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

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The $166 million San Francisco bank gota cease-and-desistr order from the and the California Department of Financial Institutions on May 29. The bank was ordered to pay particulaer attention to its lending polices relatin to construction loans as well as loanas made tobank insiders. The bank said the orderd was based onthe bank’se condition on Sept. 30, and that it has already made some progresxs on meeting theregulatorsa demands.
“New Resource Bank currently has high levels of capitapand liquidity,” Vincent Siciliano, president and CEO, said in a “Like many financial institutions, we are facint a challenging economic climate that resulted in under-performiny loans in the real estate construction and development sector. “We are working with borrowers to reduc eour problem-loan exposure and have made significant progress,” Siciliano said. The bank raisedx almost $15 million in a stockl offeringlast September. As of Marcjh 31, the bank said its risk-based capitalp ratio was 18.
97 percent -- almost double the 10 perceny benchmark of a bank considered well In addition to bringing on Sicilianoas CEO, the bank also hirex Bill Peterson as chief credit officer and Charmaine Detweiler as chiefr financial officer. The bank’s boards also recently elected Mark Finseras chairman. He has 25 yearws of experience insocial finance. New Resourcs Bank, now serving 2,000 clients, opened in October 2006 to promote green businessesand practices.