Stung by a slowdown in mortgage refinancings, Eldorado Bancshares said
The Laguna Hills, Calif., company announced Friday that its second-
Keefe, Bruyette & Woods Inc., the only investment banking firm that
The firm immediately downgraded the stock to "hold" from "buy."
Shares of Eldorado fell 8%, to $10.125, on the news last Friday. They
The $1.3 billion-asset company is the parent of Eldorado Bank and
Robert P. Keller, president and chief executive officer of Eldorado,
"I've never seen anything lose so much money in one month in my life,"
He said loan volume has fallen 50% below projections, in part because of
Eldorado plans to lay off loan officers and cut overhead costs in its
The mortgage chief, William Rast, has resigned, the company said Friday.
Mr. Rast has been succeeded by Dennis Meroney, who formerly ran his own
Keefe Bruyette has reduced its 1999 earnings estimate for Eldorado to 53