North Bay Business Journal

SANTA ROSA — The high cost of complying with burgeoning regulation will be the cause of even more bank consolidation than has occurred as a result of the recession, experts say.

‘David suffering for Goliath’s sins;’ also, 2 in top Bauer rank There are two fewer locally based banks in the North Bay than there were at this time last year. Tamalpais Bank was shut down by the Federal Deposit Insurance Corp. and purchased by Union Bank. Napa Community Bank, previously under the parent company of Capitol Bancorp [...]

NORTH BAY — San Francisco-based Union Bank, which nearly quadrupled its presence in the North Bay with the recent purchase of troubled Tamalpais Bank in Marin County, has expanded in Sonoma and will add an additional branch in Mill Valley in September.

Purchase of troubled Tamalpais; also, Circle Bank opens SF branch

SAN RAFAEL — The California Department of Financial Institutions closed Tamalpais Bank after business hours today and appointed the Federal Deposit Insurance Corp. as receiver. It’s the first closure of a locally based bank since the current economic recession began. The seven branches of Tamalpais Bank will reopen on Monday as branches of Union Bank.

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.

SAN RAFAEL — Tamalpais Bank completed the sale of $28.3 million in “substandard-performing and nonperforming loans” to an undisclosed third-party investor for $15.4 million, or a discount of 45.6 percent, according to a regulator filing today by the bank holding company, Tamalpais Bancorp.

SAN RAFAEL — Tamalpais Bancorp, the parent company for Tamalpais Bank, announced today it has been notified by the NASDAQ stock market that it no longer meets the minimum $1 per share bid price requirement for continued listing on the exchange.

SAN RAFAEL — The Federal Deposit Insurance Corp. issued Tamalpais Bank a directive on Feb. 19 requiring that within 30 days the bank either sell enough stock to be “adequately capitalized,” or accept an offer to be acquired by or combined with another institution.

SAN RAFAEL – Tamalpais Bancorp, parent company for Tamalpais Bank, today reported a net loss for the fourth quarter of 2009 of $28.2 million. The net loss for the year was $37.6 million, compared with net income of $4.8 million reported in 2008. Total assets were reported at $629.7 million, down form $703.7 million at the end of 2008.

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.

Westamerica Bancorporation’s fourth-quarter earnings were $58.9 million, up from $49.9 million for the same quarter the year before. Net income for the year was $121 million, a jump from $59.8 million in 2008.

SAN RAFAEL — Tamalpais Bancorp, parent company of Tamalpais Bank, is 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.

SAN RAFAEL — Tamalpais Bank has sold $37.4 million in nonperforming loans to an anonymous third party investor.

Don’t like the idea that if you are close to the bottom of your checking account and you go over the line with a $7 sandwich you could be subject to a $35 overdraft fee?

SAN RAFAEL — Tamalpais Bancorp, parent company of Tamalpais Bank, reported a net loss of nearly $5.1 million for the third quarter as it set aside $9.4 million in loan loss reserves to combat problem loans.

In a year when Federal Deposit Insurance Corp. intervention in banks has skyrocketed, odds are favorable that two North Bay institutions receiving cease and desist orders can be successful in meeting FDIC requirements.

Also: Ex-Prudential executive joining Redwood Trust Inc.

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.

Novato — Circle Bank has hired veteran Marin County banker Michael Moulton as its chief financial officer.

In his new position, Mr. Moulton will report to Kim Kaselionis, president and chief executive officer of the bank.