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Thursday, Mar 28, 2024
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Market Shows Interest in Temecula Valley Bancorp Stock

Trading of shares of Temecula Valley Bancorp was about 10 times the normal volume May 12 as the stock gained 52 percent to close at $1.07 on the Nasdaq exchange, often a sign of a major announcement.

“I don’t have any explanation or answer for you,” said CEO Frank Basirico, in charge since December after longtime founder, chairman and CEO Steve Wacknitz had his contract terminated.

Now operating under a cease and desist order from regulators, Basirico has been attempting to attract new capital into the troubled lender that reported nearly 8 percent of its total assets as nonperforming as of Dec. 31.

There’s lots of lookie-loos, scouring the $1.3 billion bank’s books.

Basirico said he’s signed 38 confidentiality agreements and hopes to have a definitive agreement in place within 30 to 60 days.

“We’re doing everything we know how to complete our strategic plan and goals,” he said.

In midday trading May 13, the stock under TMCV fell about 20 percent to 86 cents.

The Temecula-based bank has seven branches in San Diego County.

, Mike Allen

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