Tamalpais Bank to Provide Community Loan Program, Will Provide Residential Loans Up to $10 Million
Relationship with First California Mortgage to Help Those Needing
Home Mortgages
SAN RAFAEL, Calif.--(Business Wire)--
Tamalpais Bank (NASDAQ:TAMB) today announced a strategic
relationship with Petaluma-based First California Mortgage Company to
immediately begin offering residential home purchase and refinance
loans of up to $10 million.
Tamalpais Bank CEO/chairman/president Mark Garwood said, "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."
Home mortgage loans will be available for properties located in
California.
"Every day we learn about cutbacks in home lending by large banks
and mortgage banking companies. We believe we have an obligation to
step in to provide home loans in the communities we serve," he said.
Garwood cited several factors in the choice of FirstCal, "The
critical factors were that FirstCal has investor relationships,
operations and technology to provide our customers both a wide variety
of loan products and distinctive customer service.
"We provide a very personalized approach to home lending,
supported by our commitment to hire quality staff, build lasting
relationships and provide innovative solutions to our customers," he
said.
Residential mortgage loans, both fixed and variable interest
rates, are offered at the Bank's seven branches in Marin County.
Customers can receive a free loan consultation through a Tamalpais
Bank branch manager and a FirstCal Mortgage Planner who will identify
customers' needs and explain to them their home loan financial
options.
Founded in Marin, FirstCal has financed home ownership in
California for more than 25 years. FirstCal has earned a reputation
among investors for funding quality loans. Customers will be supported
by a dedicated account team that includes Tamalpais Bank managers,
FirstCal Mortgage Planners, processors and underwriters.
"This relationship opens a new and important avenue to us," says
FirstCal president Spencer Carlsen. "Working with Tamalpais Bank will
allow us to enable home ownership opportunities for the Bank's
customers while we help our investors remain active in California's
housing market."
About Tamalpais Bancorp
Tamalpais Bancorp (www.tambancorp.com), based in San Rafael, CA,
is the parent company of Tamalpais Bank and Tamalpais Wealth Advisors.
The Company had $602 million in assets and $396 million in deposits as
of March 31, 2008.
Tamalpais Bank
Mark Chapman, 415-526-6485
Copyright Business Wire 2008
