North Bay Business Journal

Regulators lift Sterling order

SPOKANE, Wash. — Sterling Financial Corporation, parent company of Sonoma Bank, today announced that the Federal Deposit Insurance Corporation and Washington Department of Financial Institutions lifted a cease and desist order put in place in October 2009 with Sterling Savings Bank.

Tamalpais Bancorp had $50 million loss provision

SAN RAFAEL — Tamalpais Bancorp, parent company for Tamalpais Bank, reported more than $50 million in its loan loss provision for 2009 compared with just more than $3 million for the year before, according to its 10-K annual report.

Treasury says Sonoma Bank owner must raise $650 million

SPOKANE, WASH. — Sterling Financial Corp., owner of Sonoma Bank in Santa Rosa, today said it is in active negotiations with several private equity investors, its major creditors and its regulators about various strategic alternatives designed to put Sterling on a sound financial footing and to allow it to recapitalize and grow its business.

Tamalpais Bancorp merges wealth unit into CSI Capital

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.

Tamalpais Bank placed under FDIC cease and desist order

SAN RAFAEL — Tamalpais Bank consented to a cease and desist order with the Federal Deposit Insurance Corp. and the California Department of Financial Institutions that requires it to reduce its commercial real estate loan exposure and improve liquidity.

“We intend to fully comply with the order, and we have made progress,” said Senior Vice President and Chief Marketing Officer Mark Chapman.