SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934
Date of the Report (Date of earliest event reported): August 26, 1999
Commission File Number: 1-9383
WESTAMERICA BANCORPORATION
- ------------------------------------------------------
(Exact name of registrant as specified in its charter)
CALIFORNIA
- ------------------------
(State of incorporation)
94-2156203
- ---------------------------------------
(I.R.S. Employer Identification Number)
1108 FIFTH AVENUE, SAN RAFAEL, CALIFORNIA 94901
- -----------------------------------------------------
(Address of principal executive offices and zip code)
(415) 257-8000
- ---------------------------------------------
(Registrant's area code and telephone number)
Item 5. Other Events
On August 26, 1999, the Board of Directors of Westamerica
Bancorporation ("the Company"), parent company of Westamerica Bank
and Bank of Lake County, approved a plan to repurchase, as
conditions warrant, up to an aggregate of 2,750,000 shares of the
Company's outstanding shares of common stock. This amount
represents about 7.2% of the Company's currently outstanding common
stock. Under the open-ended program, the Company could purchase
shares of its common stock from time to time through open-market
and privately negotiated transactions. The timing of the purchases
and the exact number of shares to be purchased will depend on
market conditions. The Company's strong capital position and
healthy profitability contributed to the initiation of this
program, which is being implemented to optimize the use of
the Company's equity capital and enhance shareholder value.
Item 7: Financial Statements and Exhibits
Exhibits: The following is furnished in accordance with the
provisions of Item 601 of Regulation S-K.
(99.1) Press release dated August 26, 1999.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned hereunto duly authorized.
WESTAMERICA BANCORPORATION
By:
------------------------------------
DENNIS R. HANSEN
Senior Vice President and Controller
Dated: August 31, 1999
- 2 -
INDEX TO EXHIBITS
- -----------------
Sequentially
Exhibit No. Description Number Page
- ----------- ------------------- ------------
(99.1) Press release dated 3
August 26, 1999
EXHIBIT (99.1)
- --------------
WESTAMERICA BANCORPORATION
PRESS RELEASE
For Immediate Release August 26, 1999
For additional information
Contact: Westamerica Bancorporation
E. Joseph Bowler
Westamerica Bancorporation
707-863-6840
www.westamerica.com
WESTAMERICA BANCORPORATION ANNOUNCES
NEW STOCK REPURCHASE PLAN
San Rafael, CA: Westamerica Bancorporation (NASDAQ: WABC),
parent company of Westamerica Bank and Bank of Lake County,
today announced that its Board of Directors approved a plan
to repurchase, as conditions warrant, up to 2.75 million
shares of the company's common stock on the open market or in
privately negotiated transactions. The repurchase plan
represents about 7.2% of the company's currently outstanding
common stock. This plan supercedes the 3.0 million share
stock repurchase program authorized in July, 1998, or which
2.9 million shares had been repurchased to date. The duration
of this program is open-ended.
Chairman, President, and CEO David Payne stated that this
stock repurchase program is being implemented to provide
management with an additional tool to optimize the company's
use of equity capital and enhance shareholder value.
Westamerica's strong capital position and healthy
profitability both contributed to the initiation of this new
program.
Westamerica Bancorporation operates as a multi-bank holding
company with 89 branches in 22 Northern and Central
California counties. At June 30, 1999, total assets were
$3.9 billion and shareholders' equity was $340.0 million.
Total common shares outstanding are approximately 38.2
million.
FORWARD-LOOKING STATEMENTS
Certain of the statements contained in this press release
that are not historical facts are forward-looking statements
within the meaning of the Private Securities Litigation
Reform Act. The Company's actual results may differ
materially from those included in the forward-looking
statements. These forward-looking statements involve risks
and uncertainties including, but not limited to, changes in
general economic conditions, competitive conditions in the
geographic and business areas in which the company conducts
its operations, regulatory, or tax changes that affect the
cost or demand for the Company's products, the resolution of
legal proceedings and related matters.