Note 10 - Borrowed Funds

9 Months Ended

Sep. 30, 2011

Debt Disclosure [Text Block]

Note 10: Borrowed Funds

Debt financing and notes payable were as follows:

	At September 30,		At December 31,
	2011		2010
	(In thousands)
Senior fixed-rate note (1)	$	15,000	$	15,000
Subordinated fixed-rate note (2)		-		11,363
Total debt financing and notes payable - Parent	$	15,000	$	26,363

(1) Senior note, issued by Westamerica Bancorporation, originated in October 2003 and maturing October 31, 2013. Interest of 5.31% per annum is payable semiannually on April 30 and October 31, with original principal payment due at maturity.

(2) Subordinated debt, assumed by Westamerica Bancorporation March 1, 2005, originated February 22, 2001. Par amount $10,000 thousand, interest of 10.2% per annum, payable semiannually. Redeemed August 22, 2011 at a premium of approximately 5 percent of the $10,000 thousand principal amount.