July 26 - The board of directors of Westamerica Bancorp, San Rafael, Calif., (Nasdaq: WABC) has declared a quarterly cash dividend of 37 cents per common share to shareholders of record at the close of business on Aug. 5, 2013. The dividend is payable Aug. 16, 2013.
Westamerica Bancorporation's board of directors also approved a plan to repurchase, as conditions warrant, up to 2 million shares of the company's common stock on the open market or in privately negotiated transactions prior to Sept. 1, 2014. The repurchase plan represents approximately 7 percent of the company's common stock outstanding as of June 30, 2013.
"Westamerica's consistent dividend is provided from a relatively high level of profitability," said Chairman, President and CEO David Payne. "Renewal of the stock repurchase program provides flexibility in managing the company's capital. Westamerica's strong capital position, profitability level and credit quality support this new program."
Westamerica Bancorp., through its wholly owned subsidiary Westamerica Bank, operates commercial banking offices throughout Northern and Central California. At June 30, 2013, the company's assets totaled $4.8 billion.
Westamerica Bancorporation Web address: www.westamerica.com.