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 1, 2006
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TEMECULA VALLEY BANCORP INC.
(Exact name of Registrant as specified in its charter)
California 46-0476193
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification Number)
27710 Jefferson Avenue
Suite A100
Temecula, California 92590
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (951) 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 1, 2006, the Board of Directors of Temecula Valley Bank ("Bank"),
upon the recommendation of its Executive Officer Compensation Committee,
approved:
(1) 2005 bonuses for those in the discretionary executive bonus pool that
are not subject to predetermined formulas as follows: James W.
Andrews--$120,000; Donald A. Pitcher--$120,000; Thomas M.
Shepherd--$120,000; Scott J. Word--$110,000; Donald L.
Schempp--$30,000 (new division start up); Martin E. Plourd--$15,000
(partial year)
(2) A change in title for Martin E. Plourd from Executive Vice
President/Community Banking Officer to Executive Vice President/Chief
Operating Officer of the Bank;
(3) A change in title for William H. McGaughey from Executive Vice
President/Chief Operating Officer to Senior Executive Vice
President/Director of Finance and SBA of the Bank;
(4) A change in title for Frank Basirico, Jr. from Executive Vice
President/Chief Administrative Officer to Senior Executive Vice
President/Chief Administrative Officer of the Bank.
(5) A change in title for Thomas M. Shepherd from Executive Vice
President/Chief Credit Officer to Senior Executive Vice
President/Chief Credit Officer of the Bank.
(6) A Salary Continuation Plan (supported by a BOLI policy) for Frank
Basirico, Jr. at $100,000 per year for 15 years beginning at age 65,
which when finalized (subject to successful completion of a
physical),, will be filed as an exhibit to the next filed Form 10K or
10Q of the Company.
(7) A Salary Continuation Plan (supported by a BOLI policy) for James W.
Andrews at $80,000 for 15 years beginning at age 65, which when
finalized (subject to successful completion of a physical), will be
filed as an exhibit to the next filed Form 10K or 10Q of the Company.
(8) A modification to the existing Salary Continuation Plan (supported by
a BOLI policy) for Donald A. Pitcher from $60,000 to $80,000 per year
for 15 years beginning at age 65, which when finalized (subject to
successful completion of a physical), will be filed as an exhibit to
the next filed Form 10K or 10Q of the Company.
(9) A modification to the existing Salary Continuation Plan (supported by
a BOLI policy) for Thomas M. Shepherd from $60,000 to $80,000 per year
for 15 years beginning at age 65, which when finalized (subject to
successful completion of a physical), will be filed as an exhibit to
the next filed Form 10K or 10Q of the Company.
(10) A modification to the existing Salary Continuation Plan (supported by
a BOLI policy) for Scott W. Word from $60,000 to $80,000 per year for
15 years beginning at age 65, which when finalized (subject to
successful completion of a physical), will be filed as an exhibit to
the next filed Form 10K or 10Q of the Company.
(11) James W. Andrews bonus for 2006 will be 2.5% of pre tax profits of his
department instead of the 2% previously reported.
On March 1, 2006, the Board of Directors of the Bank approved in principal
the adoption of an ESOP Plan that may be funded at the discretion of the Board.
Upon finalization of the ESOP Plan, it will be filed as an exhibit to the next
filed Form 10K or 10Q of the Company.
Item 9.01--Financial Statements and Exhibits
(a) Financial statements of business acquired. Not Applicable
(b) Pro forma financial information. Not Applicable
(c) Shell Company Transactions. Not Applicable.
(d) Exhibits
Exhibit 10.37--Bonus Pool Arrangement--Revised
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 6, 2006 By: /s/ STEPHEN H. WACKNITZ
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Stephen H. Wacknitz
Chief Executive Officer and President