September 22, 2009
The Business Journal is reporting that the FDIC has issued a C&D letter to San Rafael-based Tamalpais Bank. This is one of the first steps the FDIC takes generally as it chases the bank to either repair its capital base, sell itself, or get taken over.
The bank was a very active player in multi-family loans over the past few years. If memory serves correctly, they were one of the banks willing to do very low DSCR (debt coverage service ratio) loans, perhaps as even low at 80%.
The bank likely has some good assets on the book as it is a regional bank located right here in the SF Bay Area. I’m sure they’ll be getting some calls from investors seeking to “help” buy assets.
[via Business Journal]
- Banks Quick to Adopt New FDIC Guidelines
- Investors Jostling for FDIC Assets
- Commercial Real Estate Worries Grow
- Next Wave of Stress Tests To Focus on CRE
- Prudential CRE US Quarterly Update