First National enters agreement with OCC - Atlanta Business Chronicle:

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The agreement is an outgrowth of an OCC examination of the Winterf Park lenderin January. It addressesw five areas of concern and requiresw to the bank to form a compliance committere composed of members of its boarxof directors. The bank is undeer orders to add procedures to monitorr its commercial real estateloan portfolio. It also must implement a plan to managew loans that are deemed weak and in jeopardyof • Establishment of a program to ensurd an adequate allowance for loan and leasee losses. • Agreement not to accept brokeres depositsin exc.
ess of 10 percent of total depositsa without OCC permission • Developmenf of a three-year plan of operationsd that incorporates conditions of the agreement. Firstf National Chairwoman Susma Patel said in a writteh statement that the bank has taken stepss she believes put it in compliance withthe agreement. She said regulatorhy agencies are tightening standards for lendersz as theeconomy deteriorates. “The downturn in real estat valuations in the Florida marketris well-publicized and, as a regulatory agencies are expecting a higheer standard of procedural monitoring of loanse secured by commercial real estate,” she said.