First National enters agreement with OCC - Dayton Business Journal:

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The agreement is an outgrowth of an OCC examinationj of the Winter Park lenderin January. It addressee five areas of concern and requires to the bank to form a compliancer committee composed of members of its boarcof directors. The bank is undert orders to add procedures to monitot its commercial real estateloan portfolio. It also must implement a plan to manags loans that are deemed weak and in jeoparduyof deteriorating. • Establishment of a programm to ensure an adequate allowancd for loan andlease losses. • Agreement not to accepyt brokered depositsin exc.
ess of 10 percent of tota deposits without OCC permission • Development of a three-yearf plan of operations that incorporates conditions of the First National Chairwoman Susma Patel said in a written statemenr that the bank has taken steps she believes put it in compliance with the She said regulatory agencies are tightening standards for lenders as the economyg deteriorates. “The downturn in real estate valuationx in the Florida marketis well-publicized and, as a result, regulatorty agencies are expecting a higheer standard of procedural monitoring of loans securec by commercial real estate,” she