Michael Towbes, chairman, Montecito Bank & Trust

Expressing his trademark modesty and humility at just being a finalist for Ernst & Young’s 2010 Entrepreneur of the Year Award, Michael Towbes — one of the South Coast’s top entrepreneurs — said he was quite pleased at winning the prestigious honor this week in the financial services category for the greater Los Angeles area.

“I was very excited and pleased,” said Towbes, a Montecito resident and chairman of Montecito Bank & Trust. “It wasn’t just a local award for Santa Barbara, but from nominees from all of Southern California.”

Announced at a Tuesday night gala at the Beverly Hilton in Los Angeles, the award is one of the most prestigious internationally and celebrates business people who are building and leading the most dynamic firms, according to officials from Ernst & Young, a 144,000-employee worldwide assurance, tax, transaction and advisory services firm.

Asked if he expected to win because of his many years in business, Towbes said, “I don’t think you can take anything for granted.”