First National enters agreement with OCC - Philadelphia Business Journal:

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The agreement is an outgrowth of an OCC examinatiobn of the Winter Park lenderein January. It addresses five areas of concernh and requires to the bank to form a compliance committeew composed of members of its boarxdof directors. The bank is under orders to add procedurezs to monitor its commercial real estate loan It also must implementf a plan to managed loans that are deemed weak and in jeopardtyof deteriorating. • Establishmentg of a program to ensure an adequatwe allowance for loan andlease losses. • Agreement not to accept brokeredr depositsin exc.
ess of 10 percenrt of total deposits without OCC permission Development of a three-year plan of operationsw that incorporates conditions of the First National Chairwoman Susmwa Patel said in a written statement that the bank has taken stepa she believes put it in compliance with the agreement. She said regulator y agencies are tightening standards for lenders as theeconomhy deteriorates. “The downturn in real estat valuations in the Florida marketis well-publicizec and, as a result, regulatory agencies are expecting a higher standard of procedural monitoring of loansz secured by commercial real estate,” she said.