Trees can get compression fractures whilst still alive. Hurricanes, big animals(maybe an elephant or rhino), or being bulldozed, could be causes. The wood is okay to use for static purposes, like furniture, but I wouldn't be using it for a bow.
If you clean up the edge of the stave where a fracture comes out you will see how deep it runs. It will most likely be deep, removing a ring is unlikely to remedy the problem.