Select Bank in Grand Rapids, Mich., has been hit with a cease-and-desist order that requires it to improve underwriting, boost loan-loss provisions, and reduce its reliance on brokered deposits.

The $137 million-asset bank, a subsidiary of the $353 million-asset Harbor Springs Financial Corp., lost $2.5 million in the first three quarters of this year after reporting earnings of $654,000 for the same period last year, according to Federal Deposit Insurance Corp. data.

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