Westamerica files $96.28 million TARP preferreds, warrants for trading

By Susanna Moon

Chicago, March 13 - Westamerica Bancorp. registered the $83.73 million of series A fixed-rate cumulative perpetual preferred stock it sold to the U.S. Treasury under the Troubled Asset Relief Program for public trading in an S-3 shelf registration with the Securities and Exchange Commission.

Also covered under the registration is $12.56 million warrants to purchase 246,640 common shares, exercisable at $50.92 until Feb. 13, 2019.

The preferreds pay cumulative dividends at 5% per year until Feb. 13, 2014, after which they step up to 9%.

The preferreds may not be redeemed prior to May 15, 2012 unless the company has obtained proceeds from one or more equity offerings of $20.93 million.

San Rafael, Calif.-based Westamerica said it will not receive proceeds from the reselling holders.

Issuer:	Westamerica Bancorp.
Issue:	Series A preferred stock
Amount:	$83,726,000 (plus $12,558,909 warrants)
Maturity:	Perpetual
Dividend:	5%, steps up to 9% after five years
Call option:	Before May 15, 2012 only with proceeds from equity offering(s) of $20,931,500; afterward at par
Warrants:	For 246,640 shares
Warrant exercise price:	$50.92
Warrant expiration:	Feb. 13, 2019

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