<PAGE>
UNITED STATES
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): March 10, 1999
MID-STATE BANCSHARES
(Name of Small Business Issuer in its Charter)
CALIFORNIA 000-23925 77-0442667
- -------------------------------- ------------- --------------------
(State or Other Jurisdiction of (File Number) (I.R.S. Employer
Incorporation or Organization) Identification No.)
1026 GRAND AVE. ARROYO GRANDE, CA 93420
- ---------------------------------------- ----------
(Address of Principal Executive Offices) (Zip Code)
Registrant's Telephone Number, including area code: (805) 473-7700
___________________________________________________
(Former Name or Former Address, if changed since last report)
<PAGE>
Item 5. OTHER EVENTS
On February 10, 1999 the Board of Directors of Mid-State Bancshares
appointed Mr. Albert L. Maguire, one of the founding directors of Mid-State
Bank, as DIRECTOR AND CHAIRMAN EMERITUS. Mr. Maguire's appointment to this
emeritus status provides him the opportunity for continued involvement with
Mid-State Bank without participation in the formal Board of Directors
activities.
Mr. Maguire's son, Stephen P. Maguire, will replace his father as
an active member of the Board beginning March 1999. Carrol R. Pruett,
President and Chief Executive Officer, has been appointed Chairman of the
Board. Please refer to the Press Release dated March 8, 1999, attached
hereto and made a part hereof.
2
<PAGE>
SIGNATURES
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 hereunto duly authorized.
Date: March 10, 1999 MID-STATE BANCSHARES
By: /s/ JAMES G. STATHOS
----------------------------------
James G. Stathos
Executive Vice President
Chief Financial Officer
By: /s/ CARROL R. PRUETT
----------------------------------
Carrol R. Pruett
Chairman of the Board,
President and Chief Executive Officer
3
<PAGE>
EXHIBIT INDEX
<TABLE>
<CAPTION>
EXHIBIT NO. DESCRIPTION PAGE NO.
----------- ----------- --------
<S> <C> <C>
20 Press Release announcing Albert L. 5
Maguire's appointment to Director and
Chairman Emeritus; Son, Stephen P. Maguire
takes seat.
</TABLE>
4
<PAGE>
[LOGO] MID-STATE BANK
NEWS RELEASE MEMBER FDIC
- -------------------------------------------------------------------------------
DATE: March 8, 1999 FOR IMMEDIATE RELEASE
CONTACT: Carrol R. Pruett Total Pages: 3
TITLE: Chairman/CEO
PHONE NUMBER: 805/473-6828
NASDAQ SYMBOL: "MDST"
WEBSITE ADDRESS: www.midstatebank.com
BANK FOUNDER APPOINTED DIRECTOR AND CHAIRMAN EMERITUS;
SON TAKES SEAT
ARROYO GRANDE--On February 10, 1999 the Board of Directors of Mid-State
Bancshares appointed Albert L. Maguire, one of the founding directors of
Mid-State Bank to DIRECTOR AND CHAIRMAN EMERITUS. Maguire's son, Stephen P.
Maguire, will replace his father as an active member of the Board beginning
March 1999. Carrol R. Pruett, President and Chief Executive Officer, has
been appointed Chairman of the Board.
"Mr. Maguire's appointment to DIRECTOR EMERITUS provides him the
opportunity for continued involvement with Mid-State Bank without his active
participation in the formal Board activities," noted Chairman Pruett.
"Stephen P. Maguire is the perfect selection to continue the legacy
established by his father."
At the end of World War II, after having been stationed in Santa Barbara
and Monterey, Mr. Maguire moved to Santa Maria where he established the
investment firm that carries his name. In 1959, the elder Maguire and Walter
A. Filer, an Arroyo Grande Realtor, joined with other Central Coast
businessmen to begin the process that would lead to the founding of Mid-State
Bank in 1961. Maguire served as a member of the Mid-State Bank's Board
of Directors
<PAGE>
until 1978 when he was elected chairman following Filer's death. On December
12, 1998, Maguire completed his 38th year as a director of Mid-State Bank.
Over the years Maguire shared his success and has been a major
benefactor to several schools and churches, most recently donating $1 million
to Mission Preparatory School in San Luis Obispo. Additionally, in 1991,
Saint Joseph's High School named its football stadium in honor of the
longtime benefactor.
Stephen P. Maguire will occupy his father's active seat on the Board.
He has been a Central Coast resident all of his life, graduating from Arroyo
Grande High School and the University of California, Santa Barbara. In 1972,
Stephen joined his father's investment firm and was elected to the board of
Maguire Investments in 1978. Two years later he was named president of the
company. His community activities include active participation on the boards
of Nativity of Our Lady Catholic Church and the San Luis Obispo Executives
Association. He and his wife, Beverly have three children.
Carrol R. Pruett, President and Chief Executive Officer, will continue
his tenure with Mid-State Bank as Chairman of the Board. He joined the bank
in 1961, assisting in its formation. In 1967, he became president and
director at 29 years of age when there were four offices and assets of $11
million. The Bank has grown to assets in excess of $1.2 billion and 28
offices under his guidance. Mr. Pruett is active in numerous civic and
community activities. In 1991 he was named "Citizen of the Year" by the
Arroyo Grande Chamber of Commerce, and most recently was inducted into the
newly formed Pacific Coast Banking School's Hall of Fame at the University of
Washington.
<PAGE>
"Board succession and stability is a critical issue with any
organization," proclaimed Pruett. "Mid-State Bank continues to strengthen its
ongoing partnerships with the shareholders, employees and customers of the
Bank through total commitment at every level." In addition to Mr. Pruett and
Mr. Maguire, other board members of the Bank include Gracia B. Bello,
Clifford H. Clark, A. J. Diani, Daryl L. Flood, William A. Hares, Raymond E.
Jones, Gregory R. Morris, and William L. Snelling.
For nearly 40 years, Mid-State Bank has provided its customers with a
friendly, home-based, community oriented bank. With assets of $1.2 billion
and 28 office locations, Mid-State Bank employs over 650 San Luis Obispo and
Santa Barbara County residents. Mid-State Bank...PARTNERS IN YOUR COMMUNITY
since 1961.
# # #
