Norman Morales, the former chief executive of Vineyard National Bancorp in Corona, Calif., has withdrawn himself from the slate of dissident directors trying to gain control of the company's board.
Mr. Morales, who resigned as CEO of the $2.4 billion-asset Vineyard in January, began a campaign in February to elect an alternative slate of directors at Vineyard's annual shareholder meeting to take place today.
But in a press release Monday, Mr. Morales said that because he was unable to gain approval from regulators to be reinstated as director, president, and CEO of Vineyard, he had withdrawn his application and would not serve as director if elected. Thomas Koss, another nominee on the dissident slate, has also said he would not serve as a director if elected.
However, the remaining five nominees would remain on the dissident slate.