Board member loans $500,000 to parent...

Board member loans $500,000 to parent company of troubled Tamal...

There are 14 comments on the Marin Independent Journal story from Oct 2, 2009, titled Board member loans $500,000 to parent company of troubled Tamal.... In it, Marin Independent Journal reports that:

Tamalpais Bancorp, the parent company of Tamalpais Bank, which was slapped with a cease-and-desist order by federal regulators last month, has received a $500,000 loan from one of the Bancorp's directors.

Join the discussion below, or Read more at Marin Independent Journal.

the way the world works

Portland, OR

#1 Oct 3, 2009
good lord, when a bank of that size needs $500K just to keep their doors open you've got to wonder.....
big trouble

San Anselmo, CA

#2 Oct 3, 2009
clearly there is a reason he is injecting $500k. Maybe he has borrowed heavily against the bank and needs the place to be open. Or He has some other interest in the banking staying alive, like several million in stocks that he has the rights to buy at say a penny a share. If he can keep it open a bit longer than he can sell his shares. Then the $500k is just an insurance play.

If he isn't doing something along these lines then this guy is one stupid person.

I know I wouldn't put my money in that bank and if I had money in it, I would get it out QUICK!
Charles

Saint Helena, CA

#3 Oct 3, 2009
I love how some rich corporate as$hole can just magically pull $500,000.00 out of his a$s. This guy is obviously only covering his own interests, and more than likely, that money came right out of the bank's customers' pockets. We need to shut down these banks that are making the rich richer by leaching off of us. People need to start managing their own [email protected] money, and stop feeding these vultures.
Death N Taxes

El Segundo, CA

#4 Oct 3, 2009
Charles wrote:
I love how some rich corporate as$hole can just magically pull $500,000.00 out of his a$s. This guy is obviously only covering his own interests, and more than likely, that money came right out of the bank's customers' pockets. We need to shut down these banks that are making the rich richer by leaching off of us. People need to start managing their own [email protected] money, and stop feeding these vultures.
....why would you get upset over someone who does well for themselves? Unless you don't have a bank account and keep your money under your mattress, you're contradicting yourself
Dystopia

Novato, CA

#5 Oct 3, 2009
probably money that belongs to depositors.
layne amiot

San Anselmo, CA

#6 Oct 3, 2009
Farewell Tamalpais Bank - Your days are numbered....
Please bring back San Rafael Thrift & Loan!!!!
smiles

Petaluma, CA

#7 Oct 3, 2009
get your $$ out of that place ASAP.
kitty

San Rafael, CA

#8 Oct 4, 2009
well the Fair Isaac project was a great success wasnt it?
he is gonna be 0-2 soon
will tamb survive

Folsom, CA

#9 Oct 4, 2009
big trouble wrote:
clearly there is a reason he is injecting $500k. Maybe he has borrowed heavily against the bank and needs the place to be open. Or He has some other interest in the banking staying alive, like several million in stocks that he has the rights to buy at say a penny a share. If he can keep it open a bit longer than he can sell his shares. Then the $500k is just an insurance play.
If he isn't doing something along these lines then this guy is one stupid person.
I know I wouldn't put my money in that bank and if I had money in it, I would get it out QUICK!
BT - I looked at their 2008 proxy statement, and this director owns 6,900 TAMB common shares but NO stock options. His beneficial ownership of TAMB is only 0.18%, while the officers and directors (including Garwood) beneficial ownership percentage of TAMB is 10.8%. He has only been a director one year and serves on the compensation, nominating and governance committees, but not the audit committee. In fact, of all the directors his stock ownership is the lowest. It will be very interesting to see if any other officers or directors follow the lead and open up their checkbook for TAMB. The market seemed to like this news based on Friday's stock action, it opened at the low of the day and closed at the high of the day, but volume was no where near the levels of the recent bearish days.
Charles

Saint Helena, CA

#10 Oct 4, 2009
Death N Taxes wrote:
<quoted text>....why would you get upset over someone who does well for themselves? Unless you don't have a bank account and keep your money under your mattress, you're contradicting yourself
Typical capitalist. I'm not upset someone is doing well for themself. Btw How is investing half a mill into an institution on the brink of collapse "doing well"? I'm upset that this reeks of shady buissness practices. Some rich exec pumps half a mil into a local bank that is obviously on the brink of colapase out of the goodness of his heart and we're supposed to believe that?

I don't have a bank account, I never have. I have a secure area that only I can acess where I keep track of my own money, and I only ever use cash. It's really not that complicated. I do not own a single credit card, and have been completeley debt free my entire life.

I can't imagine why anyone would give their money to the same bunch of greedy thieves who caused this ressesion. But, hey, it's your money just don't b!tch too loud when it magicly disapears when your bank collapses because some rich as$hole who sees you as a number, not a human, wanted to do a little too well for himself.

Don't give me that BS about your bank being federally insured either, the federal government is already trillions of dollars in debt. They don't exactly have the resourses to replace the money in every single account in that, and every other bank that goes under.
Death N Taxes

United States

#11 Oct 5, 2009
Charles wrote:
<quoted text>
Typical capitalist. I'm not upset someone is doing well for themself. Btw How is investing half a mill into an institution on the brink of collapse "doing well"? I'm upset that this reeks of shady buissness practices. Some rich exec pumps half a mil into a local bank that is obviously on the brink of colapase out of the goodness of his heart and we're supposed to believe that?
I don't have a bank account, I never have. I have a secure area that only I can acess where I keep track of my own money, and I only ever use cash. It's really not that complicated. I do not own a single credit card, and have been completeley debt free my entire life.
I can't imagine why anyone would give their money to the same bunch of greedy thieves who caused this ressesion. But, hey, it's your money just don't b!tch too loud when it magicly disapears when your bank collapses because some rich as$hole who sees you as a number, not a human, wanted to do a little too well for himself.
Don't give me that BS about your bank being federally insured either, the federal government is already trillions of dollars in debt. They don't exactly have the resourses to replace the money in every single account in that, and every other bank that goes under.
...the story didn't imply that he donated the money, or he was trying to do something noble..he loaned the money and will get a return if the bank recovers...if not, he'll take a loss. Not to mention he's a board member, so he's wants to continue to get paid...no money if the bank fails. If you don't want to hear facts about banks being FDIC insured, then continue putting your money under your mattress. Good luck with your paranoia.
Why

Napa, CA

#12 Oct 5, 2009
Charles wrote:
<quoted text>
Typical capitalist. I'm not upset someone is doing well for themself. Btw How is investing half a mill into an institution on the brink of collapse "doing well"? I'm upset that this reeks of shady buissness practices. Some rich exec pumps half a mil into a local bank that is obviously on the brink of colapase out of the goodness of his heart and we're supposed to believe that? I don't have a bank account, I never have. I have a secure area that only I can acess where I keep track of my own money, and I only ever use cash. It's really not that complicated. I do not own a single credit card, and have been completeley debt free my entire life.
I can't imagine why anyone would give their money to the same bunch of greedy thieves who caused this ressesion. But, hey, it's your money just don't b!tch too loud when it magicly disapears when your bank collapses because some rich as$hole who sees you as a number, not a human, wanted to do a little too well for himself.
Don't give me that BS about your bank being federally insured either, the federal government is already trillions of dollars in debt. They don't exactly have the resourses to replace the money in every single account in that, and every other bank that goes under.
TAMB is not "on the brink of collapse." You sound like a typical internet know-nothing posting without any consideration of the facts.
danshanteal

Medford, OR

#13 Oct 7, 2009
The holding company needs to pay down its line at Pacfic Bankers Bank in SF by $2.0 million by November 30. Since it invested the line of credit funds in the bank but is now precluded from getting the funds back because of the regulatory Cease & Desist Order against the bank, the holding company has to raise funds (such as the loan from the director) to pay down the line. The sponsors(Cole and her daughter) have been solicitng others in the community for funds for the same purpose. The bank had been doing nicely until someone decided to go from mortgage lending to banking. It then became quite agrressive when other banks were tailing off and it got caught in the credit squeeze. Not an unusual story these days in banking. The new bank president by the name of Jamie Williams is a tough egg and should handle the problems.
Death N Taxes

United States

#14 Oct 8, 2009
danshanteal wrote:
The holding company needs to pay down its line at Pacfic Bankers Bank in SF by $2.0 million by November 30. Since it invested the line of credit funds in the bank but is now precluded from getting the funds back because of the regulatory Cease & Desist Order against the bank, the holding company has to raise funds (such as the loan from the director) to pay down the line. The sponsors(Cole and her daughter) have been solicitng others in the community for funds for the same purpose. The bank had been doing nicely until someone decided to go from mortgage lending to banking. It then became quite agrressive when other banks were tailing off and it got caught in the credit squeeze. Not an unusual story these days in banking. The new bank president by the name of Jamie Williams is a tough egg and should handle the problems.
...do you own stock?

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