Edgar Filing: WESTAMERICA BANCORPORATION

Ownership Submission

FORM 4

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:

3235-0287

Expires:

January 31, 2005

Estimated average burden hours per response...

0.5

(Print or Type Responses)

1. Name and Address of Reporting Person ^*

PAYNE DAVID L

2. Issuer Name and Ticker or Trading Symbol
WESTAMERICA BANCORPORATION [WABC]

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

__X__ Director	_____ 10% Owner
__X__ Officer (give title below)	_____ Other (specify below)
Chairman, President & CEO

(Last)

(First)

(Middle)

3. Date of Earliest Transaction (Month/Day/Year)
07/30/2007

(Street)

4. If Amendment, Date 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

(City)

(State)

(Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1.Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	07/30/2007		M		4,342	A	$ 32.7917	4,342	D
Common Stock	07/30/2007		S		4,342	D	$ 40.84	0	D
Common Stock	07/30/2007		M		20	A	$ 32.7917	20	D
Common Stock	07/30/2007		S		20	D	$ 41.05	0	D
Common Stock	07/30/2007		M		100	A	$ 32.7917	100	D
Common Stock	07/30/2007		S		100	D	$ 41.03	0	D
Common Stock	07/30/2007		M		799	A	$ 32.7917	799	D
Common Stock	07/30/2007		S		799	D	$ 41.02	0	D
Common Stock	07/30/2007		M		1,420	A	$ 32.7917	1,420	D
Common Stock	07/30/2007		S		1,420	D	$ 41.01	0	D
Common Stock	07/30/2007		M		1,043	A	$ 32.7917	1,043	D
Common Stock	07/30/2007		S		1,043	D	$ 41	0	D
Common Stock	07/30/2007		M		1,520	A	$ 32.7917	1,520	D
Common Stock	07/30/2007		S		1,520	D	$ 40.99	0	D
Common Stock	07/30/2007		M		707	A	$ 32.7917	707	D
Common Stock	07/30/2007		S		707	D	$ 40.98	0	D
Common Stock	07/30/2007		M		1,469	A	$ 32.7917	1,469	D
Common Stock	07/30/2007		S		1,469	D	$ 40.97	0	D
Common Stock	07/30/2007		M		556	A	$ 32.7917	556	D
Common Stock	07/30/2007		S		556	D	$ 40.96	0	D

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
	Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.		SEC 1474 (9-02)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security
(Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code
(Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date
(Month/Day/Year)

7. Title and Amount of Underlying Securities
(Instr. 3 and 4)

8. Price of Derivative Security
(Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)

11. Nature of Indirect Beneficial Ownership
(Instr. 4)

Code

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Non-Qualified Stock Option (right to buy)

$ 32.7917

07/30/2007

4,342

01/21/1999⁽¹⁾

01/21/2008

Common Stock

4,342

$ 0

124,377

Non-Qualified Stock Option (right to buy)

$ 32.7917

07/30/2007

01/21/1999⁽¹⁾

01/21/2008

Common Stock

$ 0

124,357

Non-Qualified Stock Option (right to buy)

$ 32.7917

07/30/2007

100

01/21/1999⁽¹⁾

01/21/2008

Common Stock

100

$ 0

124,257

Non-Qualified Stock Option (right to buy)

$ 32.7917

07/30/2007

799

01/21/1999⁽¹⁾

01/21/2008

Common Stock

799

$ 0

123,458

Non-Qualified Stock Option (right to buy)

$ 32.7917

07/30/2007

1,420

01/21/1999⁽¹⁾

01/21/2008

Common Stock

1,420

$ 0

122,038

Non-Qualified Stock Option (right to buy)

$ 32.7917

07/30/2007

1,043

01/21/1999⁽¹⁾

01/21/2008

Common Stock

1,043

$ 0

120,995

Non-Qualified Stock Option (right to buy)

$ 32.7917

07/30/2007

1,520

01/21/1999⁽¹⁾

01/21/2008

Common Stock

1,520

$ 0

119,475

Non-Qualified Stock Option (right to buy)

$ 32.7917

07/30/2007

707

01/21/1999⁽¹⁾

01/21/2008

Common Stock

707

$ 0

118,768

Non-Qualified Stock Option (right to buy)

$ 32.7917

07/30/2007

1,469

01/21/1999⁽¹⁾

01/21/2008

Common Stock

1,469

$ 0

117,299

Non-Qualified Stock Option (right to buy)

$ 32.7917

07/30/2007

556

01/21/1999⁽¹⁾

01/21/2008

Common Stock

556

$ 0

116,743

Reporting Owners

Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
PAYNE DAVID L	X		Chairman, President & CEO

Signatures

/s/ David L. Payne		08/01/2007
^**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(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).
(1)	Options vest ratably over three years beginning one year from date of grant.
Remarks: This is filing #1 of three filings.

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB number.