Richard W. Wright, 80, has resigned from the boards of Temecula Valley Bancorp Inc. and its bank subsidiary for health reasons, the California company said Monday.
Wright had been a director of the bank since 1996, the year it was founded, and of the holding company since 2002.
Neil M. Cleveland, Temecula Valley Bancorp's chairman, said in a press release: "Dick has been with us since the beginning. He was always a voice of reason and a judicious participant as a board member. We wish him well and will all miss him very much."
The $1.5 billion-asset Temecula Valley Bancorp had said this month that its survival was in doubt. Credit problems have left it undercapitalized.
The company is trying to shrink its balance sheet to bolster capital ratios, and it has hired an investment bank to secure outside infusions or identify potential acquirers, but it said in its annual securities filing that it is unsure whether those efforts will pay off.