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

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The agreement is an outgrowth of an OCC examinationm of the Winter Park lender in It addresses five areas of concern and requires to the bank to form a compliances committee composed of members of its board of The bank is under orders to add procedurese to monitor its commercial real estateloan portfolio. It also must implement a plan to managd loans that are deeme d weak and in jeopardyof deteriorating. • Establishmenr of a program to ensure an adequate allowance for loan andlease losses. Agreement not to accept brokered depositsin exc.
eszs of 10 percent of total deposits withoutr OCC permission • Development of a three-year plan of operationws that incorporates conditions of the agreement. First National Chairwomanh Susma Patel said in a written statement that the bank has take steps she believes put it in compliance withthe agreement. She said regulatorg agencies are tightening standards for lenderd as theeconomy deteriorates. “The downturn in real estat valuations in the Florida marketis well-publicized and, as a regulatory agencies are expectinf a higher standard of procedural monitorin of loans secured by commercial real she said.