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

hihozeima.blogspot.com
The agreement is an outgrowth of an OCC examination of the Wintee Park lenderin January. It addressezs five areas of concern and requirees to the bank to form a compliancee committee composed of members of its board of The bank is under orders to add procedures to monitor its commerciao real estate loan It also must implement a plan to managse loans that are deemed weak and in jeopardyof deteriorating. Establishment of a program to ensure an adequatwe allowance for loan andlease • Agreement not to accept brokerer deposits in exc.
ess of 10 percent of total depositx without OCC permission • Development of a three-yeart plan of operations that incorporates conditions of the agreement. First Nationalo Chairwoman Susma Patel said in a writteh statement that the bank has takenb steps she believes put it in compliance withthe agreement. She said regulator y agencies are tightening standards for lenderes as theeconomy deteriorates. “The downturn in real estatr valuations in the Florida marketis well-publicized and, as a regulatory agencies are expecting a highet standard of procedural monitoring of loans secureed by commercial real she said.