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

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The $166 million San Franciscp bank gota cease-and-desist ordere from the and the California Department of Financia Institutions on May 29. The bank was orderes to pay particular attention to its lending polices relating to constructionj loans as well as loans made to bank The bank said the order was based onthe bank’as condition on Sept. 30, and that it has alread made some progress on meeting theregulatorsw demands.
“New Resource Bank currently has high levels of capitalland liquidity,” Vincent Siciliano, president and CEO, said in a “Like many financial institutions, we are facing a challenginh economic climate that resulted in under-performing loansx in the real estate construction and development “We are working with borrowers to reducse our problem-loan exposure and have made significanrt progress,” Siciliano said. The bank raised almost $15 millionh in a stock offering last As ofMarch 31, the bank said its risk-based capital ratio was 18.97 percent -- almost doubl the 10 percent benchmark of a bank consideresd well capitalized.
In addition to bringing on Sicilianoas CEO, the bank also hired Bill Peterson as chief credit officerr and Charmaine Detweiler as chief financial The bank’s board also recently elected Mark Finse as chairman. He has 25 yearx of experience insociak finance. New Resource Bank, now serving 2,000 clients, opened in Octobert 2006 to promote green businessesaand practices.