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Article: 2:45 p.m: Vineyard National reports $13.3 million in 1Q losses, stock jumps nearly 21 percent
- Article from:
- The Sun, San Bernardino, Calif.
- Article date:
- May 21, 2008
- Author:
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Copyright informationCopyright 2008 The Sun, San Bernardino, Calif. Provided by ProQuest LLC. (Hide copyright information)
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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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