Temecula Valley bank parent to file bankruptcy: Temecula Valley Bancorp, parent of failed Temecula Valley Bank, said in a recent

Temecula Valley Bank Parent To File Bankruptcy: Temecula Valley Bancorp, parent of failed Temecula Valley Bank, said in a recent securities filing it will file for bankruptcy protection. That's not unusual as once the holding company's primary asset is gone, there's not much left.

[ILLUSTRATION OMITTED]

Frank Mercardante, former CEO of Discovery Bank, said he followed a similar path after the Bank of San Diego failed in early 1993. The bank's parent has bills to pay without the means, so it seeks court protection.

TVB, with six of 11 offices in San Diego County, was seized by regulators July 17 after it failed to raise capital levels. The bank is now owned by First Citizens Bank & Trust in North Carolina.

In other TVB news, CEO Frank Basirico and President and COO Martin Plourd resigned from their positions and from the company s board of directors.

Send any finance news of local institutions to Mike Allen via e-mail at mallen@sdbj.com. He can be reached at 858-277-6359.

Print Get the Mag Weekly Updates