New Issue: Vineyard National $25 million convertible preferreds yield 5.6%, up 22%

New York, Sept. 16 - Vineyard National Bancorp priced $25 million of non-cumulative convertible perpetual preferred stock to yield 5.6% with a 22% initial conversion premium.

RBC Capital Markets was underwriter of the registered offering.

The Rancho Cucamonga, Calif. bank holding company will use $5 million of the proceeds to repay its line of credit, $2 million for working capital and other corporate purposes and the remainder will be contributed to the bank to support expansion and for general corporate purposes.

Issuer:	Vineyard National Bancorp
Issue:	Series B non-cumulative convertible preferred stock
Amount:	$25 million (1 million shares)
Greenshoe:	$3.75 million (150,000 shares)
Maturity:	Perpetual
Dividend:	5.6%, payable quarterly
Price:	Par of $25
Yield:	5.6%
Conversion premium:	22%
Conversion price:	$34.88
Call:	Sept. 16, 2005 onwards at par
Provision call:	At any time subject to 125% hurdle
Underwriter:	RBC Capital Markets
Listing:	"VLP PrB" on American Stock Exchange
Pricing date:	Sept. 15
Settlement:	Sept. 19

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