Orange County banker James LeSieur is taking over running Corona-based Vineyard National Bancorp on an interim basis after the resignation of chief executive Norman Morales.
LeSieur, who has been on Vineyard’s board since 2004, is the former chief executive of Tustin-based Sunwest Bank.
The company’s stock dropped 15% on the news with a market value of $87 million.
Morales, who also will be giving up his titles of president and director, will serve as an adviser to the bank as it looks for a permanent replacement, LeSieur said in a press release.
Vineyard had targeted Orange County as the next area for expansion. According to some sources, the bank could consider moving its headquarters here.
The bank is set to announce earnings next Thursday.
Vineyard has $2.5 billion in assets, and operates 16 branches in Los Angeles, Marin, Monterey, Orange, Riverside, San Bernardino, San Diego, Santa Clara and Ventura counties.
Morales had been with the bank for seven years. It was his first bank post as chief executive. He’ll receive a lump sum payment of $1.15 million. LeSieur will be paid a salary of $40,000 per month, according to the bank.
