Profile: Bank of Marin Bancorp (BMRC.OQ)
21 Apr 2017
Bank of Marin Bancorp (Bancorp), incorporated on March 2, 2007, is the holding company for Bank of Marin (the Bank). The Company's business banking focus is on small to medium-sized businesses, professionals and not-for-profit organizations. As of December 31, 2016, the Company operated through 20 offices in Marin, Sonoma, San Francisco, Napa and Alameda counties. It makes international banking services available to its customers indirectly through other financial institutions, with whom it has correspondent banking relationships.
The Company offers a range of commercial and retail deposit and lending programs. Its lending categories include commercial real estate loans, commercial and industrial loans, construction financing, consumer loans and home equity lines of credit. Merchant card services are available for its customers in retail businesses. Through a third party vendor, the Company offers a Visa credit card product combined with a rewards program to its customers, as well as a Business Visa program, a leasing program for commercial equipment financing and cash management sweep services. As of December 31, 2016, the Bank's total loans were $1.48 billion.
The Company offers Wealth Management and Trust Services (WMTS), which include customized investment portfolio management, financial planning, trust administration, estate settlement, custody services and advice on charitable giving. It also offers 401(k) plan services to small and medium-sized businesses through a third-party vendor. The Company's investment securities portfolio consists of obligations of state and political subdivisions, corporate bonds, the United States government agency securities, including mortgage-backed securities (MBS) and collateralized mortgage obligations (CMOs) issued or guaranteed by Federal National Mortgage Association (FNMA), Federal Home Loan Mortgage Corporation (FHLMC), or Government National Mortgage Association (GNMA), debentures issued by government-sponsored agencies, such as FNMA and FHLMC, as well as privately issued CMOs. As of December 31, 2016, the Bank's investment securities were $34.37 million.
Sources of Funds
The Company offers a range of personal and business checking and savings accounts, and time deposit alternatives, including time certificates of deposit, Individual Retirement Accounts (IRAs), health savings accounts, Certificate of Deposit Account Registry Service (CDARS) and Insured Cash Sweep (ICS) accounts. It also offers mobile banking, remote deposit capture, automated clearing house services (ACH), and fraud prevention services, including Positive Pay for Checks, ACH, Apple Pay, peer-to-peer funds transfer and image lockbox services. It also offers valet deposit pick-up service to its professional and business clients. Its automated teller machine (ATM) network is linked to the PLUS, CIRRUS and NYCE networks, as well as to a network of across the nation surcharge-free ATM's called MoneyPass. It also offers its depositors 24-hour access to their accounts by telephone and through Internet banking products available to personal and business account holders. As of December 31, 2016, the Bank's total deposits were $1.7 billion.
Bank of Marin Bancorp
504 Redwood Blvd Ste 100
NOVATO CA 94947-6923