8-K

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 17, 2004

MID-STATE BANCSHARES
(Name of Small Business Issuer in its Charter)
California	000-23925	77-0442667
(State or Other  Jurisdiction of Incorporation or Organization)	(File Number)	(I.R.S. Employer 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

Item 5.OTHER EVENTS AND REGULATION FD DISCLOSURE

On March 17, 2004, at its regular meeting of the Board of Directors of Mid-State Bancshares, the Board declared a fourteen cents per-share quarterly cash dividend for all shareholders of record on March 31, 2004, payable on April 15, 2004.  Please refer to the Press Release dated March 18, 2004 attached hereto and made a part hereof.

Item 7.FINANCIAL STATEMENTS AND EXHIBITS

Exhibits

Exhibit No.	Description
99	Press Release announcing first quarter cash dividend – March 18, 2004

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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 18, 2004	MID-STATE BANCSHARES
	By:	/s/ James W. Lokey
		James W. Lokey
		President
		Chief Executive Officer
	By:	/s/ James G. Stathos
		James G. Stathos
		Executive Vice President
		Chief Financial Officer

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EXHIBIT INDEX

Exhibit No.	Description
99	Press Release announcing first quarter cash dividend – March 18, 2004

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EX-99

Exhibit 99

News Release

Date:  March 18, 2004	Phone Number: 805/473-6803
Contact: James G. Stathos	NASDAQ Symbol: MDST
Title: Executive Vice President and Chief Financial Officer	Web site: www.midstatebank.com

Mid-State Bancshares Raises First Quarter 2004 Dividend

ARROYO GRANDE, CA – The board of directors of Mid-State Bancshares (NASDAQ: MDST) has declared a first quarter cash dividend of $0.14 per share, announced Chairman Carrol R. Pruett. The amount is a 7.7% increase over the $0.13 per share paid in the fourth quarter 2003 and a 27.3% increase over the $0.11 per share paid in first quarter 2003.

The dividend is payable to all shareholders of record on March 31, 2004, with a payable date of April 15, 2004.  Based on the approximate 23,574,626 shares outstanding, the total amount of the dividend will be approximately $3.3 million.

The payment represents the 83rd consecutive cash or stock dividend paid by Mid-State Bancshares or its subsidiary, Mid-State Bank & Trust.

“Mid-State Bancshares continues to perform exceptionally well and the board of directors is pleased to reward our loyal shareholders with an increase in return on their investment,” said Pruett.

Mid-State Bancshares is a $2.2 billion holding company for Mid-State Bank & Trust, an independent, community bank serving California’s San Luis Obispo, Santa Barbara, and Ventura Counties.  Since opening its doors in 1961, the Bank has grown to 41 offices serving more than 100,000 households.

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This Press Release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act. All of the statements contained in the Press Release, other than statements of historical fact, should be considered forward-looking statements, including, but not limited to, those concerning (i) the Bank’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 Bank’s beliefs and expectations regarding actions that may be taken by regulatory authorities having oversight of the operation, (iii) the Bank’s beliefs as to the adequacy of its existing and anticipated allowances for loan and real estate losses and (iv) the Bank’s beliefs and expectations concerning future operating results. Although the Bank 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. All subsequent written and oral forward-looking statements by or attributable to the Bank or persons acting on its behalf are expressly qualified in their entirety by this qualification. 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 Bank 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.

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