First National Bank of Pasco exits OCC formal agreement

First National Bank of Pasco said the Office of the Comptroller of the Currency ended a formal agreement tied to the bank on Aug. 20, 2026, after determining the bank’s safety, soundness and compliance no longer required it. The move gives the Dade City, Florida-based lender room to focus on growth, customer relationships and local lending.

Why it matters: - The OCC termination removes a regulatory overhang for First National Bank of Pasco. - The bank said the change supports long-term stability and responsible growth. - The decision may help the lender sharpen its focus on customers, technology and local business support.

What happened: - First National Bank of Pasco said the OCC terminated the Formal Agreement entered on Sept. 18, 2025. - The OCC issued Order No. AA-SO-2026-37 on July 9, 2026. - The agency publicly announced the termination on Aug. 20, 2026. - The termination came less than 10 months after the agreement began. - The bank is headquartered in Dade City, Florida.

The details: - The OCC said the safety and soundness of First National Bank of Pasco no longer required the agreement. - The OCC also said the bank’s compliance with laws and regulations no longer required the agreement. - First National Bank of Pasco said it strengthened corporate governance, regulatory compliance, internal controls, risk management and strategic planning during the process. - The bank said those changes created a stronger operational foundation for long-term stability and responsible growth. - Paula O’Neil, president and CEO, said the outcome reflected the commitment of the board, executive leadership team and employees. - O’Neil said the bank used the process to examine the organization, strengthen systems and reinforce accountability and continuous improvement. - The bank was organized in 1986. - First National Bank of Pasco has about $300 million in assets. - The bank operates a principal office in Dade City and three additional Florida branches in Zephyrhills and Lutz. - The bank said it provides products and services to customers nationwide.

Between the lines: - The agreement’s end suggests regulators saw enough progress to step back from formal oversight. - The bank is trying to frame the episode as a reset, not just a compliance fix. - The messaging points to a broader push to rebuild momentum around growth and community banking.

What’s next: - First National Bank of Pasco said it will focus on customer relationships, banking products and technology. - The bank also plans to support local businesses and the economy in Pasco County and the greater Tampa Bay region. - O’Neil said the bank intends to move ahead with strength, stability and optimism.

The bottom line: - First National Bank of Pasco has cleared a key regulatory hurdle and is now positioning itself for growth after a period of formal OCC oversight.