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Article: Vineyard stock up 21%
- Article from:
- Inland Valley Daily Bulletin
- Article date:
- May 21, 2008
- Author:
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Copyright informationCopyright 2008 Inland Valley Daily Bulletin. Provided by ProQuest LLC. (Hide copyright information)
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Vineyard National Bancorp's stock jumped nearly 21 percent on
Wednesday after an audited first-quarter financial report was
released, indicated that some investors believe the beleaguered 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, banks
hard hit by mounting losses, are described this way.
Vineyard's stock price closed at $3.16 on Wednesday - just ...
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