51° CLEAR, BANKING & FINANCE
Bank of Marin adding two branches; Tamalpais Bank offers home lending
Last Modified: Friday, July 18, 2008 at 12:52 p.m.
MARIN – Two Marin County banks are expanding with new branches and new residential lending.
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Bank of Marin, the fourth-largest bank based in the North Bay, just opened its 12th full-service branch in Mill Valley. Its 13th branch is set to open by the end of summer 2009 in Greenbrae.
Meanwhile, Mark Chapman, recently named senior vice president at Tamalpais Bank, said the San Rafael-based financial institution will open a branch in Novato next summer. It will be Tamalpais Bank’s eighth branch.
In addition, Tam-alpais Bank, once only in the commercial lending market, announced that it is moving into the residential lending sector. The bank is teaming up with First California Mortgage.
“We are heeding the call of Fed Chief Ben Bernanke. He has suggested that community banks play a more prominent role in home mortgage lending, and that’s what this relationship will allow us to do,” said Tamalpais Bank Chairman, CEO and President Mark Garwood.
After about six months of negotiations, they are set to begin loans.
“Working with Tamalpais Bank will allow us to enable home ownership opportunities for the bank’s customers,” said Spencer Carlsen, president of First California Mortgage.
The venture comes at a time when the residential real estate market remains weak. But Mr. Chapman is unfazed.
“We are very excited, the timing is good and this is a good opportunity for us.”
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