The owner of a Michigan bank has agreed not to pay dividends without prior approval by the Federal Reserve.

The Fed on Monday released an agreement with Dearborn Bancorp Inc. (DEAR), which owns Fidelity Bank in Dearborn.

Under the agreement, the company cannot declare or pay dividends without prior approval.

It must also get the Fed's consent to take on debt or redeem shares of its stock.

-By Jeff Bater, Dow Jones Newswires; 202-862-9249; jeff.bater@dowjones.com
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