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Article: California-Based Vineyard National Bancorp Seeks to Acquire Struggling Bank.
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- October 31, 2001
CopyrightCOPYRIGHT 2001 Knight-Ridder/Tribune Business News. 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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By Don McAuliffe, The Press-Enterprise, Riverside, Calif. Knight Ridder/Tribune Business News
Oct. 31--The parent of Vineyard Bank has made a bid to acquire ailing Life Financial in a stock swap that would extend its reach in the Inland Empire and allow it to expand further in Orange County.
The latest deal come less than a month after a West Los Angeles real estate executive backed out of a deal to acquire Life in $15 million note sale and rights exchange.
Terms of the newest deal were not disclosed but the two institutions expect to sign a definitive letter of intent within the next 10 days, said Norm Morales, president and chief ...