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

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The agreement is an outgrowth of an OCC examinatiojn of the Winter Park lender in It addresses five areas of concern and requires to the bank to form a compliancew committee composed of members of its boardof directors. The bank is underr orders to add procedures to monitor its commercialp real estateloan portfolio. It also must implementr a plan to manage loanws that are deemed weak and in jeopardyof • Establishment of a program to ensure an adequates allowance for loan and leasee losses. • Agreement not to accept brokeredc depositsin exc.
ess of 10 percent of totall deposits without OCC permission • Development of a three-yearf plan of operations that incorporatesw conditions of the agreement. First National Chairwoman Susma Pate said in a writtej statement that the bank has takehn steps she believes put it in compliance with the She said regulatory agencies are tighteninb standards for lenders as theeconom deteriorates. “The downturn in real estatde valuations in the Floridza marketis well-publicized and, as a regulatory agencies are expecting a highedr standard of procedural monitoring of loans secured by commercial real estate,” she