Vineyard National Bancorp gets extension on $48 million loan

     Vineyard National Bancorp (NasdaqGS: VNBC) couldn't pay a $48.3 million loan to its lender on time, so the financially troubled holding company based in Corona is getting a much-needed extension.
     Documents filed Thursday evening with the Securities Exchange Commission say that Vineyard -- the parent company of Vineyard Bank -- will have until Aug. 29 to pay off First Tennessee Bank National Association, a subsidiary of Memphis, Tenn.-based First Horizon National Corporation (NYSE: FHN).
     First Horizon is also suffering the consequences of its risky residential construction loans. The largest bank in Tennessee is shoveling millions of dollars into its loan loss reserves as it watches its portfolios deteriorate.
     Vineyard was pegged for $120,000 under the agreement, and the loan's interest rate jumped 0.45 percent to a rate equaling LIBOR plus 3.5 percent.
     Vineyard also said its Aug. 5 annual shareholder meeting will be held at 2 p.m. at the Doubletree Hotel in Ontario on 222 N. Vineyard Ave.
     Investor John Salmanson and former CEO Norman Morales are expected to nominate their hand-picked candidates for the board of directors, but Vineyard is urging shareholders to vote down those nominees.
     The bank wants shareholders to approve the following candidates to the board of directors: Frank Alvarez, David Buxbaum, Charles Keagle, James LeSieur, Robb Quincey, Joel Ravitz and J. Steven Roush.
     --matthew.wrye@inlandnewspapers.com