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): April 2, 2008
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TEMECULA VALLEY BANCORP INC.
(Exact name of Registrant as specified in its charter)
California 46-0476193
(State or other (Commission (I.R.S. Employer
jurisdiction 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 Material Definitive Agreement.
On April 2, 2008, the Board of Directors of Temecula Valley Bank
("Bank"), the principal subsidiary of Temecula Valley Bancorp Inc., upon the
recommendation of its Executive Officer Compensation Committee, approved changes
in executive officer compensation and responsibilities. These changes are
described in the attached exhibit.
Item 1.02 - Termination of Material Definitive Agreement.
On April 7, 2008, the employment agreement of William McGaughey, Senior
Executive Vice President/Treasurer/Director of Capital Markets terminated due to
the termination by Mr. McGaughey of his employment with our bank.
Item 5.02 - Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On April 2, 2008, the Board of Directors of our Bank, upon the
recommendation of its Executive Officer Compensation Committee, approved the
reassignment of one officer. These changes are described in the attached
exhibit.
Item 9.01 - Financial Statements and Exhibits.
(a) Financial Statements of Businesses Acquired. Not applicable.
(b) Pro Forma Financial Information. Not applicable.
(c) Shell Company Transactions. Not applicable.
(d) Exhibits.
Exhibit No. Description
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10.1 Executive Officer Compensation and Responsibilities
10.2 Executive Officer Reappointment
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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: April 7, 2008 By: /s/ STEPHEN H. WACKNITZ
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Stephen H. Wacknitz
Chief Executive Officer and
President