Vineyard says nearly all 5.6% non-cumulative preferreds converted ahead of call

Pittsburgh, June 4 - Vineyard National Bancorp said nearly all its 5.6% series B non-cumulative convertible preferred stock was exchanged for stock ahead of its redemption.

Vineyard issued 864,000 shares of common stock, bringing the total shares outstanding to 4.015 million.

The remaining 2,405 shares of preferreds stock were redeemed for cash at $25 per share plus unpaid dividends for a total of $232,000.

Vineyard originally sold 1.15 million shares of the convertibles in September 2003.

For the 1.14 million shares which did convert, the conversion price was $33.22 per share of stock for every share of preferreds.

With completion of the redemption and conversion the company will preserve its cash resources by $1.6 million annually.

Vineyard National is a Rancho Cucamonga, Calif., bank holding company.

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