Another top official has left the warehouse lending department of Southwest Securities FSB, leaving the Dallas-based bank with just two sales associates, and a declining book of business.
Sources close to the bank confirmed that Steve Wojnar left the lender last week, joining a handful of others who have departed SWS over the past month, including David Frase, the executive vice president who managed the business.
An official at the bank declined to comment.
For now, SWS is still committed to the sector but the dollar amount of its outstanding warehouse lines has fallen to roughly $200 million compared to $500 million a few months ago, according to mortgage bankers that have done business with the bank.
SWS FSB is a subsidiary of SWS, a bank holding company, whose shares are trading at roughly $7 a share, near their 52-week low. In the fourth quarter the company posted a small loss, citing problems in the commercial real estate market.
