Business & Finance
Business and Finance
Business and Finance
Wed, January 14, 2009 Stephen H. Wacknitz Retires from Temecula Valley Bank Board of Directors
TEMECULA, Calif.--([ BUSINESS WIRE ])--Temecula Valley Bancorp Inc. (NASDAQ: TMCV) announced today that Stephen H. Wacknitz has announced his retirement from the holding company and bank's board of directors following his departure from its day-to-day management team last month.
"Over his career, Steve Wacknitz has distinguished himself as one of the top bankers in the region," said Frank Basirico, Chief Executive Officer. "As a founder of the bank, he's been responsible for building this company into one of the premier regional community banks and we wish all the best to Steve and his family as he retires."
"I'm very proud of the team we assembled, the excellent service we provide our customers, the vital role we play in the communities we serve, and the franchise we have built in the greater San Diego region," Wacknitz added. "We are implementing a solid strategy to return the bank to health during these difficult times, and it's time for me to hand over the reins to a very capable team. I'd also like to express my appreciation to Temecula Valley Bank's employees, who have risen to the innumerable challenges of community banking and who will continue to support the organization going forward. I remain the largest shareholder and will continue to support the work of the management team."
Wacknitz was one of the founders of Temecula Valley Bank which opened its doors in 1996, and served as its President and CEO from inception. During his tenure, the bank has grown to 11 branches across the greater North San Diego County region with more than $1.5 billion in assets. A life-long banker, Wacknitz came to Temecula Valley Bank from Fallbrook National Bank where he served as its President and CEO.
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 commercial and SBA loan offices are located throughout the state of California. The Bank is an SBA Preferred Lender. 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.
