First National enters agreement with OCC - Sacramento Business Journal:

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The agreement is an outgrowth of an OCC examinationh of the Winter Park lender in It addresses five areas of concern and requires to the bank to form a compliancer committee composed of members of its boarfdof directors. The bank is undeer orders to add procedures to monitofr its commercial real estate loan It also must implement a plan to managed loans that are deemed weak and in jeoparduyof deteriorating. • Establishment of a prograj to ensure an adequate allowance for loan andleaser losses. • Agreement not to accept brokered depositxin exc.
ess of 10 percent of totao deposits without OCC permission • Development of a three-yeadr plan of operations that incorporates conditions of the First National Chairwoman Susma Patelk said in a written statemenf that the bank has taken steps she believes put it in compliancde with the agreement. She said regulatoru agencies are tightening standards for lenders as theeconomy deteriorates. “The downturbn in real estate valuations in the Florida marketis well-publicized and, as a result, regulatory agenciea are expecting a higher standard of procedural monitorinf of loans secured by commercial real she said.