-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 BmSjn/ag5RCVofGcknPvVq3YBux3FEWtewWCIBz7YsXH2FeG42Ar3ztjymjVsLTw
 LOC2VEqHkhd+CWmQFcbSPg==

<SEC-DOCUMENT>0001179110-03-005688.txt : 20030814
<SEC-HEADER>0001179110-03-005688.hdr.sgml : 20030814
<ACCEPTANCE-DATETIME>20030814175059
ACCESSION NUMBER:		0001179110-03-005688
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20030812
FILED AS OF DATE:		20030814

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			FLOOD DARYL L
		CENTRAL INDEX KEY:			0001201186

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-23925
		FILM NUMBER:		03849078

	BUSINESS ADDRESS:	
		STREET 1:		P O BOX 580
		CITY:			ARROVO GRANDE
		STATE:			CA
		ZIP:			93421-0580
		BUSINESS PHONE:		8054736829

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
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>edgar.xml
<DESCRIPTION>FORM 4 -
<TEXT>
<XML>
<ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType>
<periodOfReport>2003-08-12</periodOfReport>
<notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0001027324</issuerCik>
        <issuerName>MID-STATE BANCSHARES</issuerName>
        <issuerTradingSymbol>MDST</issuerTradingSymbol>
</issuer>
<reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001201186</rptOwnerCik>
            <rptOwnerName>FLOOD DARYL L</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>1026 EAST GRAND AVENUE</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>ARROYO GRANDE</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>93420</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
<isDirector>1</isDirector>
<isOfficer>0</isOfficer>
<isTenPercentOwner>0</isTenPercentOwner>
<isOther>0</isOther>
<officerTitle></officerTitle>
<otherText></otherText>
</reportingOwnerRelationship>
</reportingOwner>
<nonDerivativeTable></nonDerivativeTable>
<derivativeTable><derivativeTransaction><securityTitle><value>Common Stock</value>
<footnoteId id="F1"></footnoteId>
</securityTitle>
<conversionOrExercisePrice><value>15.50</value>
<footnoteId id="F2"></footnoteId>
</conversionOrExercisePrice>
<transactionDate><value>2003-08-12</value>
</transactionDate>
<transactionCoding><transactionFormType>4</transactionFormType>
<transactionCode>J</transactionCode>
<equitySwapInvolved>0</equitySwapInvolved>
<footnoteId id="F3"></footnoteId>
</transactionCoding>
<transactionAmounts><transactionShares><value>4000</value>
<footnoteId id="F4"></footnoteId>
</transactionShares>
<transactionPricePerShare><value>15.50</value>
<footnoteId id="F2"></footnoteId>
</transactionPricePerShare>
<transactionAcquiredDisposedCode><value>A</value>
</transactionAcquiredDisposedCode>
</transactionAmounts>
<exerciseDate><value>2003-08-12</value>
</exerciseDate>
<expirationDate><value>2003-08-20</value>
</expirationDate>
<underlyingSecurity><underlyingSecurityTitle><value>Common Stock</value>
<footnoteId id="F1"></footnoteId>
</underlyingSecurityTitle>
<underlyingSecurityShares><value>20000</value>
</underlyingSecurityShares>
</underlyingSecurity>
<postTransactionAmounts><sharesOwnedFollowingTransaction><value>20000</value>
<footnoteId id="F3"></footnoteId>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature><directOrIndirectOwnership><value>I</value>
</directOrIndirectOwnership>
<natureOfOwnership><value>By Company</value>
<footnoteId id="F5"></footnoteId>
</natureOfOwnership>
</ownershipNature>
</derivativeTransaction>
</derivativeTable>
<footnotes><footnote id="F1">Non-Qualifed Stock Option (right to buy) - 20,000 shares granted at an exercise price of $15.50 per share on August 12, 1998.  Option is now fully vested and shares are eligible for exercise until August 12, 2008.</footnote>
<footnote id="F2">Shares granted at fair market value as of August 12, 1998.</footnote>
<footnote id="F3">Under the terms of the Company's 1996 Stock Option Plan, this option grant 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 Plan.  No shares under this option grant have been exercised by the individual to date.</footnote>
<footnote id="F4">Additional 4,000 shares vested on August 12, 2003 and are eligible for exercise by Mr. Flood at the exercise price of $15.50 per share.  This grant is now fully vested.</footnote>
<footnote id="F5">Shares granted to Mr. Flood by Company on August 12, 1998.  Under this grant, no shares have been exercised to date.</footnote>
</footnotes>
<ownerSignature><signatureName>Daryl L. Flood</signatureName>
<signatureDate>2003-08-14</signatureDate>
</ownerSignature>
</ownershipDocument>

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