First National enters agreement with OCC - Los Angeles Business from bizjournals:

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The agreement is an outgrowth of an OCC examinationn of the Winter Park lender in It addresses five areas of concern and requires to the bank to form a compliancs committee composed of members of its boardrof directors. The bank is undet orders to add procedures to monitor its commercial real estateloan portfolio. It also must implemenr a plan to manage loans that are deeme weak and in jeopardyof • Establishment of a program to ensure an adequater allowance for loan and lease losses. Agreement not to accept brokered depositsin exc.
essa of 10 percent of total deposits without OCC permissioj • Development of a three-year plan of operations that incorporates conditionds of the agreement. First National Chairwomam Susma Patel said in a writte statement that the bank has taken stepzs she believes put it in compliancde withthe agreement. She said regulatory agenciex are tightening standards for lenders as theeconomy deteriorates. “The downturn in real estats valuations in the Florida marke tis well-publicized and, as a result, regulatory agenciee are expecting a higher standard of procedurak monitoring of loans secured by commercial real she said.