Exhibit 99.1

 Harrington West Plans to Issue $10 Million of
          Trust Preferred Securities to Fund Franchise Growth

    SOLVANG, Calif.--(BUSINESS WIRE)--Aug. 18, 2004--Harrington West
Financial Group, Inc. (Nasdaq:HWFG), the holding company for Los
Padres Bank, FSB (LPB) and its division, Harrington Bank, today
announced that it had reached agreement to issue $10 million of Trust
Preferred Securities to fund the further growth if its banking
franchises. These securities will be issued by a special purpose trust
subsidiary of Harrington West and will be purchased in a private
transaction. This transaction is expected to close on or before
September 15, 2004.
    In commenting on the financing, Craig J. Cerny, Chairman and CEO
of Harrington West, stated: "This capital raising will support our
community banking expansion in all of our markets at a favorable cost
of capital to the Company. The Trust Preferred Securities provide a
30-year capital source for the Company at a spread to 3 month LIBOR
that is less than the Company's current line of credit from two
nationally recognized banks. We expect to utilize this capital readily
through the internal production of loans and deposits and,
secondarily, through our skills in investment management."
    Harrington West Financial Group, Inc. is a $1.1 billion,
diversified, financial institution holding company for Los Padres Bank
and its division Harrington Bank. It operates 13 full-service banking
operations on the central coast of California; Scottsdale, Arizona;
and the Kansas City metro. It also owns Harrington Wealth Management
Company, a trust and investment management company with $124.0 million
in assets under management or custody, and 51% of Los Padres Mortgage
Company, LLC, a joint venture mortgage origination company, with
Resource Marketing, Inc., the largest RE/MAX realty franchise in
Arizona, holding the remaining 49%.
    The trust preferred securities have not been registered under the
Securities Act of 1933, as amended, or any state securities laws, and,
unless so registered, may not be offered or sold, except pursuant to
an exemption from, or in a transaction not subject to, those laws.
This release does not constitute an offer to any person or the public
generally to subscribe for or otherwise to acquire the trust preferred
securities.
    This Release includes "forward-looking statements" within the
meaning of Section 27A of the Securities Act. All of the statements
contained in the Release, other than statements of historical fact,
should be considered forward-looking statements, including, but not
limited to, those concerning (i) the Company's strategies, objectives
and plans for expansion of its operations, products and services, and
growth of its portfolio of loans, investments and deposits, (ii) the
Company's beliefs and expectations regarding actions that may be taken
by regulatory authorities having oversight of the operation, (iii) the
Company's beliefs as to the adequacy of its existing and anticipated
allowances for loan and real estate losses and (iv) the Company's
beliefs and expectations concerning future operating results. Although
the Company believes the expectations reflected in those
forward-looking statements are reasonable, it can give no assurance
that those expectations will prove to have been correct. Investors are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date hereof and are not
intended to give any assurance as to future results. The Company
undertakes no obligation to publicly release any revisions to these
forward-looking statements to reflect events or circumstances after
the date hereof or to reflect the occurrence of unanticipated events.



    CONTACT: Harrington West Financial Group, Inc.
             Craig J. Cerny, 913-663-0180
             Gina L. Ast, 805-688-6644 (for share transfer info.)