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, a lender with $456 million in assets, has escalatinb distress in residentialconstructionn loans. At the end of March, the bank reportec that 18 percent of those $46.2 million in loans were delinquent or not producinh at contractual interest rates. And in anothefr sign of trouble, the bank has foreclosed on $10.2 million worth of construction-related real estate, accordinvg to filings with the Federal DepositInsurancr Corp. Meanwhile, the bank’s $20.9 million commercial and industrialportfolipo — working capital loans to businesseds — shows nearly $5 million in nonperforming FDIC data shows.
The bank has built a reserve ofnearly $4 million for potential loan but the amount of distressed nonaccrual loans in its portfoliol is nearly five times that amount, FDIC data
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