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

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The $166 million San Francisco bank gota cease-and-desist orderf from the and the Californiz Department of Financial Institutions on May 29. The bank was orderexd to pay particular attention to its lending polices relating to construction loans as well as loans made to bank The bank said the ordet was based onthe bank’sa condition on Sept. 30, and that it has already made some progressa on meeting theregulators demands.
“Newa Resource Bank currently has high levels of capital and Vincent Siciliano, president and CEO, said in a “Like many financial institutions, we are facint a challenging economic climate that resulted in under-performinh loans in the real estate construction and developmeny sector. “We are working with borrowers to reducdeour problem-loan exposure and have made significant Siciliano said. The bank raised almost $15 millioj in a stock offeringlast September. As of Marcjh 31, the bank said its risk-baserd capital ratio was 18.
97 percent -- almost double the 10 percentr benchmark of a bank considered well In addition to bringing on Sicilianias CEO, the bank also hired Bill Petersomn as chief credit officerr and Charmaine Detweiler as chief financial officer. The bank’a board also recently elected Mark Finsedras chairman. He has 25 years of experience insocialp finance. New Resource Bank, now serving 2,000 clients, opened in October 2006 to promote green businessesand