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.

The Fed also ordered Michigan Heritage to submit a report updating its “asset improvement practices” and create a plan to maintain sufficient capital and improve its liquidity position and funds management.

Cherokee Bancshares, which owns the $254 million-asset BankCherokee in St. Paul, cannot declare dividends, increase debt, or purchase or redeem any shares of its stock without Fed approval. It also must appoint a new director or senior executive officer and report its progress within 30 days after each calendar quarter.

Birthright, which owns the $82.8 million-asset First Tuskegee Bank in Alabama, cannot declare any dividends, make any distribution of interest, principal, or other trust-preferred securities, or increase any debt without Fed approval.

The agreement also requires the holding company to appoint a new director or senior executive officer and to submit a report to the central bank on progress within 30 days after each quarter.

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