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Westamerica Bank announces cash dividend PDF Print E-mail
Written by Business Journal staff   
Tuesday, 27 July 2010 08:59

WestamericaWestamerica Bank, which took over the assets of failed County Bank last year, announced a quarterly cash dividend of 36 cents per share payable on Aug. 13.

The dividend is payable to shareholders of record as of Aug. 2.

David Payne, chairman, president and CEO of Westamerica Bancorporation, the bank's parent company, said in a statement, “This dividend recognizes Westamerica’s healthy level of capital, stable asset quality and strong operating earnings.”

On July 13, Westamerica reported $24 million in net income for the three months ended June 30, or 80 cents diluted earnings per common share.

San Rafael-based Westamerica acquired the assets of Merced-based County Bank after federal regulators shut the bank down in February 2009. Westamerica now operates 14 branches in Fresno, Kings and Tulare counties.

Westamerica Bancorporation stock, traded on NASDAQ as WABC, was priced at $55.54, up 11 cents or 0.2% at the close of morning trading.