SEC FORM 3

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

MARTIN WILLIAM E

(Last)

(First)

(Middle)

8363 W. SUNSET ROAD, SUITE 350

(Street)

LAS VEGAS

89113

(City)

(State)

(Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
10/28/2010

3. Issuer Name and Ticker or Trading Symbol
WESTERN LIBERTY BANCORP [ WLBC ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	Chief Executive Officer

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock, par value $0.0001 per share	19,086	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
Options⁽¹⁾	⁽²⁾	12/20/2017	Common Stock, par value $0.0001 per share	23,798	$21.01	D
Restricted Stock	⁽³⁾	⁽³⁾	Common Stock, par value $0.0001 per share	155,279	⁽³⁾	D

Explanation of Responses:

1. Options previously issued to Reporting Person in connection with his service as an officer and director of Service1st prior to Western Liberty Bancorp's ("WLBC") acquisition of Service1st (the "Acquisition") and were converted upon consummation of the Acquisition into options of similar tenor to purchase shares of WLBC common stock.

2. Represents 23,798 options that will vest on December 31, 2012 if Service1st's total deposits are equal to or greater than $750 million as of that date.

3. Represents a restricted stock grant that vests in equal installments on each of the first 5 anniversaries of the grant date and that will otherwise automatically vest in full upon a change in control.

Remarks:

Exhibit - Exhibit 24 - Power of Attorney

	/s/ George A. Rosenbaum, Jr., Attorney-in-fact	11/08/2010
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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