Vineyard National's (VNBC) CEO Disappointed in Result of Consent Solicitation

April 21, 2008 4:38 PM EDT

Vineyard National Bancorp (Nasdaq: VNBC) announced that the results of Jon Salmanson and Norman Morales' consent solicitation have been certified by IVS Associates, Inc., the independent inspector of elections. Based on that certification, all of the proposals that were the subject of the consent solicitation were approved by a majority of the Company's shareholders. As a result, Messrs. Salmanson and Morales' proposals regarding the amendments to the Company's Amended and Restated Bylaws have been adopted.

Jim LeSieur, interim chief executive officer, said, "We are, of course, disappointed by this result in light of the objective recommendations made by all of the independent proxy advisory services against the consent solicitation by Messrs. Morales and Salmanson. At such time as full information regarding the Company's strategy and slate of directors is presented, we believe that it will be clear that the Company's strategy and slate is in the best interests of shareholders."
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