after completing his Navy stint in DC.[4][5]

Michael Towbes Ribbon Cutting at Sansum Clinic

The Towbes Group, Inc.

After a year in California, Towbes formed a partnership with Eli Luria to build houses in West Los Angeles, starting their company in 1956. The first house they built was in the Brentwood neighborhood. In 1959 the partners traveled to Santa Barbara County to be a part of a housing boom connected to the reopening of the Vandenberg Air Force Base.[4] The company eventually became known as The Towbes Group, which by 2016 had developed 6,000 residential units and 2 million square feet of commercial space. The company also manages about 2,500 residential units, with apartment buildings in various Santa Barbara neighborhoods. [6][7][8]

Montecito Bank and Trust

Towbes also co-founded the Montecito Bank & Trust in Santa Barbara in 1975,[6] and is now the sole owner of the bank. The bank has about half a dozen branches in the Santa Barbara area.[7] Towbes is currently the chairman of The Towbes Group, chief financial officer of The Towbes Foundation, and chairman and owner of Montecito Bank & Trust.[9]

Philanthropy

For Towbes’ 80th birthday in 2009, he held a fundraiser for the Granada Theatre in Santa Barbara that raised $1.2 million.[10] In 2014 Towbes and his wife gifted $5 million to the same institution, for a lifetime total of $15 million. Towbes has also served on the Board of Directors for the Scholarship Foundation of Santa Barbara, and founded the Louis H. Towbes Graduate Fellowship at the University of California at Santa Barbara. Many of his philanthropic efforts are made through the Towbes Foundation, which Towbes founded in 1980.[6] He is also the founder of The Towbes Fund for the Performing Arts[9] and has been credited by leading the philanthropic effort to sustain the Santa Barbara classical music radio station KDB-FM.[11] Towbes is the namesake of the Michael Towbes ’51 Fund for the Economics Department at Princeton University.[12]

Recognition

In 1995 Towbes was named the Santa Barbara Man of the Year. He is also the recipient of the Santa Barbara News-Press Lifetime Achievement Award, has been the Santa Barbara Philanthropist of the Year, and was inducted into the California Building Industry Hall of Fame in 2006.[7] Towbes has also served as the Chairman of the Santa Barbara Jewish Federation.[4]

Personal life

Towbes was married to his first wife Gail until her death in 1996.[7] Towbes married his second wife Anne Smith Towbes in 2005,[4] with whom he lives in Santa Barbara, California.[6]

References

  1. ↑ "The Hunt".
  2. ↑ Michael Cervin (22 June 2006). "Michael Towbes".
  3. ↑ "Princeton Alumni Weekly".
  4. 1 2 3 4 5 "Montecito Journal - Local People".
  5. ↑ "Developer Michael Towbes Shows No Sign of Slowing Down".
  6. 1 2 3 4 "Steven Crandell: Anne and Michael Towbes Give Away the Secrets of Their Philanthropy Philosophy".
  7. 1 2 3 4 "Historic Santa Barbara".
  8. ↑ "For Michael Towbes, His Company’s 60th Anniversary Is the Reason to Celebrate".
  9. 1 2 "Business Leader Michael Towbes Establishes New Fund at the Santa Barbara Foundation to Support the Performing Arts - Santa Barbara Foundation".
  10. ↑ Lucilia (24 July 2009). "Peeping Michael Towbes' 80th B-Day Bash".
  11. ↑ "Charity Must Be in the Water". latimes.
  12. ↑ Princeton University. "Special Funds".
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