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State Bank of Park Rapids is operating under a cease and desist order. (Sarah Smith/Enterprise)

FDIC issues cease and desist order against Park Rapids bank; changes under way

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The Federal Deposit Insurance Corp. has issued a cease-and-desist order against State Bank of Park Rapids, citing unsafe banking practices the institution must take steps to remediate. Many are already under way.

The bank remains open while management works to bring deficient areas into compliance with sounder banking procedures, said FDIC spokesperson LaJuan Williams-Dickerson.

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