-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 JnAKpgH42wjsqWGah8DQ8RTzO2C4SgnUnzHzl37lJrWwo5U2gRi21DaLkqWkq8Cb
 0NsbsvcH1nPJKDJ0Uern8w==

<SEC-DOCUMENT>0001179110-04-007795.txt : 20040409
<SEC-HEADER>0001179110-04-007795.hdr.sgml : 20040409
<ACCEPTANCE-DATETIME>20040409125015
ACCESSION NUMBER:		0001179110-04-007795
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20040313
FILED AS OF DATE:		20040409

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:		04726657

	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>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2004-03-13</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>1026 EAST GRAND AVENUE</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>ARROYO GRANDE</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>93420</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Exec Vice President/CFO</officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable></nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
                <footnoteId id="F1"/>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>14.50</value>
                <footnoteId id="F2"/>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2004-03-21</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>J</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F3"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>4827</value>
                    <footnoteId id="F4"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>14.50</value>
                    <footnoteId id="F2"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2002-03-21</value>
            </exerciseDate>
            <expirationDate>
                <value>2011-03-21</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                    <footnoteId id="F1"/>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>24138</value>
                    <footnoteId id="F5"/>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>14482</value>
                    <footnoteId id="F6"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By Company</value>
                    <footnoteId id="F7"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeTransaction>
        <derivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
                <footnoteId id="F8"/>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>17.40</value>
                <footnoteId id="F9"/>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2004-03-13</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>J</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F3"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>4118</value>
                    <footnoteId id="F10"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>17.40</value>
                    <footnoteId id="F9"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2003-03-13</value>
            </exerciseDate>
            <expirationDate>
                <value>2012-03-13</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                    <footnoteId id="F8"/>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>20588</value>
                    <footnoteId id="F5"/>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>8235</value>
                    <footnoteId id="F6"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By Company</value>
                    <footnoteId id="F7"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">24,138 shares granted as an Incentive Stock Option under the 1996 Stock Option Plan.  Due to the $100K limitation, 9,658 shares were issued and treated as an Incentive Stock Option, and the remaining 14,480 shares were issued and treated as a Non-Qualified Option.</footnote>
        <footnote id="F2">Shares granted at closing market value for MDST as of March 21, 2001.</footnote>
        <footnote id="F3">Under the terms of the Company's 1996 Stock Option Plan, this grant vests 20% per year on the anniversary date of the grant for five (5) years at which time the options become 100% vested.  The 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.</footnote>
        <footnote id="F4">Additional 2 shares vested under the Incentive grant and 4,825 shares vested under the Non-Qualified grant.  A total of 4,827 shares now vested and available for exercise, with a total of 14,482 shares now available for exercise under this grant.</footnote>
        <footnote id="F5">Total number of shares approved by the Board of Directors as an Incentive Stock Option grant.</footnote>
        <footnote id="F6">Shares vested and now available for exercise by Mr. Stathos under these two grants.</footnote>
        <footnote id="F7">Shares granted to Mr. Stathos by the Company that have not yet been exercised.</footnote>
        <footnote id="F8">20,588 shares granted as an Incentive Stock Option under the 1996 Stock Option Plan.  Due to the $100K limitation, 7,564 shares were issued and treated as an Incentive Stock Option, and the remaining 13,024 shares were issued and treated as a Non-Qualified Option.</footnote>
        <footnote id="F9">Shares granted at closing market value for MDST as of March 13, 2002.</footnote>
        <footnote id="F10">Additional 4,118 shares vested under the Non-Qualified grant.  A total of of 8,235 shares now available for exercise under this grant.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>James G. Stathos</signatureName>
        <signatureDate>2004-04-08</signatureDate>
    </ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----