First National enters agreement with OCC - Atlanta Business Chronicle:

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The agreement is an outgrowty of an OCC examination of the Winter Park lenderein January. It addresses five areax of concern and requires to the bank to form a compliancer committee composed of members of its board of The bank is under orders to add procedurex to monitor its commercial real estateloan portfolio. It also must implementf a plan to manage loans that are deemed weak and in jeopardtof deteriorating. • Establishment of a prograkm to ensure an adequater allowance for loan andlease losses. • Agreemenft not to accept brokered depositsin exc.
ess of 10 percent of totao deposits without OCC permission • Development of a three-year plan of operationzs that incorporates conditions of the agreement. First National Chairwoman Susma Patel said in a written statement that the bank has takenj steps she believes put it in compliance withthe agreement. She said regulatorh agencies are tightening standards for lenders as theeconomty deteriorates. “The downturn in real estate valuations in the Floridsa marketis well-publicized and, as a result, regulatory agencies are expectinh a higher standard of procedural monitoring of loans secured by commercial real she said.