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Pearson Investment Letter, Apollo Beach, FL 33572. Published Monthly for clients of Pearson Capital, Inc.

Bull & Bear's Monetary Digest
July, 2004 - Vol. 8 NO. 1

Vineyard National Bancorp (Nasdaq VBNC $39.89) serves as the holding company for Vineyard Bank (the Bank). The Company’s principal business is to serve as a holding company for the Bank and its subsidiaries and for other banking or banking-related subsidiaries, which the Company may establish or acquire. The Bank is a community bank primarily involved in attracting deposits from individuals and businesses and using those deposits, together with borrowed funds, to originate commercial business and commercial real estate loans, primarily to small businesses, churches and private schools, single-family construction loans, Small Business Administration loans and, to a lesser extent, single-family permanent loans and various types of consumer loans. For the three months ended 3/31/04, interest income totaled $15.2 million, up from $6.6 million.

PCI's Note: We recommended this issue in July 2004, for $19.95. VNBC (adjusted for split 2:1 08/23/04) is currently selling for $26.78 (04/04/05)


Dick Davis Digest


BULL & BEAR Financial Report
about Pearson Capital, Inc.:
(Editor's Note)

"The Pearson philosophy of investing, much like other successful philosophies of Peter Lynch, Warren Buffett, and John Templeton, is clear, simple, and straightforward."

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2003-Pearson Capital's 6 Month Performance Review

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We recommended this issue in February 2003, for $26.37. COO is currently selling for $72.31 (04/04/05)

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