Westamerica Bancorporation (NASDAQ:WABC), parent company of Westamerica
Bank, announced that its Board of Directors approved a plan to
repurchase, as conditions warrant, up to two million shares of the
Company’s common stock on the open market or
in privately negotiated transactions from time to time prior to
September 1, 2009.
Chairman, President, and CEO David Payne stated, "This stock repurchase
program is being adopted to continue to provide management with the
flexibility to optimize the Company’s use of
equity capital and enhance shareholder value. Westamerica’s
strong capital position, high level of profitability, and stable credit
quality supported the initiation of this new program."
The repurchase plan represents approximately 6.9 percent of the Company’s
common stock outstanding as of July 28, 2008, as reported on the
Company's most recent Form 10-Q filed with the Securities and Exchange
Commission (SEC) on July 31, 2008. This plan replaces the existing two
million-share stock repurchase program, under which 777 thousand shares
remained available to purchase as of June 30, 2008. The Company
routinely reports activity under stock repurchase plans on periodic Form
10-Q and Form 10-K filings with the SEC.
Westamerica Bancorporation, through its wholly owned subsidiary
Westamerica Bank, operates 86 branches and two trust offices throughout
21 counties in Northern and Central California. At June 30, 2008, total
assets were $4.2 billion and shareholders’
equity was $410 million.
Westamerica Bancorporation Web Address: www.westamerica.com
FORWARD-LOOKING INFORMATION:
The following appears in accordance with the Private Securities
Litigation Reform Act of 1995:
This press release may contain forward-looking statements about the
Company, including descriptions of plans or objectives of its management
for future operations, products or services, and forecasts of its
revenues, earnings or other measures of economic performance.
Forward-looking statements can be identified by the fact that they do
not relate strictly to historical or current facts. They often include
the words "believe," "expect," "anticipate," "intend," "plan,"
"estimate," or words of similar meaning, or future or conditional verbs
such as "will," "would," "should," "could," or "may."
Forward-looking statements, by their nature, are subject to risks and
uncertainties. A number of factors - many of which are beyond the
Company's control - could cause actual conditions, events or results to
differ significantly from those described in the forward-looking
statements. The Company's most recent annual and quarterly reports filed
with the Securities and Exchange Commission, including the Company's
Form 10-Q for the quarter ended June 30, 2008 and Form 10-K for the year
ended December 31, 2007, describe some of these factors, including
certain credit, market, operational, liquidity and interest rate risks
associated with the Company's business and operations. Other factors
described in these reports include changes in business and economic
conditions, competition, fiscal and monetary policies,
disintermediation, legislation including the Sarbanes-Oxley Act of 2002
and the Gramm-Leach-Bliley Act of 1999, and mergers and acquisitions.
Forward-looking statements speak only as of the date they are made. The
Company does not undertake to update forward-looking statements to
reflect circumstances or events that occur after the date forward
looking statements are made.
Westamerica Bancorporation
Robert A. Thorson, 707-863-6840
SVP
& Chief Financial Officer
