Harrington West Financial Group, Inc. Receives NASDAQ Notification, Considers Securities Listing Options, and Schedules the Harrington Bank Closing for November 6, 2009

SOLVANG, Calif.--(Business Wire)--
Harrington West Financial Group, Inc. (NASDAQ:HWFG) (the "Company"), the holding
company for Los Padres Bank, FSB and its division Harrington Bank, announced
today that it had received a NASDAQ Staff Deficiency Letter indicating that it
was not in compliance with NASDAQ Listing Rule 5450(b)(1)(C) because the
Company`s Market Value of Publicly Held Securities ("MVPHS") had fallen below
$5.0 million for thirty (30) consecutive trading days. The Company has 90
calendar days to correct this deficiency, which grace period will expire on
January 25, 2010. If the Company has not corrected the deficiency by the end of
the grace period, the Company will receive written notification that its
securities are subject to de-listing. The deficiency can be corrected if, at any
time during the grace period, the Company`s MVPHS closes at $5.0 million or more
for a minimum of ten (10) consecutive business days.

Since approximately 47% of the Company`s common shares are not included in the
MVPHS calculation, the Company`s MVPHS is determined on a limited number of
shares increasing the difficulty of correcting the deficiency. Accordingly, the
Company is evaluating the alternatives for listing or quotation of its common
stock including alternatives beyond regaining compliance with the Global Market
requirements.

The sale of HWFG`s Harrington Bank division in the Kansas City market to Arvest
Bank, consisting of approximately $100 million in loans and other banking assets
and $95 million in deposits, at net book value plus a $4.1 million premium is
scheduled to close on November 6, 2009. All regulatory approvals and waiting
periods have been satisfied. HWFG plans to release its September 2009 quarter
financial results during the week of November 9, 2009.

Harrington West Financial Group, Inc. is a $1.1 billion, diversified, financial
institution holding company for Los Padres Bank and its division, Harrington
Bank. HWFG operates 17 full service banking offices on the central coast of
California, Scottsdale, Arizona, and the Kansas City metro. The Company also
owns Harrington Wealth Management Company, a trust and investment management
company with $152.6 million in assets under management or custody.

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
ability to comply with the Cease and Desist Orders issued to it and its banking
subsidiary by the Office of Thrift Supervision, (ii) 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, (iii) the Company's
beliefs and expectations regarding actions that may be taken by regulatory
authorities having oversight of the operation, (iv) the Company's beliefs as to
the adequacy of its existing and anticipated allowances for loan and real estate
losses, (v) the Company's beliefs and expectations concerning future operating
results, (vi) the Company`s beliefs and expectations regarding the future
performance of the real estate or mortgage markets and its securities portfolio,
and (vii) other factors referenced in the Company`s filings with the Securities
and Exchange Commission. 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.

Harrington West Financial Group, Inc.
Craig J. Cerny, 480-596-6555
or
For share transfer information contact:
Lisa F. Watkins, 805-688-6644

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