Westamerica Bank
| Type | Public (NASDAQ: WABC) |
|---|---|
| Industry | Banking, Financial Services |
| Predecessor(s) | Independent Bankshares Corporation |
| Founded | San Rafael, California, U.S. (1973) |
| Headquarters | San Rafael, California, U.S. |
| Number of locations | 90 Branches, 2 Trust Offices |
| Area served | California |
| Key people | David Payne (Chairman & CEO) |
| Revenue |  US$ 213.7 million (2008) |
| Operating income | US$ 125.9 million (2008) |
| Net income | US$ 95.1 million (2008) |
| Total assets | US$ 5 billion (2008) |
| Employees | 1,200 (2009) |
| Parent | Westamerica Bancorporation |
| Website | [1] |
Westamerica Bancorporation is the holding company for Westamerica Bank and its subsidiaries. The company is headquartered in San Rafael, California making Westamerica Bank the seventh largest bank headquartered in the state.[1] The bank has over five billion dollars in assets, with over 90 branches in Northern and Central California. Westamerica Bank is a regional community bank and is rated as one of the top four banks in the United States for financial strength and stability.[1]
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[edit] Company history
Formed in 1972 under the name of Independent Bankshares Corporation, the holding company consolidated three previously unaffiliated banks: Bank of Marin, Bank of Sonoma County, and First National Bank of Mendocino County. First National Bank of Mendocino County was and still is the oldest bank to be acquired by Westamerica, chartered in 1886. The new structure began operations in 1973 setting out to create a stronger community bank network. In 1983, the corporation and subsidiary banks changed their name to Westamerica Bank.
Since the 1970s Westamerica Bancorporation has followed a policy of slow growth acquisitions, conversions and mergers of subsidiary banks. Westamerica Bank continues to follow a policy of disciplined pricing, cost control and high credit quality standards. The current Chairman and CEO, David Payne, has led the bank since 1985. His grandfather had been chairman of Vaca Valley Bank, a subsidiary bank that eventually was merged into Westamerica.
[edit] Products and services
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Personal Banking. Westamerica offers multiple checking, savings and money market account options. "Free Checking for Life" is available with no minimum balance, monthly fee or direct deposit requirement. Westamerica is a community bank with a focus on transaction accounts and personal service. The bank is one of the few that process credits before debits, meaning deposits are credited to your account every business day before debits or withdrawals.
Business Banking. Westamerica offers multiple checking, savings and money market account options for small businesses and corporations. With Westamerica, customers have access to the resources and ranges of services of a big bank, combined with the flexibility and personal attention of a small bank. The banks offers account analysis and merchant services options to its customers.
Westamerica Bank also provides financial planning, loans, mortgages and lines of credit. Branches are open weekdays, with many also open on Saturdays. 24 hour banking is available at no charge to customers at 1-800-848-1088. The 24 hour customer call center is available year round and based out of Fairfield, California. Online banking is available, as well as a network of 130 Automated Teller Machines (ATMs) at no charge. Customer debit and credit cards are issued by Visa and accepted worldwide.
[edit] Branch locations
[edit] North Coast
Lake County (5), Mendocino County (2)
[edit] Sacramento Valley
Nevada County (2), Placer County (2), Sacramento County (3), Stanislaus County (5), Yolo County (1)
[edit] San Francisco Bay Area
Alameda County (3), Contra Costa County (5), Marin County (11), Napa County (7), San Francisco County (1), Santa Clara County (1), Solano County (4), Sonoma County (10)
[edit] San Joaquin Valley
Fresno County (14), Kern County (4), Kings County (1), Madera County (1), Mariposa County (1), Merced County (7), Tulare County (3), Tuolumne County (1)
[edit] Bank ratings
Westamerica Bank was ranked #3 among all banks in the United States in 2008, up from #6 in 2007.[2] This ranking was higher than any of the top ten largest banks operating in the United States, including US Bank and Wells Fargo. According to USBanker, Westamerica was rated as "the best of the bunch" in 2009 among mid-tier banks between 2 and 10 billion dollars in total assets.[3] Westamerica Bank earned the highest credit rating of AAA from Fitch Ratings in 2008 and was classified as stable.[4]
