Vineyard National Bancorp of Rancho Cucamonga, Calif., said Thursday that it plans to raise $15 million in a private offering, expected to close today, to certain institutional investors.
Processing Content
The $1.3 billion-asset parent of Vineyard Bank said it would sell 483,100 shares of common stock at $31.05 a share. The investors have a right to buy up to 120,775 more shares within 90 days for the same price, which could raise an additional $3.8 million.
Vineyard said it intends to use the proceeds to maintain its capital ratios and to increase its assets. Royal Bank of Canada's RBC Capital Markets was the exclusive placement agent for the offering.
