A $3.6 billion-asset California thrift company said it has an agreement with the Office of Thrift Supervision under which it must reduce its exposure to rising interest rates, strengthen its loan underwriting standards, and fill two open spots on its board.

Los Angeles-based PBOC Holdings Inc. said it does not expect the order to affect its pending application to convert to a state-chartered bank. It has begun efforts to comply with the order, it said.

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