Vineyard Bank Buys 1031 Accommodator

Vineyard National Bancorp in Corona, CA, agreed to acquire all of the outstanding capital stock of 1031 Exchange Advantage Inc. and its related company.

The exchange companies will become wholly owned subsidiaries of Vineyard National. David P. Greenberger, sole shareholder of the companies, will continue to serve as the president and chief executive officer of the exchange companies.

As of Sept. 30, the companies held approximately $30 million in low costing client deposit balances. Effectively, these client balances are deposit balances, which will be maintained by Vineyard following the closing of the acquisition.

"We believe this acquisition creates significant opportunities for Vineyard and the exchange companies to better serve existing clients and foster new relationships within the Vineyard infrastructure," said Norman Morales, president and CEO of Vineyard. "We are excited to bring these companies together and provide additional opportunities to expand our business banking efforts and product offerings."

Closing is expected to take place by early December.

1031 Exchange Advantage and related companies have been in business for more than 30 years as a nationwide provider of 1031 exchange services and was an early provider of reverse exchanges and build to suit or improvement exchanges.