Article: 2:45 p.m: Vineyard National reports $13.3 million in 1Q losses, stock jumps nearly 21 percent

CORONA - Vineyard National Bancorp's stock jumped nearly 21 percent on Wednesday after an audited first-quarter financial report was released, proving that some investors believe the troubled bank may be coming into the clear.

But the report confirmed what others had predicted: the Federal Reserve Board has now officially designated Vineyard to be in a "troubled condition" as of Tuesday.

That's on top of a May 5 "troubled condition" designation delivered by the Office of Comptroller of the Currency in Washington, D.C.

The phrase is no joking matter. Only cash-strapped banks getting hard hit by mounting losses are described this way.

Vineyard's stock price closed at $3.16 on Wednesday - ...

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