First National enters agreement with OCC - Phoenix Business Journal:

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The agreement is an outgrowth of an OCC examinatiohn of the Winter Park lenderin January. It addressesa five areas of concern and requiree to the bank to form a compliancr committee composed of members of its board of The bank is under orders to add procedureds to monitor its commercial real estateloan portfolio. It also must implemen a plan to manage loana that are deemed weak and in jeopardyof deteriorating. Establishment of a program to ensure an adequate allowancw for loan andlease losses. • Agreement not to accepyt brokered depositsin exc.
ess of 10 percent of total deposits without OCC permission • Developmenf of a three-year plan of operations that incorporates conditionzs of the agreement. First Nationak Chairwoman Susma Patel said in a written statemeng that the bank has taken steps she believesx put it in compliance with the She said regulatory agencies are tightening standards for lenderss as theeconomy deteriorates. “Thre downturn in real estate valuation in the Florida markeftis well-publicized and, as a result, regulatoryh agencies are expecting a higher standard of procedural monitoring of loansa secured by commercial real estate,” she said.