April 14, 2009

Temecula Valley Bank is closing its loan production office in San Rafael June 30 due to attempts to reduce concentrations in construction lending, according to the Temecula Valley Bancorp Inc. Chief Executive Officer Frank Basirico.Based on where the marketplace is, he said the bank is keeping representation only where it has branches.Temecula Valley Bank recently went through some changes with the retirement on March 23 of Richard Wright, director of Temecula Valley Bancorp Inc. and Temecula Valley Bank, and the subsequent resignation on March 30 of George Cossolias in the same position.

Feb. 19, Temecula Valley Bank entered into an agreement with the Federal Deposit Insurance Corp. and the California Department of Financial Institutions to adopt an action program designed to further enhance the strength and stability of its operations. The company also announced at that time that it entered into an agreement with the Federal Reserve Bank of San Francisco intended to augment the company’s ability to act as a source of strength to the bank.“It is good for our bank,” Mr. Basirico said.This is also good news for Atlantic Pacific Bank, headquartered in Santa Rosa.