Gordon Fong resigned as the chief financial officer of Vineyard National Bancorp of Corona, Calif., which has been battered over the last year by mounting credit problems.
The $2 billion-asset company said Thursday in a filing with the Securities and Exchange Commission that Mr. Fong stepped down Dec. 1 as the CFO and executive vice president of the company and its Vineyard Bank.
James G. LeSieur, Vineyard National's former chairman and interim chief executive officer and president, will fill the CFO role while the company searches for a successor.
Vineyard National has been saddled with problems from its residential construction portfolio; it reported $109 million of losses for the first nine months of the year, compared with $17 million of earnings a year earlier. Last month the company, which is under regulatory enforcement orders, said it could be poised for failure if a deal to sell itself to its chairman, Douglas Kratz, for $18 million fell through. The deal's chances are tied to Mr. Kratz's ability to raise $125 million to recapitalize Vineyard National.
