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.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.