Published on Sunday, July 06, 2008
By JAHMAL PETERS
With its annual meeting less than a month away, Vineyard National Bancorp's board of directors appears far from resolving issues with the bank's former president and chief executive officer Norman Morales.
Both sides indicated there was little to report outside of a set of press releases issued in mid-June.
The first release issued by shareholder Jon Salmanson discussed two failed negotiations and the addition of Douglas Kratz to the dissidents' proposed alternate board of directors slate.
Vineyard's board issued its own statement two days later, rebutting the claims made by Salmanson and, in a surprise turn of events, endorsing Kratz to be chairman of the board.
"I've had the opportunity to have some conversations with the incumbent board and felt they needed an independent voice," Kratz said. "I'm speculating that maybe they felt I could bring the two sides together
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