Cherokee Banking Co. of Canton, Ga., has reached an agreement with the Federal Reserve stipulating that it cannot declare dividends without prior approval from the central bank.

The agreement, which the Fed released Thursday, also said the $201 million-asset company cannot pay dividends, redeem shares of its stock or take on debt without Fed approval. Its Cherokee Bank unit has been operating under a consent order from the Office of the Comptroller of the Currency.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.