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

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The agreement is an outgrowth of an OCC examination of the Winterr Park lenderin January. It addresses five areass of concern and requires to the bank to form a compliance committeed composed of members of its boardof directors. The bank is unded orders to add procedurexs to monitor its commercial real estate loan It also must implementt a plan to manage loanxs that are deemed weak and in jeopard yof deteriorating. • Establishment of a program to ensure an adequate allowance for loan andleased losses. • Agreement not to accept brokered depositasin exc.
ess of 10 percen of total deposits without OCC permission • Development of a three-year plan of operations that incorporates conditiond of the agreement. First National Chairwomanj Susma Patel said in a written statement that the bank has takem steps she believes put it in compliance with the She said regulatory agencies are tightening standards for lenders as theeconomyu deteriorates. “The downturn in real estate valuations in the Floridz marketis well-publicized and, as a result, regulator y agencies are expecting a higher standarf of procedural monitoring of loans securerd by commercial real estate,” she said.