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Article: Calif. Bank Criticizes Ex-CEO's Bid.(California)(Vineyard National Bancorp. urges for voting rights of stock holders)(Brief article)
- Article from:
- American Banker
- Article date:
- March 5, 2008
- Author:
CopyrightCOPYRIGHT 2008 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Vineyard National Bancorp in Corona, Calif., is urging shareholders to oppose a bid by Vineyard's former chief executive to win seats on the company's board for a slate of directors.
Norman Morales, who resigned as CEO of the $2.5 billion-asset company on Jan. 24, and an ally, Jon Salmanson, informed Vineyard's board last month that they intend to nominate an alternative slate of directors, led by Mr. Morales, at Vineyard's annual shareholder meeting in May. However, they must first succeed in changing Vineyard's bylaws, and in a Securities and Exchange Commission filing Monday, Vineyard's board said it is advising shareholders to vote against the bylaw change, ...