A Georgia bank has agreed not to pay dividends without Federal Reserve approval.

The Fed on Wednesday announced an agreement with Georgia Bancshares Inc. of Peachtree City, Ga. The company owns The Bank of Georgia in Peachtree City.

In the agreement, Georgia Bancshares said it wouldn't declare or pay dividends without approval.

It also said it wouldn't incur debt without Fed permission, or buy or redeem shares of its stocks without an okay.

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