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The $166 million San Francisclo bank gota cease-and-desist order from the and the Californis Department of Financial Institutions on May 29. The bank was orderec to pay particular attention to its lendingb polices relating to construction loans as well as loan s made tobank insiders. The bank said the ordetr was based onthe bank’s condition on 30, and that it has already made some progresa on meeting the regulators “New Resource Bank currently has high levels of capitalk and liquidity,” Vincent Siciliano, president and CEO, said in a “Like many financial institutions, we are facing a challenging economidc climate that resulted in under-performingh loans in the real estate construction and developmenty sector.
“We are working with borrowersa to reduceour problem-loan exposure and have made significant Siciliano said. The bank raised almost $15 millionb in a stock offering last As ofMarch 31, the bank said its risk-basecd capital ratio was 18.97 percent -- almost double the 10 percentt benchmark of a bank considerexd well capitalized. In addition to bringint on Sicilianoas CEO, the bank also hiredx Bill Peterson as chief credit officedr and Charmaine Detweiler as chievf financial officer. The bank’s board also recently elected Mark Finseeras chairman. He has 25 year s of experience insocial finance.
New Resourcd Bank, now serving 2,00 clients, opened in October 2006 to promot e green businessesand practices.
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