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Eldorado Bancshares to Transfer Mortgage Unit

March 23, 2000|Edmund Sanders

Eldorado Bancshares Inc., the Laguna Hills-based bank holding company, said it has agreed to transfer its wholesale mortgage unit, Commerce Security Mortgage, to American Sterling Bank, which has offices in Irvine. Terms were not disclosed.

The bank had said earlier this month that it would either sell or close the Sacramento unit, which employs about 100. Eldorado officials blamed rising interest rates, which have caused the mortgage business to drop.

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