Key Developments For Westamerica Bancorporation
Westamerica Bancorporation (WABC.O) (Nasdaq)
Westamerica Bancorporation Declares Quarterly Cash Dividend
Westamerica Bancorporation announced that it has declared a quarterly cash dividend of $0.35 per share on common stock outstanding to shareholders of record at the close of business on November 2, 2009. The dividend is payable November 13, 2009.
Westamerica Bancorporation Redeems Preferred Stock
Westamerica Bancorporation redeemed 41,863 shares of its Fixed Rate Cumulative Perpetual Preferred Stock, Series A (Preferred Stock) at $1,000 per share. This $42 million redemption represents fifty percent of the Preferred Stock issued to the United States Department of the Treasury on February 13, 2009. This redemption will require a one-time after-tax charge of $538 thousand, equivalent to approximately $0.02 diluted earnings per common share (EPS), to accelerate the Preferred Stock discount accretion. Quarterly Preferred Stock dividends and discount accretion will decline $553 thousand following the redemption, increasing quarterly EPS by approximately $0.02. On August 27, 2009, Westamerica`s Board of Directors approved the repurchase of up to two million shares of the Company's common stock from time to time prior to September 1, 2010. This plan replaces the existing two million share repurchase program, under which 1,955 thousand shares remained available to purchase as of June 30, 2009. Under the terms of the Preferred Stock, common stock repurchases are restricted.
Westamerica Bancorporation Declares Quarterly Cash Dividend
Westamerica Bancorporation announced that its Board of Directors has declared a quarterly cash dividend of $0.35 per share on common stock outstanding to shareholders of record at the close of business on August 3, 2009. The dividend is payable August 14, 2009.
Westamerica Bancorporation Declares Quarterly Cash Dividend
Westamerica Bancorporation announced that its Board of Directors declared a quarterly cash dividend of $0.35 per share on common stock outstanding to shareholders of record at the close of business on May 4, 2009. The dividend is payable May 15, 2009.
Westamerica Bancorporation's Westamerica Bank Announces Acquisition of County Bank
Westamerica Bancorporation announced its wholly owned subsidiary bank, Westamerica Bank, entered an agreement with the Federal Deposit Insurance Corporation (FDIC) to purchase the assets and assume the deposit liabilities of County Bank (agreement). The California Department of Financial Institutions declared County Bank closed and appointed the FDIC as receiver. Thereafter, Westamerica Bank signed the agreement with the FDIC. Under the terms of the agreement, Westamerica has the option to purchase, or to assume leases on, County Bank's 39 branches. The agreement covers only the assets and liabilities of County Bank. Assets, liabilities and trust preferred debt of County Bank's former parent company Capital Corp of the West have not been purchased or assumed by Westamerica Bank or Westamerica Bancorporation. Financial terms of the transaction were not disclosed.
