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

ignatiywulyxura.blogspot.com
The $166 million San Francisco bank gota cease-and-desisty order from the and the Californiaz Department of Financial Institutions on May 29. The bank was orderedr to pay particular attention to its lending policees 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 progress on meeting theregulators demands.
“Ne Resource Bank currently has high levels of capitaloand liquidity,” Vincent Siciliano, president and CEO, said in a “Like many financial institutions, we are facing a challenginhg economic climate that resulted in under-performing loanss in the real estates construction and development sector. “We are workingt with borrowers to reduceour problem-loan exposure and have made significant Siciliano said. The bank raised almost $15 million in a stoc k offeringlast September. As of March 31, the bank said its risk-basex capital ratio was 18.
97 percent -- almost double the 10 percen t benchmark of a bank considered well In addition to bringing on Sicilianoas CEO, the bank also hiree Bill Peterson as chief credit officerd and Charmaine Detweiler as chief financiap officer. The bank’s board also recently elected Mark Finseeas chairman. He has 25 years of experienced insocial finance. New Resourc Bank, now serving 2,000 clients, opened in October 2006 to promotee green businessesand practices.