Some members of alternate slate elected to Vineyard National's board

By Lisa Kerner

Charlotte, N.C., Aug. 7 - Vineyard National Bancorp said Thursday that some members of an alternate slate of directors were elected this week to the company's board of directors.

As a result, the company will start a search for a new president and chief executive officer. Current Vineyard president and CEO Jim LeSieur has agreed to continue to serve while the search for a replacement is conducted.

Vineyard National Bancorp, Vineyard Bank, NA and longtime shareholder Jon Salmanson announced the preliminary results of the company's annual meeting of shareholders held Aug. 5.

Salmanson, along with Norman Morales, had proposed an alternate slate of directors for election to Vineyard's board of directors: Morales, Douglas M. Kratz, Lester Strong, Thomas Koss II, Glen Terry, Harice Ogle and Cynthia Harriss, it was previously reported.

The preliminary tally of votes cast in favor of the proposed alternate slate of directors showed that shareholders elected Kratz, Terry, Harriss, Strong and Ogle to the board, a Vineyard news release said.

Shareholders also voted to seat two current board members, David Buxbaum and Charles Keagle, to the new board.

Final voting results will be certified by the independent inspector of election, according to Vineyard.

Salmanson said he was pleased with the election results.

Kratz believes one of the primary tasks of the new board is to implement the capital plan that has been developed.

"By restoring the company's capital to the levels desired by the new board, the company will regain the ability to respond to market opportunities while it takes all necessary steps to strengthen its balance sheet in this challenging economic environment," Kratz stated.

Vineyard National is the holding company for Vineyard National Bancorp located in Corona, Calif.

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