WASHINGTON (Reuters) - The Federal Reserve Board on Tuesday said Rogers, Arkansas-based ANB Bancshares Inc agreed to adopt measures to strengthen its capital base and improve its cash flow under a written agreement with the Federal Reserve Bank of St. Louis.

The measures include submitting within 45 days an acceptable consolidated capital plan based on ANB's financial condition, risk profile and planned growth, the Fed Board said. It must take into consideration adequacy of loan loss reserves, concentrations of credit and the volume of problem or volatile assets held by the group that could require higher capital levels.

The Fed Board also said ANB Bancshares would submit within 45 days a cash-flow plan for servicing its existing outstanding debt and added that it cannot incur new debt without the St. Louis Fed's approval.

The firm, whose main banking subsidiary, ANB Financial, lists nine branches in five Arkansas cities on its Web site, also cannot declare or pay any dividends or make any other payment that reduces its capital without the written approval of the St. Louis Fed and the Fed Board's director of banking supervision.

ANB Bancshares also cannot increase any executive officer salaries, bonuses or directors fees without the St. Louis Fed's approval, and executive officer expenses exceeding $500 per month also need the St. Louis Fed's approval, the Fed Board said.

(Reporting by David Lawder; Editing by Andrea Ricci)