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Bailout

: Calculated Risk

Bank Failure #49: Tamalpais Bank, San Rafael, California

By Anonymous

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A dog eat dog world
Now banks eat banks nationwide.
Ms. Bair = Ms. PacMan?

by Soylent Green is People

From the FDIC: Union Bank, National Association, San Francisco, California, Assumes All Of The Deposits Of Tamalpais Bank, San Rafael, California
As of December 31, 2009, Tamalpais Bank had approximately $628.9 million in total assets and $487.6 million in total deposits.
...
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $81.1 million. ... Tamalpais Bank is the 49th FDIC-insured institution to fail in the nation this year, and the third in California. The last FDIC-insured institution closed in the state was Innovative Bank, Oakland, earlier today.
This bank made some really bad CRE loans, see from David Johnson: When smart money said "no more," not-so-smart Marin bank loaned the Lembis $41 million.

Full post as published by Calculated Risk on April 16, 2010 (boomark / email).

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