Former Eldorado Bank Boss Files Suit for Severance Pay
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SANTA ANA — The former president of Eldorado Bank in Tustin sued the bank Tuesday for breach of contract, alleging that it has refused to pay him $162,000 in severance after he resigned.
Raymond E. Dellerba, who also was the bank’s chief operating officer, said in his lawsuit that his employment contract allowed him to resign with a severance package if the company is sold and he is assigned duties “wholly and clearly inconsistent” with his position.
The suit, filed in Orange County Superior Court, asserts that the new owners removed him from the board of directors and removed three key areas from his oversight.
The bank’s chairman couldn’t be reached for comment.
Eldorado was acquired last month by Commerce Security Bancorp in Huntington Beach, which then folded three other subsidiary banks into Eldorado.
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