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State of the bank: financial and leadership strength grow
September 23, 2009
New Resource enters its fourth year well positioned to achieve key near-term goals: restore a balance sheet buffeted by the economic crisis, move toward profitability, and bring our mission to a larger marketplace.
Fiscal health in turbulent times
The bank is strong financially, with high levels of capital and liquidity, and is weathering the economic storm well. New Resource had more than $174 million in assets at the close of the second quarter, and key measures regulators use to assess a bank’s health are well in excess of requirements for a well-capitalized bank.
A critical priority for the bank is improving asset quality. The bank reduced problem loans by more than 50 percent from the fourth quarter of 2008 to the end of June 2009.
And New Resource continues to add customers. At last count the New Resource community was more than 2,000 strong, with about $151 million in deposits and $95 million in loans.
New leaders share values, drive mission
Both the board of directors and executive team have been reinvigorated with seasoned banking pros who share New Resource’s values. The most recent additions to the executive team are President and CEO Vince Siciliano, a longtime environmentalist who has led a number of financial institutions and officially took the reins at New Resource in April, and Chief Credit Officer Bill Peterson, who has headed up credit operations at several banks and joined New Resource in June.
Three new board members also bring valuable experience: Martha Daetwyler, an attorney with significant board service as lead director of RSF Social Finance and other organizations; Barbara Kamm, former chief administrative officer of Silicon Valley Bank; and William McClintock, a CPA who has served on the boards other successful Northern California banks.
All are working to advance New Resource’s mission of promoting sustainable living in our community.
For a look at what’s in store at New Resource, see “Bringing Our Mission to a Larger Marketplace” an interview with President and CEO Vince Siciliano and Vice Chair Peter Liu.
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