<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (date of earliest event reported): January 16, 1998
BSM BANCORP
(Exact name of registrant as specified in its charter)
California 333-16951 No. 77-0442667
(State or other jurisdiction (Commission File (IRS Employer
of incorporation) Number) Identification No.)
2739 Santa Maria Way, Santa Maria, California 93455
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (805) 937-8551
Not applicable
(Former name or former address, if changed since last report)
<PAGE>
Item 5: OTHER EVENTS
Attached hereto as Exhibit 99 is a Press Release announcing:
(1) BSM Bancorp's financial results for the year ended December 31, 1997.
Final audited financial statements with additional analysis will be filed
as part of the Company's Form 10-K in March, 1998.
(2) An increase in BSM Bancorp's common stock dividend.
Item 7: FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits
99 (1) Copy of the aforementioned Press Release.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized, on January 16, 1998.
BSM BANCORP
By: /s/ F. Dean Fletcher
------------------------
F. Dean Fletcher
Executive Vice President
Chief Financial Officer
<PAGE>
EXHIBIT 99
FOR IMMEDIATE RELEASE
January 16, 1998
For additional information contact: William Hares, President/CEO, ph. 937-8551,
ext.300
LOCAL BANK BEGINS ITS 20TH YEAR WITH RECORD BREAKING EARNINGS
As the Bank of Santa Maria enters its twentieth year serving local communities,
earnings and assets reached an all time high. "It's gratifying to see that
there still is a place for a good community bank here on the Central Coast,
particularly with the rapid changes occurring in the banking industry." stated
William Hares, President/CEO.
1997 end of year figures for BSM Bancorp, the parent company of Bank of Santa
Maria, reveal a 7% growth in assets from $321.4 million in 1996 to $344.4
million in 1997. Income went up to $4.2 million in 1997 from $3.5 million in
1996, a 21% increase; and loans and deposits both grew approximately 7 % from
1996 to 1997.
"This past year the Bank has made a tremendous effort to expand services and to
fill the void left by the larger banks, especially in the small business and
home lending area. The Bank added staff and a wide range of products at the
beginning of the year to our mortgage department, with the result of
approximately $20,000,000 loaned to local home buyers in the last eight months.
For local business, the Bank established a microenterprise fund and expanded our
SBA program, which includes the addition of the new, one page SBA Low Doc
program. Local business received a total of $3,021,000 in SBA guaranteed loans
from the Bank in 1997.
The Bank of Santa Maria also introduced home computer banking, and added two
branches in Lompoc and Atascadero. "All in all, it's been one heck of a year!"
concluded William Hares.
<PAGE>
The Directors of BSM Bancorp are sharing last year's success with shareholders
by granting a cash dividend of $.30 per share payable to shareholders of record
as of January 26, 1998, and payable on February 6, 1998 - a 50% increase from
the last dividend paid in July.
The Bank of Santa Maria was founded by a group of local businessmen in 1978, and
has become one of the Central Coast's most successful community banks with 13
branches employing over two hundred people from Lompoc to Paso Robles.
