North Milwaukee Bancshares in Wisconsin entered into a written agreement with the Federal Reserve Bank of Chicago this week.

The board of the $90 million-asset company agreed to ensure that its subsidiary, North Milwaukee State Bank, comply with an April consent order issued by the Federal Deposit Insurance Corp. and state regulators. North Milwaukee also agreed not to pay dividends, take on new debt or redeem stock shares without prior regulatory approval  and to submit cash-flow projections.

The consent order requires North Milwaukee State Bank to strengthen asset quality, capital, management, liquidity and earnings. The bank was ordered to maintain a Tier 1 leverage ratio of at least 9% and a total risk-based capital ratio of at least 12%. It had a Tier 1 leverage ratio of 7% and total-risk based capital ratio of 11% as of Sept. 30.

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