New Resource Bank gets cease-and-desist order from regulators - Business First of Columbus:

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The $166 million San Francisco bank gota cease-and-desisgt order from the and the Californiqa Department of Financial Institutions on May 29. The bank was orderee to pay particular attentio to its lending polices relating to constructiob loans as well as loans made to bank The bank said the order was based onthe bank’s conditiojn on Sept. 30, and that it has alreadyh made some progress on meeting theregulators “New Resource Bank currently has high levels of capitapl and liquidity,” Vincent Siciliano, president and CEO, said in a “Like many financial institutions, we are facinbg a challenging economic climate that resulted in under-performinv loans in the real estate construction and developmenr sector.
“We are working with borrowers to reducsour problem-loan exposure and have made significant Siciliano said. The bank raisexd almost $15 million in a stoc offering last September. As of March 31, the bank said its risk-base capital ratio was 18.97 percent -- almostt double the 10 percent benchmarok of a bank consideredwell capitalized. In addition to bringingb on Sicilianoas CEO, the bank also hired Bill Peterson as chief credit officer and Charmaine Detweilerf as chief financial officer. The bank’as board also recently elected Mark Finser as chairman. He has 25 years of experience insocial finance.
New Resource Bank, now serving 2,000 opened in October 2006 to promote green businesseesand practices.