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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 PVYcSPQ14pwSDd/V9AImPltPFi6UwQOcdW9hLbKGUXcGeioherTp7bEkvTLNktlp
 rFMdt8xbKqr28LG+HOPAuA==

<SEC-DOCUMENT>0001179110-03-003164.txt : 20030707
<SEC-HEADER>0001179110-03-003164.hdr.sgml : 20030704
<ACCEPTANCE-DATETIME>20030703193840
ACCESSION NUMBER:		0001179110-03-003164
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20030703
FILED AS OF DATE:		20030707

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MID-STATE BANCSHARES
		CENTRAL INDEX KEY:			0001027324
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		IRS NUMBER:				770442667
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		1026 GRAND AVE
		CITY:			ARROYO GRANDE
		STATE:			CA
		ZIP:			93420
		BUSINESS PHONE:		8054737700

	MAIL ADDRESS:	
		STREET 1:		1026 GRAND AVE
		CITY:			ARROYO GRANDE
		STATE:			CA
		ZIP:			93420

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MID STATE BANCSHARES
		DATE OF NAME CHANGE:	19980820

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BSM BANCORP
		DATE OF NAME CHANGE:	19961121

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			STATHOS JAMES G
		CENTRAL INDEX KEY:			0001198893

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-23925
		FILM NUMBER:		03776021

	BUSINESS ADDRESS:	
		STREET 1:		MID-STATE BANCSHARES
		STREET 2:		POST OFFICE BOX 580
		CITY:			ARROYO GRANDE
		STATE:			CA
		ZIP:			93421-0580
		BUSINESS PHONE:		8054736829

	MAIL ADDRESS:	
		STREET 1:		MID-STATE BANCSHARES
		STREET 2:		POST OFFICE BOX 580
		CITY:			ARROYO GRANDE
		STATE:			CA
		ZIP:			93421-0580
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>edgar.xml
<DESCRIPTION>FORM 4 -
<TEXT>
<XML>
<ownershipDocument>
    <schemaVersion>X0101</schemaVersion>

    <documentType>4</documentType>
<periodOfReport>2003-07-03</periodOfReport>
<notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0001027324</issuerCik>
        <issuerName>MID-STATE BANCSHARES</issuerName>
        <issuerTradingSymbol>MDST</issuerTradingSymbol>
</issuer>
<reportingOwner><reportingOwnerId>
            <rptOwnerCik>0001198893</rptOwnerCik>
            <rptOwnerName>STATHOS JAMES G</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>  </rptOwnerStreet1>
            <rptOwnerStreet2>  </rptOwnerStreet2>
            <rptOwnerCity>  </rptOwnerCity>
            <rptOwnerState>  </rptOwnerState>
            <rptOwnerZipCode>  </rptOwnerZipCode>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
<isDirector>0</isDirector>
<isOfficer>1</isOfficer>
<isTenPercentOwner>0</isTenPercentOwner>
<isOther>0</isOther>
<officerTitle>Exec Vice President/CFO</officerTitle>
<otherText></otherText>
</reportingOwnerRelationship>
</reportingOwner>
<derivativeSecurity><securityTitle><value>Common Stock</value>
<footnoteId id="F1"></footnoteId>
</securityTitle>
<conversionOrExercisePrice><value>17.9350</value>
<footnoteId id="F2"></footnoteId>
</conversionOrExercisePrice>
<transactionDate><value>2003-07-14</value>
<footnoteId id="F3"></footnoteId>
</transactionDate>
<transactionCoding><transactionFormType>4</transactionFormType>
<transactionCode>J</transactionCode>
<equitySwapInvolved>0</equitySwapInvolved>
<footnoteId id="F4"></footnoteId>
</transactionCoding>
<transactionAmounts><transactionShares><value>2118</value>
<footnoteId id="F5"></footnoteId>
</transactionShares>
<transactionValue><value>17.9350</value>
<footnoteId id="F2"></footnoteId>
</transactionValue>
<transactionAcquiredDisposedCode><value>A</value>
</transactionAcquiredDisposedCode>
</transactionAmounts>
<exerciseDate><value>2000-07-14</value>
</exerciseDate>
<expirationDate><value>2009-07-14</value>
</expirationDate>
<underlyingSecurity><underlyingSecurityTitle><value>Common Stock</value>
<footnoteId id="F1"></footnoteId>
</underlyingSecurityTitle>
<underlyingSecurityShares><value>12706</value>
</underlyingSecurityShares>
</underlyingSecurity>
<postTransactionAmounts><sharesOwnedFollowingTransaction><value>7132</value>
<footnoteId id="F4"></footnoteId>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature><directOrIndirectOwnership><value>I</value>
</directOrIndirectOwnership>
<natureOfOwnership><value>By Company</value>
</natureOfOwnership>
</ownershipNature>
</derivativeSecurity>
<derivativeSecurity><securityTitle><value>Common Stock</value>
<footnoteId id="F6"></footnoteId>
</securityTitle>
<conversionOrExercisePrice><value>17.9350</value>
<footnoteId id="F2"></footnoteId>
</conversionOrExercisePrice>
<transactionDate><value>2003-07-14</value>
<footnoteId id="F7"></footnoteId>
</transactionDate>
<transactionCoding><transactionFormType>4</transactionFormType>
<transactionCode>J</transactionCode>
<equitySwapInvolved>0</equitySwapInvolved>
<footnoteId id="F7"></footnoteId>
</transactionCoding>
<transactionAmounts><transactionShares><value>7882</value>
<footnoteId id="F5"></footnoteId>
</transactionShares>
<transactionValue><value>17.9350</value>
<footnoteId id="F2"></footnoteId>
</transactionValue>
<transactionAcquiredDisposedCode><value>A</value>
</transactionAcquiredDisposedCode>
</transactionAmounts>
<exerciseDate><value>2000-07-14</value>
</exerciseDate>
<expirationDate><value>2009-07-14</value>
</expirationDate>
<underlyingSecurity><underlyingSecurityTitle><value>Common Stock</value>
<footnoteId id="F6"></footnoteId>
</underlyingSecurityTitle>
<underlyingSecurityShares><value>37294</value>
</underlyingSecurityShares>
</underlyingSecurity>
<postTransactionAmounts><sharesOwnedFollowingTransaction><value>32868</value>
<footnoteId id="F7"></footnoteId>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature><directOrIndirectOwnership><value>I</value>
</directOrIndirectOwnership>
<natureOfOwnership><value>By Company</value>
</natureOfOwnership>
</ownershipNature>
</derivativeSecurity>
<footnotes><footnote id="F1">Incentive Stock Option (right to buy).  50,000 shares granted as an ISO under the Company's 1996 Stock Option Plan.  Due to the $100K limitation, remaining 37,294 shares were issued and treated as a non-qualified stock option.</footnote>
<footnote id="F2">Shares granted at fair market value.</footnote>
<footnote id="F3">Incentive Stock Option granted July 14, 1999 will vest an additional 2,118 shares on July 14, 2003, increasing Mr. Stathos' available shares for exercise to 7,132 shares.  These shares have not yet been acquired through the exercise of the option.</footnote>
<footnote id="F4">Incentive Stock Option granted July 14, 1999 vests 20% per year on the anniversary date of the grant for five (5) years at which time the option becomes 100% vested.  Optionee has another five (5) years from the 100% vesting anniversary date to exercise the shares in accordance with the terms and conditions of the Company's 1996 Stock Option Plan.  No shares under this option grant have been exercised by the individual to date.</footnote>
<footnote id="F5">Additional shares becoming vested and available for exercise by Mr. Stathos at the exercise price of $17.9350 per share.</footnote>
<footnote id="F6">Non-Qualified Stock Option (right to buy).</footnote>
<footnote id="F7">Non-Qualified Stock Option granted July 14, 1999 vests 20% per year on the anniversary date of the grant for five (5) years at which time the option becomes 100% vested.  Optionee has another five (5) years from the 100% vesting anniversary date to exercise the shares in accordance with the terms and conditions of the Company's 1996 Stock Option Plan.</footnote>
</footnotes>
<ownerSignature><signatureName>James G. Stathos</signatureName>
<signatureDate>2003-07-03</signatureDate>
</ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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