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 Report (Date of earliest event reported): July 1, 1998
Commission File Number: 1-9383
WESTAMERICA BANCORPORATION
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(Exact name of registrant as specified in its charter)
CALIFORNIA
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(State of incorporation)
94-2156203
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(I.R.S. Employer Identification Number)
1108 FIFTH AVENUE, SAN RAFAEL, CALIFORNIA 94901
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(Address of principal executive offices and zip code)
(415) 257-8000
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(Registrant's area code and telephone number)
Item 5. Other Events
On June 25, 1998, 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 3,000,000 shares of its
outstanding shares of common stock. This amount represents up to
about 7.0% of the Company's currently outstanding common stock.
Under the open-ended plan, 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 plan, which is being
implemented to optimize the Company's use of equity capital and
enhance shareholder value.
Item 7: Financial Statements and Exhibits
(c) Exhibits. The following is furnished in accordance with the
provisions of Item 601 of Regulation S-K.
(99.1) Press release dated July 1, 1998.
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: /s/ Dennis R. Hansen
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Dennis R. Hansen
Senior Vice President and Controller
Dated: July 6, 1998
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INDEX TO EXHIBITS
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Sequentially
Exhibit No. Description Numbered Page
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(99.1) Press release dated 3
July 1, 1998
EXHIBIT (99.1)
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WESTAMERICA BANCORPORATION
PRESS RELEASE
For Immediate Release July 1, 1998
For additional information
Contact: E. Joseph Bowler
Westamerica Bancorporation
707-863-6840
http://www.westamerica.com
WESTAMERICA BANCORPORATION ANNOUNCES STOCK REPURCHASE PLAN
San Rafael, CA: Westamerica Bancorporation (NASDAQ: WABC) ("the
Company"), 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 3,000,000 shares of the
Company's common stock on the open market or in privately
negotiated transactions. The timing of purchases and the exact
number of shares to be purchased will depend on market conditions.
The repurchase plan represents up to about 7.0% of the Company's
currently outstanding common stock and 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 March 31, 1998, total assets were $3.8 billion and
shareholders' equity was $414.8 million. Total common shares
outstanding were 42.7 million at quarter ended March 31, 1998.
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