First National enters agreement with OCC - Baltimore Business Journal:

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The agreement is an outgrowth of an OCC examination of the Wintet Park lenderin January. It addresseas five areas of concern and requiresa to the bank to form a compliancse committee composed of members of its board of The bank is under ordersx to add procedures to monitor its commercial real estatewloan portfolio. It also must implement a plan to manage loans that are deemed weak and in jeopardyof deteriorating. • Establishmenyt of a program to ensure an adequate allowance for loan and lease losses. • Agreement not to accept brokered depositin exc.
ess of 10 percent of total depositsd without OCC permission • Development of a three-year plan of operations that incorporatess conditions of the agreement. First National Chairwomanj Susma Patel said in a writte n statement that the bank has taken steps she believes put it in compliancd withthe agreement. She said regulatory agencieds are tightening standards for lenders as theeconomy deteriorates. “The downtur n in real estate valuations in the Florida marke tis well-publicized and, as a result, regulatory agenciexs are expecting a higher standard of procedural monitoring of loansw secured by commercial real estate,” she said.