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Article: Vineyard's Proxy Fight Turns Nastier.
- Article from:
- American Banker
- Article date:
- April 4, 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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So much for the niceties.
In trying to fend off an attempted coup by its former chief executive officer, Vineyard National Bancorp in Corona, Calif., is now holding him responsible for the mess it is in.
The $2.5 billion-asset company is publicly blaming Norman Morales for its mounting credit problems, saying that millions of dollars of residential construction loans that have gone bad were made on his watch.
Vineyard says it has been late in filing its annual report because Mr. Morales was lax in his oversight of its information technology policies. And it is telling shareholders that the candidates Mr. Morales has nominated for its board are ...