Item 1.01 in this Current Report on Form
8-K. Unless First Tennessee elects to waive this event of default, it
will be entitled to declare the outstanding principal balance on this
line of
credit immediately due and payable and otherwise exercise its rights
as a secured party
against the collateral to collect, enforce or satisfy the obligations
under this
line of credit.
Item
8.01. Other Events.
On
July 22, 2008, the Company notified the Federal Reserve Bank of San
Francisco of
its election to terminate its financial holding company status. As
the sole shareholder of the Bank, the Company will remain a bank holding
company
within the meaning of the Bank Holding Company Act of 1956, as
amended. The Company’s management does not believe this election will
have an adverse effect on the Company’s current operations as the Company does
not engage in any activities that require the Company to be registered
as a
financial holding company.
Item 9.01. Financial
Statements and Exhibits.
(d) Exhibits.
|
Exhibit
Number
|
|
Description
|
|
10.1
|
|
Consent
Order dated July 22, 2008 issued by the Comptroller of the Currency
in the
matter of Vineyard Bank, N.A., Corona, California.
|
|
10.2
|
Stipulation
and Consent to the Issuance of a Consent Order dated July 22,
2008 between
the Comptroller of the Currency and Vineyard Bank, N.A., Corona,
California.
|
|
|
99.1
|
Press
release of Vineyard National Bancorp dated July 28,
2008.
|
|
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, as amended,
the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
|
Vineyard
National Bancorp
|
||||||||
|
(Registrant)
|
||||||||
|
Dated:
July 28, 2008
|
By:
|
/s/
Gordon
Fong
|
||||||
|
Name:
|
Gordon
Fong
|
|||||||
|
Title:
|
Executive
Vice President and Chief Financial
Officer
|
|||||||
EXHIBIT
INDEX
|
Exhibit
Number
|
|
Description
|
|
10.1
|
|
Consent
Order dated July 22, 2008 issued by the Comptroller of the Currency
in the
matter of Vineyard Bank, N.A., Corona, California.
|
|
10.2
|
Stipulation
and Consent to the Issuance of a Consent Order dated July 22,
2008 between
the Comptroller of the Currency and Vineyard Bank, N.A., Corona,
California.
|
|
|
99.1
|
Press
release of Vineyard National Bancorp dated July 28,
2008.
|
|