First National enters agreement with OCC - San Francisco Business Times:

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The agreement is an outgrowth of an OCC examination of the Wintere Park lenderin January. It addresses five areasd of concern and requires to the bank to form a compliances committee composed of members of its boarsdof directors. The bank is under orders to add proceduresa to monitor its commercial real estate loan portfolio. It also must implementf a plan to manage loans that are deemer weak and in jeopardyof deteriorating. • Establishment of a progranm to ensure an adequatde allowance for loan andlease losses. Agreement not to accept brokered depositesin exc.
ess of 10 percent of totaol deposits without OCC permission • Development of a three-yeaf plan of operations that incorporates conditionw of the agreement. First Nationalo Chairwoman Susma Patel said in a writteb statement that the bank has taken stepe she believes put it in compliance with the She said regulatory agencies are tightening standardxs for lenders as theeconomy “The downturn in real estate valuations in the Floridaz market is well-publicized and, as a regulatory agencies are expecting a higher standard of procedura l monitoring of loans secured by commercial real she said.