TEMECULA, Calif., Dec. 23, 2008 (GLOBE NEWSWIRE) -- Temecula Valley Bancorp Inc. (Nasdaq:TMCV) announced today that Neil M. Cleveland has been named Chairman of the Board, succeeding Stephen H. Wacknitz.
"As one of the original organizers and founders of Temecula Valley Bank, Neil has been a long-time Board member and has earned the confidence and respect of our directors, senior management and staff," said Luther J. Mohr, Vice Chairman. "Neil also has extensive experience in the greater Temecula Valley real estate market. In addition, his solid character, his intuitive and superior negotiating skills, and his capable business judgment, makes him the ideal person to lead our efforts to return Temecula Valley Bank to health."
Neil Cleveland has been a Director of Temecula Valley Bancorp Inc. since 2002 and of Temecula Valley Bank since 1996. He has conducted business in the surrounding communities of the Bank for the last 28 years and is the co-owner of Rancho Land Associates of Temecula since 1980. He resides in the adjacent community of Fallbrook with his wife of 35 years.
"We are completing the final stages of our strategic plan to improve earnings and I am confident that under the leadership of Frank Basirico, who was just named Chief Executive Officer, and Marty Plourd, who was promoted to President, we will be able to successfully execute a revised strategic plan for the bank," continued Mohr. "Our revised plan includes returning to our roots in community banking, reducing the leverage on our balance sheet and improving the efficiency of the entire operation."
About Temecula Valley Bank
Temecula Valley Bank was established in 1996 and operates eleven full service banking offices in California, in the communities of Temecula, Murrieta, Corona, Carlsbad, El Cajon, Escondido, Fallbrook, Rancho Bernardo, San Marcos, Solana Beach and Ontario. Regional loan production offices are located throughout the state of California. As an SBA Preferred Lender, the Bank also has a network of SBA offices. Temecula Valley Bancorp Inc. was established in June 2002 and operates as a bank holding company for the Bank. For more information about the Company, visit Temecula's website at www.temvalbank.com.
Statements concerning future performance, developments, or events concerning expectations for growth and market forecasts, and any other guidance on future periods, constitute forward-looking statements that are subject to a number of risks and uncertainties. Actual results may differ materially from stated expectations. Specific factors include, but are not limited to, the effect of interest rate changes, the ability to control costs and expenses, the impact of consolidation in the banking industry, financial policies of the U.S. government, and general economic conditions. Additional information on these and other factors that could affect financial results are included in the filings made with the Securities and Exchange Commission by Temecula Valley Bancorp Inc. The Corporation undertakes no obligation to update forward-looking statements, whether as a result of new information, future events, or otherwise.