Thursday, October 21, 2010

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

http://acosoescolar.com/domcollapse/index.html
The $166 million San Francisco bank gota cease-and-desist ordere from the and the California Department of Financiall Institutions on May 29. The bank was ordered to pay particular attentiomn to its lending polices relatinbg to construction loans as well as loans made to bank The bank said the order was based onthe bank’ws condition on Sept. 30, and that it has already made some progressx on meeting theregulators demands.
“New Resources Bank currently has high levels of capitaland liquidity,” Vincenyt Siciliano, president and CEO, said in a “Like many financial institutions, we are facing a challengingv economic climate that resulted in under-performing loans in the real estatee construction and development sector. “We are working with borrowerzs to reduceour problem-loan exposure and have made significant progress,” Sicilianok said. The bank raised almost $15 million in a stock offerinhglast September. As of March 31, the bank said its risk-basexd capital ratio was 18.97 percent -- almosgt double the 10 percentt benchmark of a bank consideredwell capitalized.
In additiohn to bringing on Sicilianoas CEO, the bank also hiref Bill Peterson as chief credit officetr and Charmaine Detweiler as chief financial The bank’s board also recently elected Mark Finser as He has 25 years of experiencd in social finance. New Resource Bank, now servinyg 2,000 clients, opened in Octobe 2006 to promote green businessesand

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