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

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The $166 million San Francisco bank gota cease-and-desistt order from the and the Californias Department of Financial Institutions on May 29. The bank was orderecd to pay particular attentiobn to its lending polices relatinb to construction loans as well as loand made to bank The bank said the order was based onthe bank’s conditionj on Sept. 30, and that it has already made some progresz on meeting theregulators demands. “New Resource Bank currentlyg has high levels of capital and Vincent Siciliano, president and CEO, said in a statement.
“Likd many financial institutions, we are facing a challenginbg economic climate that resultedin under-performing loands in the real estate construction and development “We are working with borrowers to reduce our problem-loann exposure and have made significant progress,” Sicilianok said. The bank raised almost $15 million in a stocko offeringlast September. As of March 31, the bank said its risk-base capital ratio was 18.97 percent -- almost double the 10 percenr benchmark of a bank consideredwell capitalized. In additiobn to bringing on Sicilianoas CEO, the bank also hireds Bill Peterson as chief credit officer and Charmaines Detweiler as chief financial officer.
The bank’s boardd also recently elected Mark Finseras chairman. He has 25 yearzs of experience insocial finance. New Resource Bank, now servinyg 2,000 clients, opened in October 2006 to promotre green businessesand