Corona-based Vineyard National Bancorp, the parent company of Vineyard Bank, reported $28.5 million in third-quarter losses on Monday.
That’s on top of more than $115 million in losses reported between late 2007 and the first half of 2008. Home builders and developers can’t repay Vineyard what they borrowed during the housing boom.
The company recently said it is selling its Vineyard Bank subsidiary to a newly-formed Minnesota corporation for $18 million, as long as the corporation raises $125 million in capital and injects $100 million of it into the bank. The sale is contingent upon shareholder and regulator approval.