Vineyard plans $25 million convertible preferred offering

New York, July 30- Vineyard National Bancorp plans to sell $25 million of series B non-cumulative convertible preferred stock series B, according to a filing with the Securities and Exchange Commission.

RBC Capital Markets will underwrite the sale.

The convertibles will be offered as one million shares at $25 per share. There is a greenshoe for a further 150,000 shares or $3.75 million.

The convertibles will be callable from 2005 onwards and there is a soft call before that date with a 125% threshold.

The Rancho Cucamonga, Calif. bank holding company will use $5.0 million of the proceeds to pay off its line of credit, retain $2.0 million for working capital and other corporate purposes and contribute the remainder to its bank subsidiary to support the continued growth of its business and for general corporate purposes.

Vineyard intends to list the convertibles on the American Stock Exchange under the symbol "VLP".

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