Regional Banks

Westamerica Bancorporation

The Company

Westamerica Bancorporation <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: WABC)") else Response.Write("(Nasdaq: WABC)") end if %> is the holding company for three community banks: Westamerica Bank, Bank of Lake County and Napa Valley Bank. Westamerica has over 55 offices in Northern California. The company's growth has occurred primarily as a result of well-managed acquisitions (slicing an average of 58% off the noninterest expense of its acquisitions). The company's CEO, David Payne, does not hail from a banking background and has imparted a sales-driven orientation to the company's bank culture. Westamerica leverages a laptop toting, roving sales force that drums up business in order to compete with larger banks. Trading at about 12 times next year's earnings estimate with a stellar return on equity (ROE), Westamerica is poised for continued success.

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