First Bank of Beverly Hills, a $600 million-asset thrift based in Calabasas, Calif., said that the Office of Thrift Supervision has lifted restrictions on its growth and operational authority.

In 1999 the OTS deemed First Bank a "troubled institution" because it lacked a chief executive officer, among other problems, and directed the thrift to strengthen its management and improve its rate risk management policies. According to vice president Carl Raggio, the federal agency rescinded the order last week because the thrift had complied with its directives.

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