September 3, 2009 (FinancialWire) — Westamerica Bancorporation (NASDAQ: WABC) said it has redeemed 41,863 shares of its fixed rate cumulative perpetual preferred stock, series A at $1,000 per share. The $42 million redemption represents fifty percent of the preferred stock the company issued to the U.S. Treasury on February 13.

The redemption will require a one-time after-tax charge of $538 thousand, equivalent to around $0.02 diluted earnings per common share, to accelerate the preferred stock discount accretion.

Westamerica said that its quarterly preferred stock dividends and discount accretion will decline $553 thousand following the redemption, increasing quarterly EPS by around $0.02.

San Rafael, California-based Westamerica Bancorporation, through its Westamerica Bank subsidiary, operates 99 branches and two trust offices throughout Northern and Central California.

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