http://www.sgblog.com/home/user_detail.php?u=vupsbumndus
The $166 million San Francisco bank gota cease-and-desist ordee from the and the Californias Department of Financial Institutions on May 29. The bank was orderede to pay particular attention to its lendinyg polices relating 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 alreadt made some progress on meetin g theregulators demands. “New Resource Bank currently has high levels of capital and Vincent Siciliano, president and CEO, said in a statement.
“Like many financiaol institutions, we are facing a challenging economic climate that resultefdin under-performing loans in the real estate constructionb and development sector. “We are workiny with borrowers to reducewour problem-loan exposure and have made significant Siciliano said. The bank raiserd almost $15 million in a stockl offeringlast September. As of March 31, the bank said its risk-basex capital ratio was 18.97 percent -- almosrt double the 10 percentf benchmark of a bank consideredwell capitalized. In additio n to bringing on Sicilianoas CEO, the bank also hiredr Bill Peterson as chief credit officet and Charmaine Detweiler as chief financial officer.
The bank’se board also recently elected Mark Finsefras chairman. He has 25 years of experience in social finance. New Resource Bank, now serving 2,00 0 clients, opened in October 2006 to promotw green businessesand practices.
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