<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 20, 2000
MID-STATE BANCSHARES
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(Name of Small Business Issuer in its Charter)
CALIFORNIA 000-23925 77-0442667
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(State or Other Jurisdiction of (File Number) (I.R.S. Employer
Incorporation or Organization) Identification No.)
1026 GRAND AVE. ARROYO GRANDE, CA 93420
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(Address of Principal Executive Offices) (Zip Code)
Registrant's Telephone Number, including area code: (805) 473-7700
Page 1 of 5 Pages
Exhibit Index Page 4
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ITEM 5. OTHER EVENTS
On March 20, 2000, Carrol R. Pruett, Chairman and Chief Executive
Officer of Mid-State Bancshares, announced that the Board of Directors has
authorized a stock repurchase program for up to five percent (5%) of its
outstanding shares. Based on the current outstanding shares, the buyback may
result in the purchase of up to approximately 565,000 shares. These
repurchases will be made from time to time by the Company in the open market
or in block purchases or in privately negotiated transactions in compliance
with the Securities and Exchange Commission (SEC) rules. The program will
begin in April 2000 and is expected to be effective for one year.
Please refer to the Press Release dated March 20, 2000, attached hereto
and made a part hereof.
Page 2 of 5 Pages
Exhibit Index Page 4
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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 20, 2000 MID-STATE BANCSHARES
By: /s/ JAMES G. STATHOS
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James G. Stathos
Executive Vice President
Chief Financial Officer
By: /s/ CARROL R. PRUETT
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Carrol R. Pruett
Chairman of the Board,
President and Chief Executive
Officer
Page 3 of 5 Pages
Exhibit Index Page 4
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EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION PAGE NO.
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20 Press Release announcing Mid-State Bancshares
Stock Repurchase Program 5
Page 4 of 5 Pages
Exhibit Index Page
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EXHIBIT 20
[MID-STATE LOGO] MID-STATE
BANCSHARES NEWS RELEASE
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DATE: March 20, 2000 PHONE NUMBER: 805/473-7700
CONTACT: James G. Stathos NASDAQ SYMBOL: "MDST"
TITLE: EVP/Chief Financial Officer WEBSITE: www.midstatebank.com
MID-STATE BANCSHARES ANNOUNCES STOCK REPURCHASE PROGRAM
ARROYO GRANDE, CALIFORNIA - Carrol R. Pruett, Chairman and Chief Executive
Officer of Mid-State Bancshares (Nasdaq\NMS: MDST) announced today that the
Board of Directors has authorized a stock repurchase program for up to five
percent (5%) of its outstanding shares. Based on the current outstanding shares,
the buyback may result in the purchase of up to approximately 565,000 shares.
These repurchases will be made from time to time by the Company in the open
market or in block purchases or in privately negotiated transactions in
compliance with Securities and Exchange Commission (SEC) rules. The program will
begin in April 2000 and is expected to be effective for one year.
Mr. Pruett stated that "The Board of Directors considers Mid-State Bancshares'
stock to be an attractive investment of corporate funds, and in the best
interest of our shareholders. The buyback will reduce the number of outstanding
shares, and fewer shares will result in better earnings per share (EPS) and a
corresponding improvement in the return on equity of the Bank."
Mid-State Bancshares is the parent holding company for Mid-State Bank, its
wholly owned subsidiary. The Bank currently operates thirty-three commercial
banking offices in San Luis Obispo, Santa Barbara, and Ventura counties. At
December 31, 1999 the Company had total assets of $1.35 billion and total
shareholders' equity of $160 million.
This news release contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. The words, "estimate," "potential,"
"belief," and similar expressions may be included in, but are not limited to
various filings made by the Company with the SEC, news releases or oral
statements made with the approval of an authorized executive officer of the
Company. Forward-looking statements inherently involve risks and uncertainties
that could cause actual results to differ materially. Factors that could cause
or contribute to such differences include, but are not limited to, the effects
of future performance from increased competition that offers competitive loan
and investment products, and local economic conditions that could affect loan
demand.
For nearly 40 years, Mid-State Bank has provided its customers with a friendly,
home-based, community oriented bank. With assets of $1.4 billion and 33 office
locations, Mid-State Bank employs over 750 San Luis Obispo, Santa Barbara, and
Ventura County residents. Mid-State Bank . . . PARTNERS IN YOUR COMMUNITY SINCE
1961.
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