Closed Friday, April 16, 2010 · San Rafael, Marin County, California
Tamalpais Bank
The FDIC records no estimated loss to the Deposit Insurance Fund from this failure. Regulators closed eight banks that day. In 2010 regulators closed 12 banks in California; this was the third.
On the books, 2002 to 2010
Total assets peaked at $702 million in the fourth quarter of 2008 and were 13% lower at the final report. Equity capital went from 11% of assets in the second quarter of 2002 to 2.8% at the last report. The deepest annual loss, $36.2 million, was booked in 2009.* 2010: January to March only, the last report before closing.
Size against the other 2010 failures
Total assets of each 2010 failure, log scale; Tamalpais Bank in red.
By assets it ranked 35th of the 157 failures in 2010. Within California it ranks 45th by size of the 239 failures recorded since 1934. Across the failures of 2010, the median estimated loss came to 21% of assets. In the size ranking of that year, just above it was First National Bank of the South of Spartanburg, South Carolina ($619 million, loss 11% of assets); just below, Bank of Florida - Southeast of Fort Lauderdale, Florida ($595 million, loss 10% of assets). Every 2010 failure in the explorer.
The previous failure there was La Jolla Bank, FSB of La Jolla, on February 19, 2010. The next was 1st Pacific Bank of California of San Diego, on May 7, 2010. No other failed bank in the FDIC's records was based in Marin County.