First National enters agreement with OCC - Silicon Valley / San Jose Business Journal:

Friedrich CP06E10
The agreement is an outgrowth of an OCC examinatio of the Winter Park lenderin January. It addresses five areaes of concern and requires to the bank to form a compliancse committee composed of membere of its boardof directors. The bank is under orders to add proceduresz to monitor its commercial real estate loan It also must implement a plan to managse loans that are deemed weak and in jeopardtyof deteriorating. • Establishment of a program to ensure an adequates allowance for loan andlease • Agreement not to accept brokered deposits in exc.
ess of 10 percen of total deposits without OCC permission • Development of a three-year plan of operationd that incorporates conditions of the First National Chairwoman Susma Patel said in a writtenm statement that the bank has taken steps she believes put it in compliancre with the agreement. She said regulatory agenciess are tightening standards for lenderd as theeconomy deteriorates. “The downturn in real estatde valuations in the Florida markefis well-publicized and, as a result, regulatoryy agencies are expecting a highee standard of procedural monitoring of loans secured by commercialo real estate,” she said.