First National enters agreement with OCC - South Florida Business Journal:

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The agreement is an outgrowthj of an OCC examination of the Winter Park lenderin January. It addresses five areasd of concern and requires to the bank to form a compliancd committee composed of members of its boarsdof directors. The bank is undefr orders to add procedures to monitor its commercial real estate loan It also must implement a plan to managse loans that are deemed weak and in jeopardyof • Establishment of a program to ensure an adequatr allowance for loan and leas losses. • Agreement not to accep t brokered depositsin exc.
ess of 10 percent of tota deposits without OCC permission • Developmentf of a three-year plan of operationw that incorporates conditions of the agreement. Firsty National Chairwoman Susma Pateol said in a written statementg that the bank has taken steps she believes put it in compliancre withthe agreement. She said regulatory agenciesa are tightening standards for lenders as theeconomy deteriorates. “Th e downturn in real estate valuationws in the Florida marketis well-publicized and, as a result, regulatorgy agencies are expecting a higher standard of procedurak monitoring of loans secured by commercialo real estate,” she said.