Trust Preferred Securities of a Subsidiary of Temecula Valley Bancorp subject to a NASDAQ Delisting Notification Providing 90...
27 März 2009 - 11:50PM
Business Wire
Temecula Valley Bancorp Inc. announced today, relative only to
the trust preferred securities (NASDAQ: TMPR) issued by its
subsidiary, Temecula Valley Statutory Trust VI (�TRUP VI�), the
receipt of a letter dated March 23, 2009 from the Listing
Qualifications Staff of The NASDAQ Stock Market LLC (�Staff�)
indicating that the trading price of the TRUP VI securities has
resulted in non-compliance with the $1,000,000 minimum market value
of listed securities requirement set forth in NASDAQ Marketplace
Rule 4450(c)(1).
This notification does not relate, in any way, to the common
stock of Temecula Valley Bancorp Inc. (�Company�).
Moreover, there is no change in the trading of the TRUP VI
securities on NASDAQ Global Market at this time except that the
Staff letter stated that an indicator will be displayed with
quotation information related to the TRUP VI securities. The Staff
advised that compliance can be regained if, at any time before June
22, 2009, the market value of the TRUP VI securities is $1,000,000
or more for a minimum of 10 consecutive trading days.
If compliance is not regained by June 22, 2009, the Staff will
send notification that the TRUP VI securities will be delisted.
However, the Staff�s determination to delist the TRUP VI securities
can be appealed to a Listing Qualifications Panel. During any
appeal process, the TRUP VI securities would continue to trade on
The NASDAQ Global Market. However, if the Company does not believe
that it will be able to regain compliance with NASDAQ Marketplace
Rule 4450(c)(1), the Company will not appeal the decision.
Statements concerning future performance, developments, or
events concerning expectations for market performance, stock prices
and market forecasts, and any other guidance on future periods,
constitute forward-looking statements that are subject to a number
of risks and uncertainties. Actual results may differ materially
from stated expectations. Specific factors include, but are not
limited to, the ongoing significant economic downturn, the stagnant
capital markets, the regulatory environment, financial policies of
the U.S. government, the effect of interest rate changes, the
ability to control costs and expenses and the impact of failures
and consolidation in the banking industry. Additional information
on these and other factors that could affect financial results are
included in the filings made with the Securities and Exchange
Commission by the Company including its Form 10-K for 2008. The
Company undertakes no obligation to update forward-looking
statements, whether as a result of new information, future events,
or otherwise.
Temecula Valley Bancorp Inc. (CA) - 9.45% Trust Preferred (MM) (NASDAQ:TMPR)
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