The Federal Reserve Board on Monday announced written agreements putting clamps on three community banks: Michigan Heritage Bank, Birthright Inc., and Cherokee Bancshares Inc.

In the agreement with the $181.6 million-asset Michigan Heritage, in Farmington Hills, the central bank put restrictions on the bank’s dividends, ordered it to charge off losses identified by examiners, and said it must submit a plan “to improve the bank’s position” through repayment amortization, liquidation, additional collateral, or other means.

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