By Sheri Kasprzak
New York, May 4 - Vineyard National Bancorp will settle a direct placement of its stock for proceeds of $31.8 million.
The company plans to sell 1.2 million shares at $26.50 apiece to three institutional investors. The price per share represents a 4.3% discount to the company's $27.70 closing stock price on May 3.
The shares will be sold under the company's shelf registration, and the deal is slated to close Friday.
RBC Capital Markets Corp. is the placement agent.
The proceeds will be used to enhance the company's regulatory capital ratios ahead of its merger with Rancho Bank in the third quarter.
Based in Rancho Cucamonga, Calif., Vineyard operates a chain of banks in Southern California.
| Issuer: | Vineyard National Bancorp
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| Issue: | Stock
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| Amount: | $31.8 million
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| Shares: | 1.2 million
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| Price: | $26.50
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| Warrants: | No
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| Placement agent: | RBC Capital Markets Corp.
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| Announcement date: | May 4
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| Settlement date: | May 5
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| Stock symbol: | Nasdaq: VNBC
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| Stock price: | $27.70 at close May 3
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