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, 2011.
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 23, 2010, as reported on the Company's most recent Form 10-Q filed with the Securities and Exchange Commission (SEC) on July 30, 2010. This plan replaces the existing two million-share stock repurchase program, under which 1.7 million shares remained available to purchase as of June 30, 2009.
Westamerica Bancorporation, through its wholly owned subsidiary Westamerica Bank, operates commercial banking offices throughout Northern and Central California. At June 30, 2010, the Company's total assets and total loans outstanding were $4.7 billion and $2.9 billion, respectively. On August 20, 2010, Westamerica announced its subsidiary bank, Westamerica Bank, entered an agreement with the Federal Deposit Insurance Corporation to purchase substantially all the assets and assume substantially all the liabilities of Sonoma Valley Bank.
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