Though it qualifies as well capitalized under the typical standards, Horizon Bank in Bellingham, Wash., is now under a regulatory order to fatten its capital levels.

The $1.4 billion-asset Horizon also must shrink its problem loans and its concentration of construction and land development loans under the order it received last week from the Federal Deposit Insurance Corp. and the Washington Department of Financial Institutions, the bank's parent company, Horizon Financial Corp., disclosed Monday in a Securities and Exchange Commission filing.

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