First National enters agreement with OCC - Boston Business Journal:

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The agreement is an outgrowth of an OCC examinatioj of the Winter Park lenderin January. It addresses five aread of concern and requires to the bank to form a complianc e committee composed of members of its board of The bank is under orders to add procedureas to monitor its commercial real estat eloan portfolio. It also must implement a plan to managre loans that are deemed weak and in jeopardyyof deteriorating. • Establishment of a progran to ensure an adequated allowance for loan andlease losses. Agreement not to accept brokered depositsin exc.
esds of 10 percent of total deposits without OCC permissiobn • Development of a three-year plan of operations that incorporates conditionsa of the agreement. First Nationalk Chairwoman Susma Patel said in a written statement that the bank has takej steps she believes put it in compliancd withthe agreement. She said regulatory agencies are tightening standards for lendersw as theeconomy deteriorates.
“The downturn in real estatw valuations in the Florida marketis well-publicizeds and, as a result, regulator agencies are expecting a higher standard of procedurakl monitoring of loans securedc by commercial real estate,” she