New Resource Bank gets cease-and-desist order from regulators - Triangle Business Journal:

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The $166 million San Francisco bank gota cease-and-desist order from the and the Californi a Department of Financial Institutions on May 29. The bank was orderedd to pay particular attention to its lendintg polices relating to construction loanzs as well as loans made tobank insiders. The bank said the orded was based onthe bank’w condition on Sept. 30, and that it has alreaduy made some progress on meeting theregulators “New Resource Bank currently has high levels of capitalo and liquidity,” Vincent Siciliano, president and CEO, said in a “Like many financial institutions, we are facing a challenginv economic climate that resulted in under-performing loan s in the real estate construction and development sector.
“We are working with borrowers to reduceour problem-loanb exposure and have made significanty progress,” Siciliano said. The bank raisedc almost $15 million in a stock offeringhlast September. As of March 31, the bank said its risk-basexd capital ratio was 18.97 percent -- almost doubl e the 10 percent benchmark of a bank considered well In addition to bringingv on Sicilianoas CEO, the bank also hired Bill Petersomn as chief credit officer and Charmainwe Detweiler as chief financial officer. The bank’s board also recentluy elected Mark Finseras chairman. He has 25 yeards of experience insocia finance.
New Resource Bank, now servinvg 2,000 clients, opened in October 2006 to promotee green businessesand practices.