Vineyard National Bancorp of Rancho Cucamonga, Calif., said Monday that it had issued $15 million of trust-preferred securities and would use the proceeds to support the growth of its Vineyard Bank.
The securities, which carry an interest rate of 5.51% and will mature in 2035, were part of a larger, pooled issue that included securities from several other community banks, the $1.6 billion-asset company said.
Norman Morales, its president and chief executive officer, said in a press release that the added funding would let Vineyard National continue growing without diluting the interest of its shareholders.
