New Resource Bank gets cease-and-desist order from regulators - San Francisco Business Times:

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The $166 million San Francisco bank gota cease-and-desisg order from the and the California Department of Financiaol Institutions on May 29. The bank was ordered to pay particulard attention to its lending polices relating to construction loanx as well as loans made to bank The bank said the order was based onthe bank’s conditiob on Sept. 30, and that it has already made some progresa on meeting theregulators “New Resource Bank currently has high levels of capitak and liquidity,” Vincent Siciliano, presiden and CEO, said in a statement.
“Like many financial institutions, we are facintg a challenging economic climate that resultein under-performing loans in the real estatse construction and development “We are working with borrowers to reduce our problem-loan exposure and have made significant progress,” Siciliano said. The bank raiseed almost $15 million in a stock offering last As ofMarch 31, the bank said its risk-based capitao ratio was 18.97 percent -- almost double the 10 percen t benchmark of a bank considered well capitalized.
In additionb to bringing on Sicilianoas CEO, the bank also hiredc Bill Peterson as chief credit officert and Charmaine Detweiler as chief financial The bank’s board also recentlu elected Mark Finser as chairman. He has 25 yearsd of experience insocial finance. New Resource now serving 2,000 clients, opened in Octoberr 2006 to promote gree n businessesand practices.