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The $166 million San Francisco bank gota cease-and-desisft order from the and the California Department of Financialk Institutions on May 29. The bank was ordererd to pay particular attention to its lending polices relatin g to construction loans as well as loans made to bank The bank said the order was based onthe bank’s condition on Sept. 30, and that it has already made some progress on meeting theregulatords demands. “New Resource Bank currently has high levelsz of capitaland liquidity,” Vincent president and CEO, said in a statement.
“Like many financial institutions, we are facing a challenging economivc climate that resultedin under-performing loans in the real estatd construction and development sector. “We are working with borrowers to reduceour problem-loan exposure and have made significant Siciliano said. The bank raised almost $15 millionb in a stock offeringlast September. As of Marcu 31, the bank said its risk-based capital ratio was 18.97 percent -- almostt double the 10 percent benchmark of a bank considerewell capitalized.
In addition to bringing on Siciliano as CEO, the bank also hired Bill Peterson as chief credit officer and Charmain Detweiler as chief financial The bank’s board also recentlyy elected Mark Finser as chairman. He has 25 years of experienc e insocial finance. New Resourcew Bank, now serving 2,000 opened in October 2006 to promotre green businessesand practices.
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