Bank of Marin Bancorp Stock

Bank of Marin Bancorp operates as the holding company for Bank of Marin (the Bank) that provides a range of financial services.

In addition to its headquarters and a regional office in the Greater Sacramento region, the company operates retail branches and commercial banking offices across 10 counties, including Alameda, Amador, Contra Costa, Marin, Napa, Placer, Sacramento, San Francisco, San Mateo and Sonoma.

The company’s customer base is consisted of business, not-for-profit and personal banking relationships within its Northern California footprint. The company’s business banking focus is on small to medium-sized businesses, not-for-profit organizations, and commercial real estate investors.

The company’s lending categories include commercial real estate loans, commercial and industrial loans (including small business loans), construction financing, consumer loans, and home equity lines of credit. Through third-party vendors, the company offers merchant and payroll services, a commercial equipment leasing program and credit cards. Other products and services include payment solutions (e.g., mobile deposit and Zelle) and treasury management services.

The company offers a variety of personal and business checking and savings accounts, and a number of time deposit alternatives, including time certificates of deposit, Individual Retirement Accounts (IRAs), Health Savings Accounts (HSA), Certificate of Deposit Account Registry Service (CDARS), Insured Cash Sweep (ICS), and Demand Deposit Marketplace (DDM Sweep) accounts. CDARS, ICS and DDM Sweep accounts are networks through which the company offers full FDIC insurance coverage in excess of the regulatory maximum by placing deposits in multiple banks participating in the networks. The company also offers deposit options, including mobile deposit, remote deposit capture, Automated Clearing House (ACH) services, wire transfers, and image lockbox services.

The company’s automated teller machine (ATM) network is linked to the PLUS, CIRRUS and NYCE networks, as well as to a network of nation-wide surcharge-free ATM's called MoneyPass. The company also offers its depositors 24-hour access to their accounts by telephone and through digital banking services available to personal and business account holders.

The company offers Wealth Management and Trust Services (WMTS), which include customized investment portfolio management, financial planning, trust administration, estate settlement and custody services. The company also offers 401(k) plan services to small and medium-sized businesses through a third-party vendor.

Market Area

The company’s primary market area encompasses Alameda, Amador, Contra Costa, Marin, Napa, Placer, Sacramento, San Francisco, San Mateo and Sonoma counties. As of December 31, 2022, the majority of the company’s deposits were in Marin, Sacramento and southern Sonoma counties, and approximately 60% of its deposits were from businesses and 40% from consumers.

Investment Securities

As of December 31, 2022, the company’s investment securities included securities of U.S. government-sponsored enterprises (such as mortgage-backed securities (MBS) pass-through securities issued by Federal Home Loan Mortgage Corporation (FHLMC), Federal National Mortgage Association (FNMA) and Government National Mortgage Association (GNMA); collateralized mortgage obligations (CMOs) issued by FHLMC; CMOs issued by FNMA; CMOs issued by GNMA; Small Business Administration (SBA)-backed securities; and Debentures of government- sponsored agencies), U.S. Treasury securities, obligations of state and political subdivisions, corporate bonds, and asset-backed securities.

Intellectual Property

The bank has registered the service marks ‘The Spirit of Marin’, the words ‘Bank of Marin’, the Bank of Marin logo, and the Bank of Marin tagline, ‘Committed to your business and our community’ with the United States Patent & Trademark Office. In addition, the company has registered the service marks for the words ‘Bank of Marin Bancorp’ and for the Bank of Marin Bancorp logo with the United States Patent & Trademark Office. All service marks registered by the company or the bank are registered on the United States Patent & Trademark Office Principal Register.

Supervision and Regulation

Bank Holding Company Regulation

The company is subject to regulation under the Bank Holding Company Act of 1956, as amended (BHCA), which subjects it to Board of Governors of the Federal Reserve System (Federal Reserve) reporting and examination requirements. The company files periodic reports and proxy statements with the Securities and Exchange Commission (SEC) pursuant to the Securities Exchange Act of 1934, as amended (the 1934 Act).

The company is also a bank holding company within the meaning of the California Financial Code.

Bank Regulation

As a state-chartered bank, the bank is subject to regulation, supervision and examination by the Department of Financial Protection and Innovation (DFPI). The bank is also subject to regulation, supervision and periodic examination by the Federal Deposit Insurance Corporation (FDIC). The FDIC insures the company’s customers' deposits to the maximum amount permitted by law, which is $250,000 per depositor, based on the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act).

The bank’s lending activities are subject to various statutes and regulations designed to protect consumers, including the Community Reinvestment Act (CRA); Home Mortgage Disclosure Act; Fair Credit Reporting Act; Fair Lending; Fair Debt Collection Practices Act; Flood Disaster Protection Act; eSign Act; Equal Credit Opportunity Act; the Fair Housing Act; Truth-in-Lending Act (TILA); the Real Estate Settlement Procedures Act (RESPA); Protecting Tenants at Foreclosure; and the Secure and Fair Enforcement for Mortgage Licensing Act (SAFE).

The bank’s deposit operations are also subject to laws and regulations that protect consumer rights, including Expedited Funds Availability, Truth in Savings Act (TISA), and Electronic Funds Transfers. Other regulatory requirements include the Unfair, Deceptive or Abusive Acts and Practices (UDAAP); Dodd-Frank Act; Right to Financial Privacy; Telephone Consumer Protection Act; and Privacy of Consumer Financial Information.

Transactions between the company and the bank are restricted under Sections 23A and 23B of the Federal Reserve Act and Federal Reserve Regulation W.

History

Bank of Marin Bancorp was founded in 1989. The company was incorporated in 1989.