Item 1.01 Entry into a Material Definitive Agreement and Item 2.03 Creation of Direct Financial Obligation.

On June 26, 2008 Tamalpais Bancorp (the "Company") obtained a $1 million credit facility from Pacific Coast Bankers Bank. The credit facility bears a floating interest rate of three-month LIBOR plus 3.00 percent and will mature on June 26, 2018. The interest rate resets quarterly and the initial rate is set at a pretax interest cost of 5.81 percent. The Company paid a loan fee of 0.75 percent of the loan amount, or $7,500.

The $1 million was disbursed on June 26, 2008. The facility is a non-revolving line of credit for the first twelve months with quarterly interest only payments. After the first twelve months the facility converts to a converts to a nine year amortizing loan with quarterly principal and interest payments. The facility cannot be paid down below $1 million during the first twelve months and can be prepaid without penalty after the first twelve months.

The Company intends to use the net proceeds from the transaction to fund the growth of Tamalpais Bank.

Item 8.01 Other Events.

The Company anticipates that it will release its earnings results for the second quarter of 2008 on July 24th 2008 at approximately 6:30am PDT.

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