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Union Bank, National Association, San Francisco, California, Assumes All Of The Deposits Of Tamalpais Bank, San Rafael, California

Tamalpais Bank, San Rafael, California, was closed today by the California Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Union Bank, National Association, San Francisco, California, to assume all of the deposits of Tamalpais Bank.

The seven branches of Tamalpais Bank will reopen on Monday as branches of Union Bank, N.A. Depositors of Tamalpais Bank will automatically become depositors of Union Bank, N.A. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers should continue to use their former Tamalpais Bank branch until they receive notice from Union Bank, N.A. that it has completed systems changes to allow other Union Bank, N.A. branches to process their accounts as well.

This evening and over the weekend, depositors of Tamalpais Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

Customers who have questions about today’s transaction can call the FDIC toll-free at 1-800-830-4706. The phone number will be operational this evening until 9:00 p.m., Pacific Daylight Time (PDT); on Saturday from 9:00 a.m. to 6:00 p.m., PDT; on Sunday from noon to 6:00 p.m. PDT; and thereafter from 8:00 a.m. to 8:00 p.m., PDT. Interested parties also can visit the FDIC’s Website.

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.

FDIC 04/16/2010