New Resource Bank gets cease-and-desist order from regulators - Silicon Valley / San Jose Business Journal:

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The $166 million San Franciscio bank gota cease-and-desist order from the and the California Departmenr of Financial Institutions on May 29. The bank was orderer to pay particular attention to its lending police relating to construction loans as well as loanse made tobank insiders. The bank said the ordeer was based onthe bank’s condition on 30, and that it has already made some progressz on meeting the regulators demands. “New Resource Bank currentl y has high levels of capitaland liquidity,” Vincent Siciliano, presidenty and CEO, said in a statement.
“Lik many financial institutions, we are facing a challenging economifc climate that resultedin under-performing loans in the real estate construction and developmenrt sector. “We are working with borroweres to reduceour problem-loan exposurre and have made significant progress,” Siciliano The bank raised almosf $15 million in a stocok offering last September. As of March 31, the bank said its risk-basedx capital ratio was 18.97 percent -- almost double the 10 percent benchmark of a bank considereswell capitalized. In addition to bringinbg on Sicilianoas CEO, the bank also hired Bill Petersonh as chief credit officer and Charmaine Detweilerd as chief financial officer.
The bank’s board also recentl y elected Mark Finseras chairman. He has 25 years of experience insociaol finance. New Resource Bank, now serving 2,00 clients, opened in October 2006 to promote green businessesand practices.