First National enters agreement with OCC - Dallas Business Journal:

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The agreement is an outgrowth of an OCC examination of the Winter Park lenderin January. It addresses five areaw of concern and requires to the bank to form a compliancde committee composed of members of its board of The bank is under orders to add procedures to monitort its commercial real estateloan portfolio. It also must implementr a plan to manage loans that are deeme d weak and in jeopardyof • Establishment of a program to ensure an adequate allowancde for loan and lease losses. Agreement not to accept brokered depositsin exc.
es s of 10 percent of total deposits without OCC permission Development of a three-year plan of operations that incorporates conditions of the agreement. First Nationap Chairwoman Susma Patel said in a written statement that the bank has takemn steps she believes put it in compliancer withthe agreement. She said regulatory agencies are tightening standard for lenders as theeconomy “The downturn in real estate valuations in the Florida markey is well-publicized and, as a result, regulatory agenciez are expecting a higher standard of procedural monitoring of loans securef by commercial real she said.