New CEO and Capital Plan for Vineyard

By Fajt, Marissa | American Banker, September 22, 2008 | Go to article overview

New CEO and Capital Plan for Vineyard


Fajt, Marissa, American Banker


Byline: Marissa Fajt

Vineyard National Bancorp in Corona, Calif.,promoted vice chairman Glen C. Terry to president and chief executive officer and announced plans to raise $250 million in a private placement of common stock and convertible senior secured notes.

The $2.4 billion-asset company also said it hired a chief credit officer, Lucilio Cuoto.

The executive moves, announced after the market closed Thursday, brought Vineyard into compliance with a July consent order from the Office of the Comptroller of Currency to appoint "experienced and competent" people.

Mr. Terry, who was in New York courting potential investors Friday, said in an interview that he hoped to raise the capital by the middle of next month. If that effort is not successful, Vineyard will "consider all other options," with selling being the most "realistic" one.

Vineyard has been working on raising capital for months; a less-specific deal it floated in early June fell apart about two weeks later.

At the end of June, Vineyard Bank's Tier 1 capital ratio was 8.76%, and its leverage ratio was 8.28%. But the holding company's Tier 1 capital ratio was 1.52%, and its leverage capital was 1.43%, both well below regulatory minimums.

The company had said in its second-quarter earnings report that its bank was considered adequately capitalized according to the terms of the OCC order.

Mr. Terry said he could not discuss Vineyard National's current capital levels or how much shareholder dilution the offering would create. …

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