One Investment group puts forward alternate director slate for Vineyard National board

By Lisa Kerner

Charlotte, N.C., June 30 - Shareholders Jon Salmanson and Norman Morales proposed a slate of director nominees for election to the board of directors of Vineyard National Bancorp.

The slate includes Morales and his affiliates Douglas M. Kratz, chairman of One Investments, LLC, Lester Strong, Thomas Koss II, Glen Terry, Harice Ogle and Cynthia Harriss, according to a schedule 13D filed with the Securities and Exchange Commission.

Salmanson and Morales said they provided a general outline of a strategic plan for the company's operation as well as unsuccessful offers to compromise with the company on a joint slate of directors in a preliminary proxy statement.

In May, Kratz took issue with Vineyard National's continued delay in filing its 2007 10-K with the Securities and Exchange Commission.

One Investments said previously it would deliver its consent in favor of actions proposed by Salmanson, a long-time shareholder, and Morales, a seven-year Vineyard National director, the company's largest shareholder and its former president and chief executive officer.

Kratz believes Salmanson and Morales' slate of directors will be elected and advised Vineyard Bancorp's board to assist in a professional manner with the transition while continuing to soundly operate the company, it was previously reported.

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

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