By Sheri Kasprzak
Atlanta, Dec. 9 - Vineyard National Bancorp Inc. said Thursday it has received agreements from institutional investors for its $15 million private placement.
The company will issue 483,100 shares at $31.05 each.
The investors in the deal will also receive rights to buy an additional 120,775 shares at $31.05 each for 90 days.
RBC Capital Markets is the placement agent in the offering, which is scheduled to close Dec. 10.
Vineyard, based in Rancho Cucamonga, Calif., is a bank holding company operating nine banking centers in California. The company plans to use the proceeds from the deal for general corporate purposes.
| Issuer: | Vineyard National Bancorp Inc.
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| Issue: | Stock
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| Amount: | $15 million
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| Shares: | 483,100
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| Price: | $31.05
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| Purchase rights: | For 120,775 shares
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| Expiration: | 90 days
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| Exercise price: | $31.05
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| Placement agent: | RBC Capital Markets
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| Announcement date: | Dec. 9
|
| Settlement date: | Dec. 10
|
| Stock price: | $33.79 at close Dec. 8
|
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