N@N

Harrington West Announces the Second Closing of Equity Capital with Concordia

_{//business-finance.news-articles.net/content/200 .. nd-closing-of-equity-capital-with-concordia.html}
^{Published in Business and Finance on Tuesday, December 30th 2008 at 13:51 GMT, Last Modified on 2008-12-30 13:52:00 by Market Wire}  

SOLVANG, Calif.--([ BUSINESS WIRE ])--Harrington West Financial Group, Inc. (NASDAQ:HWFG), the holding company for Los Padres Bank, FSB and its division Harrington Bank, today announced that it completed the second closing (Second Closing) of its private placement of shares of common and preferred stock to Concordia Financial Services Fund L.P. (Concordia). This Second Closing follows an original closing on September 29, 2008 and was contingent upon HWFG's receipt of shareholder approval of the Second Closing and Concordia's agreement with the Office of Thrift Supervision on its Rebuttal of Control application concerning its investment in HWFG. Both conditions were recently satisfied. In today's Second Closing, Concordia purchased 581,232 shares of common stock at $6.25 per share and 78,243 shares of Series A, non-cumulative perpetual preferred stock at $25 per share with an 8% annual dividend convertible into 4 shares of common ($6.25 conversion price) for $5.6 million in total consideration represented by $1.1 million in cash and a short term note for $4.5 million. This note allows for the draw down of funds from various Concordia investors over the Holidays. On September 29, 2008, Concordia purchased 458,768 shares of common stock and 61,757 shares of Series A preferred stock on the same terms for $4.4 million in gross proceeds. After the Second Closing, Concordia owns 20.1% of HWFG, assuming the full conversion of its preferred shares into common stock.

Harrington West Financial Group, Inc. is a $1.2 billion, diversified, financial institution holding company for Los Padres Bank and its division Harrington Bank. HWFG operates 17 full service banking offices on the central coast of California, the Phoenix, Arizona metro, and the Kansas City metro. The Company also owns Harrington Wealth Management Company, a trust and investment management company with $182.7 million in assets under management or custody.

Concordia Financial Services Fund, L.P. is a private equity fund focused on making value added and cooperative investments exclusively in the financial services sector. The fund was started by Mr. Kelvin Lee and Mr. Steven Canup, who bring varied and extensive experience in the community banking and mortgage sectors. Concordia is managed by Concordia Capital Advisors, LLC, based in Beverly Hills, California.

This Release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act.All of the statements contained in the Release, other than statements of historical fact, should be considered forward-looking statements, including, but not limited to, those concerning (i) the Company's strategies, objectives and plans for expansion of its operations, products and services, and growth of its portfolio of loans, investments and deposits, (ii) the Company's beliefs and expectations regarding actions that may be taken by regulatory authorities having oversight of the operation, (iii) the Company's beliefs as to the adequacy of its existing and anticipated allowances for loan and real estate losses, (iv) the Company's beliefs and expectations concerning future operating results and (v) other factors referenced in the Company's filings with the Securities and Exchange Commission. Although the Company believes the expectations reflected in those forward-looking statements are reasonable, it can give no assurance that those expectations will prove to have been correct. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof and are not intended to give any assurance as to future results. The Company undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.