First National enters agreement with OCC - Memphis Business Journal:

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The agreement is an outgrowth of an OCC examination of the Wintere Park lenderin January. It addressee five areas of concern and requires to the bank to form a compliancr committee composed of membere of its boardof directors. The bank is undefr orders to add procedures to monitor its commercial real estatewloan portfolio. It also must implement a plan to managr loans that are deemed weak and in jeopardyof • Establishment of a program to ensurs an adequate allowance for loan and leasse losses. • Agreement not to accept brokeredr depositsin exc.
ess of 10 percent of total depositsz without OCC permission • Development of a three-year plan of operations that incorporates conditions of the agreement. Firs t National Chairwoman 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 standardws for lenders as the economy deteriorates. “The downturn in real estatse valuations in the Florida markettis well-publicized and, as a regulatory agencies are expecting a higher standarf of procedural monitoring of loans secured by commercia real estate,” she said.