Attorneys Handle $18 Million Transaction for Client, Vineyard Bancshares
Winthrop & Weinstine, P.A., attorneys Michele D. Vaillancourt, Patrick W. Weber, Daniel C. Beck and Julie A. Silverman recently represented Vineyard Bancshares, Inc., a newly-formed Minnesota corporation, in an acquisition transaction involving the purchase of Vineyard Bank, National Association, a national bank with $2 billion in assets headquartered in Corona, California.
Vineyard National Bancorp, the holding company for Vineyard Bank, signed a stock purchase agreement with Vineyard Bancshares for the sale of all of the outstanding common stock of Vineyard Bank to Vineyard Bancshares. The closing of the transaction is subject to the condition that Vineyard Bancshares raises at least $125 million in financing. The agreement is also subject to the receipt of regulatory approval and other customary closing conditions. The purchase price for Vineyard Bank is up to $18 million, consisting of a payment at closing of $10 million and an additional $8 million payable in three years if certain conditions are satisfied.
Vaillancourt, Weber and Silverman are members of the firm's Mergers & Acquisitions practice group, and Beck is a member of the Bankruptcy/Creditors' Remedies group.
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