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)
Code V Amount (A) or (D) Price
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.
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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 V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Non-Qualified Stock Option (right to buy) $ 34.5625 01/31/2008   M     600 01/28/2000(1) 01/28/2009 Common Stock 600 $ 0 167,028 D  
Non-Qualified Stock Option (right to buy) $ 34.5625 01/31/2008   M     344 01/28/2000(1) 01/28/2009 Common Stock 344 $ 0 166,684 D  
Non-Qualified Stock Option (right to buy) $ 34.5625 01/31/2008   M     600 01/28/2000(1) 01/28/2009 Common Stock 600 $ 0 166,084 D  
Non-Qualified Stock Option (right to buy) $ 34.5625 01/31/2008   M     889 01/28/2000(1) 01/28/2009 Common Stock 889 $ 0 165,195 D  
Non-Qualified Stock Option (right to buy) $ 34.5625 01/31/2008   M     764 01/28/2000(1) 01/28/2009 Common Stock 764 $ 0 164,431 D  
Non-Qualified Stock Option (right to buy) $ 34.5625 01/31/2008   M     100 01/28/2000(1) 01/28/2009 Common Stock 100 $ 0 164,331 D  
Non-Qualified Stock Option (right to buy) $ 34.5625 01/31/2008   M     306 01/28/2000(1) 01/28/2009 Common Stock 306 $ 0 164,025 D  
Non-Qualified Stock Option (right to buy) $ 34.5625 01/31/2008   M     251 01/28/2000(1) 01/28/2009 Common Stock 251 $ 0 163,774 D  
Non-Qualified Stock Option (right to buy) $ 34.5625 01/31/2008   M     1,394 01/28/2000(1) 01/28/2009 Common Stock 1,394 $ 0 162,380 D  
Non-Qualified Stock Option (right to buy) $ 34.5625 01/31/2008   M     2,101 01/28/2000(1) 01/28/2009 Common Stock 2,101 $ 0 160,279 D  
Non-Qualified Stock Option (right to buy) $ 34.5625 01/31/2008   M     313 01/28/2000(1) 01/28/2009 Common Stock 313 $ 0 159,966 D  
Non-Qualified Stock Option (right to buy) $ 34.5625 01/31/2008   M     1,000 01/28/2000(1) 01/28/2009 Common Stock 1,000 $ 0 158,966 D  
Non-Qualified Stock Option (right to buy) $ 34.5625 01/31/2008   M     200 01/28/2000(1) 01/28/2009 Common Stock 200 $ 0 158,766 D  
Non-Qualified Stock Option (right to buy) $ 34.5625 01/31/2008   M     982 01/28/2000(1) 01/28/2009 Common Stock 982 $ 0 157,784 D  
Non-Qualified Stock Option (right to buy) $ 34.5625 01/31/2008   M     900 01/28/2000(1) 01/28/2009 Common Stock 900 $ 0 156,884 D  
Non-Qualified Stock Option (right to buy) $ 34.5625 01/31/2008   M     300 01/28/2000(1) 01/28/2009 Common Stock 300 $ 0 156,584 D  
Non-Qualified Stock Option (right to buy) $ 34.5625 01/31/2008   M     200 01/28/2000(1) 01/28/2009 Common Stock 200 $ 0 156,384 D  
Non-Qualified Stock Option (right to buy) $ 34.5625 01/31/2008   M     345 01/28/2000(1) 01/28/2009 Common Stock 345 $ 0 156,039 D  
Non-Qualified Stock Option (right to buy) $ 34.5625 01/31/2008   M     100 01/28/2000(1) 01/28/2009 Common Stock 100 $ 0 155,939 D  
Non-Qualified Stock Option (right to buy) $ 34.5625 01/31/2008   M     934 01/28/2000(1) 01/28/2009 Common Stock 934 $ 0 155,005 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 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.