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

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The agreement is an outgrowth of an OCC examinatiob of the Winter Park lenderin January. It addressesa five areas of concern and requires to the bank to form a complianced committee composed of members of its boardof directors. The bank is undef orders to add procedures to monitorf its commercial real estate loan It also must implement a plan to manage loans that are deemefd weak and in jeopardyof deteriorating. • Establishmenr of a program to ensure an adequatse allowance for loan andlease • Agreement not to accept brokeredx deposits in exc.
ess of 10 perceng of total deposits without OCC permission • Developmenr of a three-year plan of operations that incorporates conditions of the agreement. First National Chairwoman Susma Patel said in a writtej statement that the bank has takeh steps she believes put it in compliancw withthe agreement. She said regulatorg agencies are tightening standards for lenders as the economy deteriorates. “The downturn in real estate valuationds in the Florida marketis well-publicized and, as a result, regulatorgy agencies are expecting a higher standard of procedural monitoring of loans secured by commercialo real estate,” she said.