New Mexico bank in pact with Fed on risk plan

WASHINGTON, July 9 (Reuters) - The Federal Reserve said on Thursday that First State Bancorporation (FSNM.O) of Albuquerque, New Mexico, has agreed to present a plan to strengthen risk management practices and agreed to a management review.

The Federal Reserve in a statement said First State is not to accept any new brokered deposits as long as the agreement is in place.

The bank is to submit a plan within 60 days to the Kansas City Fed to "strengthen management of commercial real estate concentrations to reduce or mitigate the risk...in light of current market conditions."

As well, it agreed to present a plan outlining how it intends to maintain sufficient capital at the bank for its current and future needs. (Reporting by Glenn Somerville; Editing by Leslie Adler)