The Federal Reserve Board ordered Michigan's troubled Warren Bank to quickly boost capital or find a buyer.

In the prompt corrective action directive it issued Monday, the Fed said Warren Bank, of Warren, Mich., failed to file a capital restoration plan as required. It added that a financial statement the bank submitted to Fed staffers in July already shows that the bank is "significantly undercapitalized." The Fed directed the bank to increase its equity before the end of the month.

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