The Office of the Comptroller of the Currency has entered into a formal agreement with First National Bank of Pasco, a community bank headquartered in Dade City, Florida, citing a range of unsafe or unsound banking practices identified through supervisory examination. The OCC announced the action on 16 October 2025 through News Release 2025-102; the agreement itself was signed on 18 September 2025, with the formal agreement assigned docket number AA-SO-2025-46. The enforcement action requires the bank's board and management to address identified deficiencies across board oversight, corporate governance, strategic and capital planning, and the institution's Bank Secrecy Act and anti-money laundering risk management framework.
A formal agreement is one of the OCC's principal supervisory enforcement instruments. It is a legally binding, publicly disclosed commitment made by the bank and its board of directors to remediate identified shortcomings within prescribed timeframes, subject to ongoing monitoring by OCC examiners.
BSA FAILURES AND SAR FILING VIOLATIONS CITED
Among the specific deficiencies identified, the OCC cited violations related to the timely and accurate filing of Suspicious Activity Reports.
The OCC also found that the bank had failed to maintain adequate due diligence over correspondent accounts held on behalf of foreign financial institutions.
BOARD OVERSIGHT AND GOVERNANCE WEAKNESSES FLAGGED
Beyond the BSA-specific findings, the OCC's formal agreement addresses governance deficiencies at the bank. The regulator noted inadequacies in board oversight and corporate governance. Strategic and capital planning weaknesses were also identified.
First National Bank of Pasco is required under the formal agreement to take corrective action in each of the cited areas.