UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 11, 2005
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TEMECULA VALLEY BANCORP INC.
(Exact name of Registrant as specified in its charter)
California 46-0476193
(State or other (Commission File Number) (I.R.S. Employer
jurisdiction of incorporation) Identification Number)
27710 Jefferson Avenue
Suite A100
Temecula, California 92590
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (909) 694-9940
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
|_| Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
|_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|_| Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
|_| Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
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Item 1.01 - Entry Into a Material Definitive Agreement.
On March 11, 2005, the Board of Directors of Temecula Valley Bank, N.A.
("Bank"), the principal subsidiary of Temecula Valley Bancorp Inc. ("Company"),
approved additional compensation for Stephen H. Wacknitz, the President, Chief
Executive Officer and Chairman of the Bank and the Company. In particular, the
Board approved an amendment to the existing Wacknitz Salary Continuation Plan
("SCP") to provide for a $100,000 benefit per year, for 20 years, beginning at
the age of 70 and authorized the purchase of a related Bank-Owned Life Insurance
policy of $3,800,000. As soon as the SCP is finalized, it will be filed as an
exhibit to the appropriate filing under the Securities Exchange Act of 1934.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
TEMECULA VALLEY BANCORP INC.
Date: March 11, 2005 By: /s/ DONALD A. PITCHER
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Donald A. Pitcher
Chief Financial Officer