First National enters agreement with OCC - Dallas Business Journal:

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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 compliancw committee composed of members of its board of The bank is under orders to add procedurezs to monitor its commercial real estateloan portfolio. It also must implementg a plan to manage loans that are deemexd weak and in jeopardyof deteriorating. Establishment of a program to ensurwe an adequate allowance for loan andlease losses. • Agreement not to accept brokere d depositsin exc.
ess of 10 percenrt of total deposits without OCC permissio • Development of a three-yeart plan of operations that incorporates conditions of the First National Chairwoman Susma Patekl said in a written statement that the bank has taken stepsa she believes put it in compliance with the agreement. She said regulatorty agencies are tightening standards for lenders as theeconomt deteriorates. “The downturn in real estate valuationxs in the Florida marketis well-publicizecd and, as a result, regulatory agencies are expecting a higher standar of procedural monitoring of loans secure d by commercial real estate,” she said.