Shares of Macatawa Bank Corp. fell sharply Monday after the Holland, Mich., company restated its second-quarter earnings and said it would suspend its dividend payment to shareholders.

The $2.1 billion-asset Macatawa previously announced that it had earned $2.2 million in the quarter. But after reviewing its loan portfolio and adding $15 million to its loan-loss provision, it now says it lost $8.1 million. The restated results also include an $878,000 loss on foreclosed properties.

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