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UNION BANK EXPANDS IN NORTHERN CALIFORNIA THROUGH ACQUISITION OF CERTAIN ASSETS AND ASSUMPTION OF CERTAIN LIABILITIES FROM TAMALPAIS BANK
For Immediate Release
Stephen L. Johnson
Daniel W. Weidman
Through FDIC-Assisted Transaction, Union Bank Adds Approximately $600 Million in Total Assets, More Than $400 Million in Deposits and Seven Branch Offices
San Francisco and San Rafael, Calif., April 16, 2010 -- UnionBanCal Corporation today announced that, effective immediately, its primary subsidiary, Union Bank, N.A., has acquired certain deposits and assets of San Rafael, California-based Tamalpais Bank in a purchase and assumption agreement with the Federal Deposit Insurance Corporation (FDIC). The acquisition follows a decision by the California Department of Financial Institutions to close Tamalpais Bank and appoint the FDIC as receiver.
Of the approximately $600 million in total assets acquired, Union Bank acquired approximately $500 million in loans and other real estate owned, which is covered under a loss-share agreement with the FDIC. Union Bank also assumed more than $400 million in deposits.
Tamalpais Bank has seven full-service branches in the following communities in Marin County, California: Corte Madera, Mill Valley, San Anselmo, Tiburon-Belvedere, Greenbrae, Northgate and San Rafael. Tamalpais Bank’s branches, all of which maintained Monday through Friday business hours, will reopen as Union Bank branches under their normal business hours on Monday, April 19, 2010. Depositors will automatically become depositors of Union Bank. Since deposits will continue to be insured by the FDIC, there is no need for customers to change their banking relationship to retain their deposit insurance coverage.
"Union Bank has deep roots in California going back nearly 150 years, and we’re especially committed to the Bay Area and Marin County," said Union Bank President and Chief Executive Officer Masaaki Tanaka.
"Underscoring our heritage of business stability and strength is our deep commitment to employees, customers, and the communities we serve. With prudence and confidence, we look forward to serving Tamalpais Bank customers, to whom we pledge the highest levels of personal service and banking expertise."
Tamalpais Bank’s FDIC-insured deposit accounts will remain insured just as they were before the acquisition. Tamalpais Bank customers will retain complete access to their money, and furthermore the financial strength of Union Bank stands behind all acquired deposits, Tanaka noted.
Over the weekend, depositors can access their money by writing checks or using ATM or debit cards. Checks drawn on Tamalpais Bank will continue to be processed, and loan customers should continue making their payments as usual. Tamalpais Bank customers should continue to use their existing branches as Union Bank integrates the systems of the two organizations.
Tamalpais Bank customers who have questions about today’s transaction can call the FDIC’s west coast customer service center toll-free at 1-877-875-4744. The phone number will be operational this evening until 6:00 p.m. Pacific Daylight Time (PDT); on Saturday from 6:00 a.m. to noon PDT; on Sunday from 6:00 a.m. to noon PDT and thereafter from 5:00 a.m. to 5:00 p.m. PDT.