Edgar Filing: PAYNE DAVID L

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

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(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)
01/31/2008

(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	01/31/2008		S		200	D	$ 48.12	6,422	D
Common Stock	01/31/2008		M		100	A	$ 34.5625	6,522	D
Common Stock	01/31/2008		S		100	D	$ 48.13	6,422	D
Common Stock	01/31/2008		M		600	A	$ 34.5625	7,022	D
Common Stock	01/31/2008		S		600	D	$ 48.16	6,422	D
Common Stock	01/31/2008		M		200	A	$ 34.5625	6,622	D
Common Stock	01/31/2008		S		200	D	$ 48.17	6,422	D
Common Stock	01/31/2008		M		100	A	$ 34.5625	6,522	D
Common Stock	01/31/2008		S		100	D	$ 48.18	6,422	D
Common Stock	01/31/2008		M		300	A	$ 34.5625	6,722	D
Common Stock	01/31/2008		S		300	D	$ 48.2	6,422	D
Common Stock	01/31/2008		M		100	A	$ 34.5625	6,522	D
Common Stock	01/31/2008		S		100	D	$ 48.205	6,422	D
Common Stock	01/31/2008		M		200	A	$ 34.5625	6,622	D
Common Stock	01/31/2008		S		200	D	$ 48.23	6,422	D
Common Stock	01/31/2008		M		100	A	$ 34.5625	6,522	D
Common Stock	01/31/2008		S		100	D	$ 48.24	6,422	D
Common Stock	01/31/2008		M		300	A	$ 34.5625	6,722	D
Common Stock	01/31/2008		S		300	D	$ 48.25	6,422	D
Common Stock	01/31/2008		M		200	A	$ 34.5625	6,622	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)

$ 34.5625

01/31/2008

600

01/28/2000⁽¹⁾

01/28/2009

Common Stock

600

$ 0

167,028

Non-Qualified Stock Option (right to buy)

$ 34.5625

01/31/2008

344

01/28/2000⁽¹⁾

01/28/2009

Common Stock

344

$ 0

166,684

Non-Qualified Stock Option (right to buy)

$ 34.5625

01/31/2008

600

01/28/2000⁽¹⁾

01/28/2009

Common Stock

600

$ 0

166,084

Non-Qualified Stock Option (right to buy)

$ 34.5625

01/31/2008

889

01/28/2000⁽¹⁾

01/28/2009

Common Stock

889

$ 0

165,195

Non-Qualified Stock Option (right to buy)

$ 34.5625

01/31/2008

764

01/28/2000⁽¹⁾

01/28/2009

Common Stock

764

$ 0

164,431

Non-Qualified Stock Option (right to buy)

$ 34.5625

01/31/2008

100

01/28/2000⁽¹⁾

01/28/2009

Common Stock

100

$ 0

164,331

Non-Qualified Stock Option (right to buy)

$ 34.5625

01/31/2008

306

01/28/2000⁽¹⁾

01/28/2009

Common Stock

306

$ 0

164,025

Non-Qualified Stock Option (right to buy)

$ 34.5625

01/31/2008

251

01/28/2000⁽¹⁾

01/28/2009

Common Stock

251

$ 0

163,774

Non-Qualified Stock Option (right to buy)

$ 34.5625

01/31/2008

1,394

01/28/2000⁽¹⁾

01/28/2009

Common Stock

1,394

$ 0

162,380

Non-Qualified Stock Option (right to buy)

$ 34.5625

01/31/2008

2,101

01/28/2000⁽¹⁾

01/28/2009

Common Stock

2,101

$ 0

160,279

Non-Qualified Stock Option (right to buy)

$ 34.5625

01/31/2008

313

01/28/2000⁽¹⁾

01/28/2009

Common Stock

313

$ 0

159,966

Non-Qualified Stock Option (right to buy)

$ 34.5625

01/31/2008

1,000

01/28/2000⁽¹⁾

01/28/2009

Common Stock

1,000

$ 0

158,966

Non-Qualified Stock Option (right to buy)

$ 34.5625

01/31/2008

200

01/28/2000⁽¹⁾

01/28/2009

Common Stock

200

$ 0

158,766

Non-Qualified Stock Option (right to buy)

$ 34.5625

01/31/2008

982

01/28/2000⁽¹⁾

01/28/2009

Common Stock

982

$ 0

157,784

Non-Qualified Stock Option (right to buy)

$ 34.5625

01/31/2008

900

01/28/2000⁽¹⁾

01/28/2009

Common Stock

900

$ 0

156,884

Non-Qualified Stock Option (right to buy)

$ 34.5625

01/31/2008

300

01/28/2000⁽¹⁾

01/28/2009

Common Stock

300

$ 0

156,584

Non-Qualified Stock Option (right to buy)

$ 34.5625

01/31/2008

200

01/28/2000⁽¹⁾

01/28/2009

Common Stock

200

$ 0

156,384

Non-Qualified Stock Option (right to buy)

$ 34.5625

01/31/2008

345

01/28/2000⁽¹⁾

01/28/2009

Common Stock

345

$ 0

156,039

Non-Qualified Stock Option (right to buy)

$ 34.5625

01/31/2008

100

01/28/2000⁽¹⁾

01/28/2009

Common Stock

100

$ 0

155,939

Non-Qualified Stock Option (right to buy)

$ 34.5625

01/31/2008

934

01/28/2000⁽¹⁾

01/28/2009

Common Stock

934

$ 0

155,005

Reporting Owners

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

Signatures

By: /s/ David L. Payne		02/04/2008
^**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 #3 of 9 filings for this date for the reporting person.

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.