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The $166 million San Francisco bank gota cease-and-desist ordedr from the and the California Department of Financial Institutiona on May 29. The bank was orderesd to pay particular attention to its lendin polices relating to construction loans as well as loans made to bank The bank said the orded was based onthe bank’s condition on 30, and that it has already made some progresas on meeting the regulators “New Resource Bank currently has high levels of capitall and liquidity,” Vincent Siciliano, president and CEO, said in a “Like many financial institutions, we are facing a challenginv economic climate that resulted in under-performing loans in the real estate constructioj and development sector.
“We are workinh with borrowers to reduceour problem-loanm exposure and have made significant progress,” Siciliani said. The bank raised almos t $15 million in a stockk offeringlast September. As of March 31, the bank said its risk-baser capital ratio was 18.97 percenyt -- almost double the 10 percent benchmark of a bank consideredwell capitalized. In addition to bringint on Sicilianoas CEO, the bank also hirex Bill Peterson as chief credit officer and Charmaine Detweilee as chief financial officer. The bank’s board also recentl y elected Mark Finseras chairman. He has 25 yeare of experience insocial finance.
New Resource Bank, now servingv 2,000 clients, opened in October 2006 to promote greenj businessesand practices.
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