First National enters agreement with OCC - Orlando Business Journal:

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The agreement is an outgrowth of an OCC examinatiobn of the Winter Park lender in It addresses five areas of concern and requirez to the bank to form a compliancew committee composed of members of its boarsdof directors. The bank is under orders to add procedures to monitor its commerciall real estateloan portfolio. It also must implement a plan to managd loans that are deemed weak and in jeopardygof deteriorating. • Establishment of a prograjm to ensure an adequate allowance for loan andlease losses. Agreement not to accepg brokered depositsin exc.
ess of 10 percent of totall deposits without OCC permissio • Development of a three-yeadr plan of operations that incorporates conditions of the agreement. Firstf National Chairwoman Susma Patel said in a written statement that the bank has takehn steps she believes put it in compliance with the She said regulatory agenciesz are tightening standards for lenders as theeconomy “The downturn in real estate valuationw in the Florida market is well-publicizefd and, as a result, regulatorty agencies are expecting a higher standard of procedural monitorinf of loans secured by commercial real she said.