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One Investments agrees to back consent solicitation at Vineyard National Bancorp annual meeting
By Lisa Kerner
Charlotte, N.C., April 2 - Vineyard National Bancorp investors led by One Investments, LLC said they will deliver their consent in favor of actions proposed by long-time shareholder Jon Salmanson and former company president, chief executive officer and seven-year director Norman Morales on March 10, according to a schedule 13D filing with the Securities and Exchange Commission.
One Investments said it was contacted by representatives of Salmanson and Morales, as well as by representatives of Vineyard National.
The investors have no agreements or arrangements with Vineyard National, Salmanson or Morales regarding their current or future ownership, voting or control of their shares of common stock, the filing said.
According to a March 10 SEC filing, Salmanson and Morales are seeking to amend the company's bylaws to permit shareholders to nominate directors until the time of the annual meeting if a director, CEO or president of the company resigns, is terminated or otherwise leaves office.
In February, it was reported that the proposed bylaw amendments would permit Salmanson and Morales or any other shareholder to nominate an alternate slate of directors for the upcoming annual meeting of shareholders.
Under current Vineyard National bylaws, shareholders must submit nominations for directors more than five months prior to the annual meeting, a prior news release said.
Salmanson and Morales filed a preliminary consent solicitation statement with the SEC stating they intend to obtain the written consent of holders of a majority of Vineyard National's outstanding shares to approve the bylaw amendments no later than April 25.
Vineyard National is the holding company for Vineyard National Bancorp located in Corona, Calif.
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