Latest Key Developments
Temecula Valley Bancorp Inc. (CA) Announces Board Changes-Form 8-K
Temecula Valley Bancorp Inc. (CA) announced in its Form 8-K that Frank Basirico, Jr. and Martin E. Plourd resigned from their respective positions as Chief Executive Officer (CEO) and President and Chief Operating Officer of the Company on August 3, 2009 and August 4, 2009, respectively.
Temecula Valley Bancorp Inc. (CA) Announces Resignation Of CFO-Form 8-K
Temecula Valley Bancorp Inc. (CA) announced in its Form 8-K that Philip E. Guldeman resigned as Chief Financial Officer (CFO) of the Company on July 28, 2009.
Temecula Valley Bancorp Inc. (CA) Delists From NASDAQ To OTC Pink Sheets-Stock Exchange
The Stock Exchange reported that Temecula Valley Bancorp Inc. (CA) has been delisted from NASDAQ to OTC Pink Sheets.
Temecula Valley Bancorp Inc. (CA) Provides Update on Proposed Recapitalization Plan
Temecula Valley Bancorp Inc. (CA) announced that it has been advised that Bancroft Capital, LLC and certain institutional investors, including Orient Property Group LLC, will not proceed with their proposed equity investment in Temecula Valley Bancorp or Temecula Valley Bank as detailed in the non-binding Letter of Intent the companies entered into and announced on June 1, 2009.
Temecula Valley Bancorp Inc. (CA) Enters Into Non-Binding LOI with Private Equity Funds for up to $210 Million Cash Infusion
Temecula Valley Bancorp Inc. (CA) along with its wholly owned subsidiary Temecula Valley Bank, announced that it has entered into a non-binding letter of intent with Bancroft Capital and certain institutional investors, including Orient Property Group LLC. The letter provides for a cash investment of up to $210 million. The Bancroft/Orient group would make a $105 million equity investment in equity securities and an additional $105 million investment in a pool of targeted loans. Pursuant to the letter, it is contemplated that the investors will purchase from Temecula Valley shares of voting securities, an aggregate purchase price of $105 million, that would receive Tier 1 capital treatment. To the extent preferred stock is issued, it is proposed that the preferred stock would be convertible at a conversion price of $0.50 per share. Additionally, the structure of the transaction contemplates that certain of the investors would contribute $105 million to a separate entity that will be jointly owned by Temecula Valley Bank and such investors. That entity would hold certain non-performing and sub-performing assets. Upon completion of the proposed investment, the investors would own approximately 95% of Temecula Valley`s fully diluted outstanding equity and would have the right to designate and elect a majority of the Board of Directors of Temecula Valley and Temecula Valley Bank.
Temecula Valley Bancorp Inc. (CA) Announces Changes In Management
Temecula Valley Bancorp Inc. (CA) announced the appointment of Philip Guldeman, CPA as Chief Financial Officer for the Bank and the Company, and Senior Executive Vice President of the Bank.
Temecula Valley Bancorp Inc. (CA) Appoints Philip Guldeman As New CFO-Form 8-K
Temecula Valley Bancorp Inc. rported in its Form 8-K that effective May 26, 2009, Philip Guldeman, has been appointed as Chief Financial Officer (CFO) of the Company.
Temecula Valley Bancorp Inc. (CA) Announces Resignation of Donald Pitcher as Chief Financial Officer
Temecula Valley Bancorp Inc. (CA) announced the resignation of Executive Vice President and Chief Financial Officer Donald Pitcher. The Company also announced that Philip Guldeman, CPA, will oversee the Bank`s financial and accounting functions on an interim basis, effective immediately.
Temecula Valley Bancorp Inc. (CA) Announces New Strategic Initiatives
Temecula Valley Bancorp Inc. (CA) announced strategic initiatives as part of the Company`s ongoing efforts to reduce operating expenses. These new initiatives, which include strategic reductions in personnel and other operating expenses as well as a reallocation of current resources. The Company will be introducing ganizational changes that will result in staff reductions of 36 full-time positions across all levels of our business, from line personnel to senior management. These new reductions are in addition to several positions that recently became vacant due to normal attrition that will remain unfilled. We are also redefining our operating footprint and will be closing SBA loan production offices located outside of California.
Temecula Valley Bancorp Inc. (CA) Names Neil M. Cleveland Chairman of Board
Temecula Valley Bancorp Inc. (CA) announced that Neil M. Cleveland has been named Chairman of the Board, succeeding Stephen H. Wacknitz.
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