Westamerica Bancorporation Announces Stock Repurchase Plan
July 23 2020 - 05:24PM
Westamerica Bancorporation’s Board of Directors approved a plan to
repurchase, as conditions warrant, up to 1,750,000 shares of the
Company’s common stock on the open market or in privately
negotiated transactions prior to September 1, 2021. The repurchase
plan represents approximately 6.5 percent of the Company’s common
stock outstanding as of June 30, 2020.
Chairman, President and CEO David Payne stated, “This share
repurchase program recognizes Westamerica’s consistent
profitability, healthy capital level, and solid asset quality.”
On July 16, 2020, Westamerica reported $20 million in net income
for the three months ended June 30, 2020 or $0.72 diluted earnings
per common share.
Westamerica Bancorporation, through its wholly owned subsidiary,
Westamerica Bank, operates banking and trust offices throughout
Northern and Central California.
Westamerica Bancorporation Web Address:
www.westamerica.com
For additional information contact:Westamerica
Bancorporation1108 Fifth Avenue, San Rafael, CA 94901Robert A.
Thorson – SVP & Chief Financial
Officer707-863-6840investments@westamerica.com
FORWARD-LOOKING INFORMATION:
The following appears in accordance with the Private Securities
Litigation Reform Act of 1995:
This press release may contain forward-looking statements about
the Company, including descriptions of plans or objectives of its
management for future operations, products or services, and
forecasts of its revenues, earnings or other measures of economic
performance. Forward-looking statements can be identified by the
fact that they do not relate strictly to historical or current
facts. They often include the words "believe," "expect,"
"anticipate," "intend," "plan," "estimate," or words of similar
meaning, or future or conditional verbs such as "will," "would,"
"should," "could," or "may."
Forward-looking statements, by their nature, are subject to
risks and uncertainties. A number of factors — many of which are
beyond the Company's control — could cause actual conditions,
events or results to differ significantly from those described in
the forward-looking statements. The Company's most recent reports
filed with the Securities and Exchange Commission, including the
annual report for the year ended December 31, 2019 filed on Form
10-K and quarterly report for the quarter ended March 31, 2020
filed on Form 10-Q, describe some of these factors, including
certain credit, interest rate, operational, liquidity and market
risks associated with the Company's business and operations. Other
factors described in these reports include changes in business and
economic conditions, competition, fiscal and monetary policies,
disintermediation, cyber security risks, legislation including the
Dodd-Frank Wall Street Reform and Consumer Protection Act of 2011,
the Sarbanes-Oxley Act of 2002 and the Gramm-Leach-Bliley Act of
1999, and mergers and acquisitions.
Forward-looking statements speak only as of the date they are
made. The Company does not undertake to update forward-looking
statements to reflect circumstances or events that occur after the
date forward looking statements are made.
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