WASHINGTON - The Federal Reserve Board on Wednesday approved Westamerica Bancorp's seventh acquisition in the last eight years.

The San Rafael, Calif., banking company, which has $4 billion of assets, plans to take over the $90.7 million-asset First Counties Bank of Clearlake, Calif., this month. Westamerica, the 17th-largest banking organization in California, operates in 23 northern and central California counties and competes for local business primarily with Bank of America Corp. and Wells Fargo & Co.

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