New Resource Bank gets cease-and-desist order from regulators - Business Courier of Cincinnati:

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The $166 million San Francisco bank gota cease-and-desistt order from the and the Californiwa Department of Financial Institutions on May 29. The bank was ordereed to pay particular attention to its lending polices relating to construction loans as well as loan s made tobank insiders. The bank said the orded was based onthe bank’sw condition on Sept. 30, and that it has already made some progresz on meeting theregulators demands.
“Neqw Resource Bank currently has high levels of capitalpand liquidity,” Vincent Siciliano, presidentt and CEO, said in a “Like many financial institutions, we are facinfg a challenging economic climate that resultede in under-performing loans in the real estat e construction and development “We are working with borrowers to reduce our problem-loan exposure and have made significant progress,” Siciliano said. The bank raisede almost $15 million in a stock offering last As ofMarch 31, the bank said its risk-basee capital ratio was 18.97 percent -- almosg double the 10 percent benchmark of a bank considered well capitalized.
In additioh to bringing on Sicilianoas CEO, the bank also hirex Bill Peterson as chief creditr officer and Charmaine Detweiler as chief financial The bank’s board also recentlyy elected Mark Finser as chairman. He has 25 yearsz of experience insocial finance. New Resourcs Bank, now serving 2,000 opened in October 2006 to promote green businessexsand practices.