SAN RAFAEL, CA - Westamerica Bancorporation (NASDAQ:WABC), a commercial bank holding company with a strong dividend track record spanning 50 consecutive years, reported significant executive changes in a recent SEC filing.
The company, which maintains a "Good" financial health rating according to InvestingPro analysis, announced the retirement of John "Robert" A. Thorson, its Senior Vice President and Treasurer, effective January 24, 2025. Thorson's departure comes after more than 35 years with the firm.
Following Thorson's retirement, Westamerica Bancorporation has appointed John Sousa as the new Senior Vice President and Treasurer, with his tenure beginning on January 27, 2025. Sousa, who joined the company in July 2024 as Vice President and Assistant Treasurer, previously managed investment portfolio, wholesale funding, and derivatives execution at Bank of the West for over thirteen years.
This transition marks a significant change in the organization's leadership, especially in its financial management team. The information disclosed is based on a press release statement filed with the Securities and Exchange Commission as of January 23, 2025.
Westamerica Bancorporation is headquartered at 1108 Fifth Avenue, San Rafael, California, and operates under the Central Index Key number 0000311094. The company is incorporated in California and has been previously known as Independent (LON:IOG) Bankshares Corp before a name change in 1983.
According to InvestingPro analysis, the stock appears slightly undervalued, with analysts setting price targets between $54 and $60. The announcement is a regulatory requirement and is part of Westamerica Bancorporation's ongoing disclosure obligations. For comprehensive financial insights and additional ProTips, explore undervalued opportunities with InvestingPro.
In other recent news, Westamerica Bancorporation has made significant strides in its financial performance. The company's Board of Directors declared a quarterly cash dividend of $0.44 per share, underscoring Westamerica's robust financial position. This announcement followed the company's report of $35.1 million in net income for the quarter ending in September 2024, translating to $1.31 diluted earnings per share.
Similarly, the company had previously reported a net income of $35.5 million for the quarter ending June 30, 2024, which translated to $1.33 diluted earnings per share. Both earnings reports indicate a consistent profitability trend for the company.
In relation to analyst perspectives, financial firms Piper Sandler and Keefe, Bruyette & Woods have adjusted their outlooks for Westamerica due to decreased revenues and lower earnings estimates.
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