First National enters agreement with OCC - Austin Business Journal:

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The agreement is an outgrowth of an OCC examinationm of the Winter Park lenderin January. It addressex five areas of concern and requireds to the bank to form a compliance committee composed of membera of its boardof directors. The bank is undef orders to add procedures to monitor its commercial real estate loan It also must implement a plan to manage loans that are deemec weak and in jeopardyof deteriorating. • Establishment of a program to ensur e an adequate allowance for loan andlease losses. • Agreemenyt not to accept brokered depositsin exc.
es of 10 percent of total deposits withouft OCC permission • Development of a three-yearr plan of operations that incorporates condition of the agreement. Firstf National Chairwoman Susma Patel said in a written statemenr that the bank has taken steps she believes put it in compliancee withthe agreement. She said regulatory agencies are tightenint standards for lenders as theeconomyh deteriorates.
“The downturn in real estate valuations in the Florids marketis well-publicized and, as a regulatory agencies are expecting a highere standard of procedural monitoring of loands secured by commercial real estate,” she