Tamalpais Bancorp merges wealth unit into CSI Capital
By Jenna V. Loceff, Business Journal Staff Reporter
SAN RAFAEL — Tamalpais Bancorp said today that its wealth management unit will be merged into San Francisco-based CSI Capital Management Inc.
“The transaction is another step in our strategy to focus on core banking activities,” said Mark Garwood, chief executive officer and president of Tamalpais Bancorp, the holding company for Tamalpais Bank and Tamalpais Wealth Advisors.
“As we reviewed our operations, we realized that the management resources required to support TWA would be better spent committed to our company’s key goals. We feel that it is a great opportunity for them and their clients to be joining such a prestigious firm, and we look forward to building on our newly formed relationship with CSI.”
Tamalpais Bancorp (link) is currently working out an agreement with the Federal Reserve Bank of San Francisco to help ensure compliance with a recent cease-and-desist order from the Federal Deposit Insurance Corp.
The order required the bank to reduce its commercial real estate loan exposure and improve liquidity. The order, which stemmed from the bank’s regular FDIC examination in May of last year, also required the bank to develop a plan to reduce the number of commercial real estate loans, develop and implement a written liquidity funds management policy and for the bank to not pay cash dividends without the prior written consent of the FDIC and the California Department of Financial Institutions.
Under the terms of the agreement, Tamalpais Bancorp will share revenues from clients referred to CSI for a period of five years.
Bill Osher, principal and chief economist of Tamalpais Wealth Advisors, will become chief economist and director of fixed-income investments for CSI. He will be joined by the current Tamalpais Wealth Advisors staff.
Tamalpais Wealth Advisors clients will be referred to CSI Capital Management (link).
Leland Faust, founder of CSI said, “Our strategy is to grow our business on a national scale with a targeted focus on delivering a combination of top quality investment and financial planning services. Bringing the TWA staff on-board is important to that objective.”
The wealth adviser offices will relocate to San Francisco.
Founded in 1978, CSI Capital Management Inc. is one of Northern California’s premier family wealth managers and specializes in the needs of professional athletes.
CSI Capital Management Inc. is an employee-owned company headquartered in San Francisco’s financial district with additional offices in Atlanta; Sacramento; Boca Raton; Greenwich, Conn.; and Los Angeles. Combined assets under management are approximately $1 billion.
Tamalpais Bancorp offers business and consumer banking through its seven Marin County full-service branches. The company had $695 million in assets as of Sept. 30, 2009.
Stock is trading at $0.70. The 52-week range is $0.50 to $6.94.
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[...] by investors, imminent sales, or mergers. (Even the transfer of its wealth-advisory branch didn’t generate a sale.) Given the state of play nowadays, most banks and investors just wait for the FDIC to take [...]
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