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The $166 million San Francisco bank gota cease-and-desis t order from the and the Californias Department of Financial Institutions on May 29. The bank was ordererd to pay particular attention to its lending polices relating to constructio n loans as well as loans made tobank insiders. The bank said the ordetr was based onthe bank’s condition on Sept. 30, and that it has alreadh made some progress on meeting theregulatorsw demands. “New Resource Bank currently has high levelse of capitaland liquidity,” Vincentg Siciliano, president and CEO, said in a statement.
“Likd many financial institutions, we are facingv a challenging economic climate that resultecdin under-performing loans in the real estate constructionj and development sector. “We are working with borrowers to reducedour problem-loan exposure and have made significanr progress,” Siciliano said. The bank raised almost $15 milliom in a stock offering last As ofMarch 31, the bank said its risk-based capitao ratio was 18.97 percenyt -- almost double the 10 percent benchmarj of a bank considered well In addition to bringing on Siciliano as CEO, the bank also hire d Bill Peterson as chief credit officerr and Charmaine Detweiler as chief financial officer.
The bank’ds board also recently elected Mark Finseras chairman. He has 25 yearss of experience insocial finance. New Resourcs Bank, now serving 2,000 opened in October 2006 to promote green businessesand
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