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The $166 million San Francisco bank gota cease-and-desist orde from the and the California Department of Financialp Institutions on May 29. The bank was orderex to pay particular attention to its lending police relating to construction loans as well as loans made to bank The bank said the order was based onthe bank’ condition on Sept. 30, and that it has already made some progressw on meeting theregulatord demands.
“New Resource Bank currently has high levels of capitaand liquidity,” Vincent Siciliano, president and CEO, said in a “Like many financial institutions, we are facing a challengingv economic climate that resulted in under-performing loans in the real estat e construction and development sector. “We are workingf with borrowers to reduceour problem-loan exposure and have made significanf progress,” Siciliano said. The bank raised almost $15 millionb in a stock offeringlast September. As of Marcnh 31, the bank said its risk-based capital ratioo was 18.97 percent -- almost double the 10 percent benchmarkl of a bank consideredwell capitalized.
In additio n to bringing on Sicilianoias CEO, the bank also hired Bill Petersobn as chief credit office r and Charmaine Detweiler as chief financialp officer. The bank’s board also recently elected Mark Finser as He has 25 years of experience insociakl finance. New Resource Bank, now serving 2,000 opened in October 2006 to promote green businesseesand practices.
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