Westamerica Bancorporation Announces Stock Repurchase Plan.Business EditorsSAN RAFAEL San Rafael (săn rəfĕl`), residential city (1990 pop. 48,404), seat of Marin co., W Calif., a suburb of San Francisco on the northern shore of San Francisco Bay; inc. 1913. , Calif.--(BUSINESS WIRE)--July 26, 2001 Westamerica Bancorporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : WABC WABC Worldwide Association of Business Coaches WABC Westamerica Bancorporation (NASDAQ symbol) WABC World Aquatic Babies Congress WABC World Association of Business Coaches WABC World Aquatic Babies & Children ), parent company of Westamerica Bank Westamerica Bank is a regional community-bank with 87 branches and two trust offices in 21 northern and central California counties. It is headquartered in San Rafael, California. Rated as one of California's strongest and healthiest banks, Westamerica has over $5. , today announced that its Board of Directors approved a plan to repurchase, as conditions warrant, up to 2.0 million shares of the Company's common stock on the open market or in privately negotiated transactions. The repurchase plan represents approximately 5.7% of the Company's currently outstanding common stock. This plan supercedes the 2.75 million-share stock repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. program authorized in August 2000, of which 2.3 million shares have been repurchased to date. The duration of the program is open-ended and the timing of purchases will depend on market conditions. Chairman, President, and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. 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 allowance for loan losses supported the initiation of this new program. Westamerica Bancorporation is the holding company for Westamerica Bank operating through 94 branches throughout 24 counties in Northern and Central California. At June 30, 2001, total assets were $3.9 billion and shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. was $318 million. Total common shares outstanding are approximately 35.1 million. FORWARD-LOOKING STATEMENTS This press release includes forward-looking information which is subject to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. created by Section 27A of the Securities Act of 1993, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements (which involve the Company's plans, beliefs and goals, refer to estimates or use similar terms) involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such risks and uncertainties include, but are not limited to, the following factors: competitive pressure in the banking industry; changes in the interest rate environment; a potential decline in the health of the economy, either nationally or regionally; the deterioration of credit quality, which could cause an increase in the provision for possible loan and lease losses; changes in the regulatory environment; changes in business conditions, particularly in the California real estate market; certain operational risks involving date processing systems or fraud; volatility of rate sensitive deposits; asset/liability matching risks and liquidity risks; and changes in the securities markets. The Company undertakes no obligation to revise or publicly release the results of any revision to these forward-looking statements. For additional information concerning risks and uncertainties related to the Company and its operations please refer to the Company's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 31, 2000. |
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