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Vineyard is among the growing group of Southland lenders battered by a wave of housing defaults, including mortgage giants Countrywide Financial Corp., which was acquired by Bank of America in January, and IndyMac Bancorp, which failed last month and was taken over by regulators.
Vineyard, with 16 branches, has been crunched by giant losses suffered by home builders and developers. In its quarterly report Wednesday, the bank said the Office of the Comptroller of the Currency had ordered it not to accept or renew any brokered deposit accounts -- one in a series of measures designed to improve the bank's stability.
Vineyard, with 16 branches, has been crunched by giant losses suffered by home builders and developers. In its quarterly report Wednesday, the bank said the Office of the Comptroller of the Currency had ordered it not to accept or renew any brokered deposit accounts -- one in a series of measures designed to improve the bank's stability.
LA Times Business story
