In First Day of Trading, Bank Stock Does Poorly
Eldorado Bancorp in Laguna Hills got off to a slow start Thursday in its first day of trading on the American Stock Exchange.
Just 500 of nearly 1.9 million shares of Eldorado’s common stock traded hands. The price remained unchanged at $11.875 a share by the close of trading.
For the record:
12:00 a.m. Sept. 26, 1987 FOR THE RECORD
Los Angeles Times Saturday September 26, 1987 Orange County Edition Business Part 4 Page 8 Column 3 Financial Desk 2 inches; 59 words Type of Material: Correction
A headline in Friday’s edition of The Times inaccurately characterized Eldorado Bancorp stock as performing “poorly” on its first day of trading on the American Stock Exchange, instead of stating that initial trading was slow. Additional information reporting that stock trading in general was sluggish because Thursday was Rosh Hashanah, the start of the Jewish New Year, was inadvertently trimmed from the article.
The stock exchange had a slow day in general, primarily because Thursday was Rosh Hashanah, the start of the Jewish New Year.
Eldorado, which owns Eldorado Bank in Tustin and has signed a definitive agreement to buy American Merchant Bank in Newport Beach, is the first Orange County-based bank or bank holding company to have its shares traded on one of the nation’s major exchanges.
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