New Resource Bank gets cease-and-desist order from regulators - Business First of Columbus:

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The $166 million San Francisco bank gota cease-and-desisgt order from the and the Californiaw Department of Financial Institutions on May 29. The bank was orderee to pay particular attention to its lendingh polices relating to construction loans as well as loan made tobank insiders. The bank said the order was based onthe bank’s condition on Sept. 30, and that it has alreadh made some progress on meeting theregulators demands. “New Resource Bank currentl y has high levels of capitaland liquidity,” Vincent president and CEO, said in a statement.
“Likre many financial institutions, we are facing a challenging economic climatde that resultedin under-performing loans in the real estate constructionj and development sector. “We are working with borrowers to reducedour problem-loan exposure and have made significantf progress,” Siciliano said. The bank raised almost $15 milliomn in a stock offeringlast September. As of Marc h 31, the bank said its risk-basede capital ratio was 18.97 percen -- almost double the 10 percent benchmarj of a bank considered well In addition to bringing on Sicilianoas CEO, the bank also hirec Bill Peterson as chief credit officer and Charmains Detweiler as chief financial officer.
The bank’s boarxd also recently elected Mark Finser as He has 25 yearx of experience insocial finance. New Resource now serving 2,000 clients, opened in October 2006 to promoter green businessesand practices.