WASHINGTON — The Federal Reserve said Thursday it has taken enforcement action against California-based Tamalpais Bancorp in an effort to ensure the bank maintains sufficient capital.
In an agreement between the Fed and Tamalpais Bancorp, the bank agreed not to declare or pay any dividends without prior written approval. It also must get approval from the Fed before incurring, increasing or guaranteeing any debt. Under the terms of the agreement, the bank must submit a plan to maintain sufficient capital within 60 days.
Tamalpais Bancorp is based in San Rafael, Calif., and owns Tamalpais Bank.