|
|
Article: 12:38 p.m.: Former CEO of Vineyard launches proxy fight to takeover Corona bank
- Article from:
- The Sun, San Bernardino, Calif.
- Article date:
- February 26, 2008
- Author:
CopyrightCopyright 2008 The Sun, San Bernardino, Calif. Provided by ProQuest LLC. (Hide copyright information)
|
CORONA - Vineyard National Bancorp, a Corona-based banking
company stung by the region's housing meltdown, is the target of a
proxy fight by its former chief executive officer.
Norman Morales, who resigned as Vineyard's CEO on Jan. 24,
remains as the largest shareholder of the $2.5 billion-asset
financial company with 16 branches scattered throughout Southern
California, including several concentrated in the Inland Empire.
Morales, who became CEO in October 2000, and Jon Salmanson, who
together hold roughly 4.1% of the bank's stock, recently filed plans
with the U.S. Securities and Exchange Commission to nominate their
own slate of directors to gain control of the bank.
James G. LeSieur ...