8-K

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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

December 4, 2002
Date of Report (Date of Earliest Event Reported)

FIRST COMMUNITY BANCORP
(Exact Name of Registrant as Specified in Charter)

CALIFORNIA
(State or Other Jurisdiction of Incorporation)

00-30747
(Commission File Number) 33-0885320
(IRS Employer Identification No.)

6110 El Tordo
PO Box 2388
Rancho Santa Fe, California 92067
(Address of Principal Executive Offices)

(858) 756-3023
(Registrant's Telephone Number, including Area Code)

        The information in this Current Report on Form 8-K, including the exhibits, is furnished pursuant to Item 9 and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities under that Section. Furthermore, the information in this Current Report on Form 8-K, including the exhibits, shall not be deemed to be incorporated by reference into the filings of First Community Bancorp (the "Company") under the Securities Act of 1933, as amended.

Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.

        The following exhibits are furnished as part of this report:

99.1	Text of interview conducted with Matthew P. Wagner, President and CEO of the First Community Bancorp, that is being made available to current and prospective investors attending the Friedman, Billings, Ramsey Investor Conference in New York, NY on December 4, 2002.
99.2	Copy of presentation First Community Bancorp intends to provide to current and prospective investors on December 4, 2002 at the Friedman, Billings, Ramsey Investor Conference in New York, NY.

Item 9. Regulation FD Disclosure.

        On December 4, 2002, Matthew P. Wagner, President and CEO of First Community Bancorp, is scheduled to make a presentation to current and prospective investors at a conference in New York, NY sponsored by Friedman, Billings, Ramsey. Attached as Exhibits 99.1 and 99.2 of this Form 8-K are copies of material which will be made available at the conference by First Community Bancorp.

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SIGNATURE

        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 hereunder duly authorized.

Dated: December 4, 2002
	FIRST COMMUNITY BANCORP
	By:	/s/  JARED M. WOLFF
		Name:	Jared M. Wolff
		Title:	Executive Vice President, General Counsel and Secretary

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Exhibit Index

Exhibit Number	Description
99.1	Text of interview conducted with Matthew P. Wagner, President and CEO of the First Community Bancorp, that is being made available to current and prospective investors attending the Friedman, Billings, Ramsey Investor Conference in New York, NY on December 4, 2002.
99.2	Copy of presentation First Community Bancorp intends to provide to current and prospective investors on December 4, 2002 at the Friedman, Billings, Ramsey Investor Conference in New York, NY.

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Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
Item 9. Regulation FD Disclosure.

SIGNATURE
Exhibit Index

EX-99.1

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Exhibit 99.1

THE WALL STREET TRANSCRIPT

67 Wall Street, New York, NY 10005
VOICE: (212) 952-7400	FAX: (212) 668-9842; (212) 668-9858
Copyright2002-WALL STREET TRANSCRIPT CORPORATION-AllRightsReserved
Website: www.twst.com	E-mail: transcript@twst.com

FBR 23
November 12, 2002

MATTHEW P. WAGNER
Chief Executive Officer
First Community Bancorp
120 Wilshire Blvd.
Santa Monica, CA 90401
(310) 458-1521

TWST: May we begin with a brief historical sketch of First Community Bancorp and a picture of things as they are now at the company?

        Mr. Wagner:    First Community Bancorp was formed in 2000 and initially served as the holding company for two banks which merged in May 2000. Since then we've acquired an additional eight banks—one of which is still pending, Bank of Coronado—to build a bank holding company with approximately $2.2 billion in assets. The holding company has two subsidiary banks, Pacific Western Bank and First National Bank. They're approximately equal in size, about $1.1 billion in assets each. First National Bank has 14 branches, all of which are in the San Diego region; Pacific Western Bank has 19 branches throughout Los Angeles, Orange, Riverside and San Bernardino counties, which basically covers the area from Los Angeles all the way out to Palm Springs in the desert.

TWST: So I assume you're in an acquisitive mode and you'll be interested in doing a little bit more along those lines.

        Mr. Wagner:    Well, the bank has done, as I said, several acquisitions in the past couple of years, including completing three in the last quarter alone. We have one pending at this point. We're opportunistic about acquisitions. If something makes sense and makes sense for our shareholders, we'd do it; if not, we won't.

TWST: Can you go on to sketch out your strategic direction for the next few years?

        Mr. Wagner:    Yes, the strategic direction is really quite simple. First of all, we are focused on integrating our acquisitions. Second, we're focused on continuing to build the bank organically based on our model: we're a Southern California-focused organization and will continue to be that way—we're obviously in a fast-growing economy in Southern California. We concentrate on small and medium-size businesses, which is a very fragmented market in this region. We're aggressive about expense management. We consolidate core functions at the holding company level, with parallel staffs at the banks where necessary, to reduce expense and achieve efficiencies. And we think execution beats strategy all the time. We'd much prefer to have great execution than be considered great strategists.

        It's a very simple business model. Again, it's focused on business accounts. Our subsidiaries and the branches are all commercial banks. We have a very low cost of funds. We make loans and get paid back. Our loan portfolio includes real estate loans, construction loans, commercial loans, SBA loans and some consumer loans. We don't spend a lot of time on ancillary fee-based businesses.

TWST: Your loan portfolio seems very healthy, with very few non-performing loans.

        Mr. Wagner:    I think, relatively speaking, it's in very good shape, particularly given all the acquisitions that we've made.

TWST: Now, you mention "execution," which leads me to ask you about culture. Can you tell us anything specific to the culture of First Community Bancorp that makes it interesting?

        Mr. Wagner:    Well, I think the culture is that we're just very basic. We consider community banking to be relationship-driven. Probably the most important thing to keep focused on is that it's a spread business: it's about gathering deposits as effectively as possible and it's about making loans and getting those loans paid back. Our management team is focused on doing these things very well and our culture reflects that.

TWST: What are the major opportunities and challenges that could lie in front of you?

        Mr. Wagner:    We need to complete the integration of our acquisitions and take the appropriate expenses out. All those plans are well in place and being executed on a daily basis.

TWST: What effect have the reductions in interest rates had on you, if any?

        Mr. Wagner:    We are very asset-sensitive, but we've been able to manage it pretty effectively. We've been able to maintain a relatively healthy net interest margin, despite the declining interest rate environment. We've been able to maintain that because we've adjusted deposits quickly. It's not as robust as it was before all the Fed movement, but it's still strong.

TWST: Did you release earnings a few days ago?

        Mr. Wagner:    We did an earnings release, yes.

TWST: Would you care to comment on that?

        Mr. Wagner:    We're very pleased with the third quarter. The comments are basically what it says in the release. There was a tremendous amount of activity that went on. We completed three acquisitions. In July, we completed a public offering that helped us fund the cash portion of the acquisitions. It was quite a busy quarter. We keep improving our operating efficiency ratio, and our cost of deposits for the quarter was below 1%.

TWST: Could you perhaps tell us what you would reasonably expect the bank to look like, say, three years from now.

        Mr. Wagner:    Given what we know today of the banks that we have acquired and the one small deal that's pending, again, that puts us at approximately $2.2 billion, we're looking forward to organic growth. While we will remain opportunistic with respect to acquisitions that make sense for our shareholders, we think organic growth is well within our reach here in Southern California.

        That's mostly because community banking, if executed correctly, can be very, very powerful in Southern California because it's dominated by large banks. Large banks are product driven versus relationship driven.

TWST: When you speak of organic growth, are you talking about both same-store growth and possibly a few de novos, as well?

        Mr. Wagner:    De novos really haven't ever been part of our strategy, so I'm talking about same-store sales.

TWST: Tell us a little bit about the background and the expertise of a couple of the key members of the management team.

        Mr. Wagner:    Almost all of the key management team here, including myself and our Chairman, John Eggemeyer who's also our largest shareholder, were involved with Western Bancorp. Western

Bancorp was a company that was started in 1995 and was ultimately sold to US Bancorp in 1999 at an attractive multiple for Western Bancorp's shareholders. Western pursued a similar strategy to First Community and culminated in about a $2.7 billion bank, concentrated in Los Angeles and Orange County.

        From myself to our Chief Financial Officer to our Chief Credit Officer to our Head of Operations and our Human Resources Director—all of those people were members of senior management in those same jobs or nearly those same jobs at Western Bancorp.

TWST: Is there anything coming along in the realm of public policy that could affect you in any way?

        Mr. Wagner:    Recent and ongoing regulatory changes, including the Sarbanes-Oxley Act and other efforts to increase disclosure and enhance corporate governance have an impact on us like any public company. These developments affect how we organize our board of directors and they affect how we govern from the board level. I think these changes are positive for investors, and we're monitoring developments to ensure our compliance. We recently added a General Counsel to help us address these new requirements, as well as to manage the overall legal affairs of the Company. While we have considered hiring a General Counsel for some time, new regulations only accelerated our timeline.

TWST: I would think that out where you are, the demographics are very much in your favor.

        Mr. Wagner:    I think they really are. If you were here today you'd understand. It is absolutely gorgeous out. Southern California is a great place to live and a great place to do business. The economy continues to hold up very, very well out here and that's due in part because of the confluence of business environment, climate, diversity and opportunity.

TWST: You're in Santa Monica?

        Mr. Wagner:    Rancho Santa Fe is our headquarters, but I'm located in offices at our Santa Monica branch. We're fortunate to have our management team officed among several of our bank branches. It facilitates oversight, and frankly it's more efficient from an execution standpoint. As I mentioned, most of us have worked together before.

TWST: I would assume that the investment community understands First Community Bancorp pretty well. Is that correct?

        Mr. Wagner:    I think that they probably do. Again, we had a very successful follow-on offering in July. Investors are also quite familiar with our management team from Western Bancorp. We have a lot of very good institutional investors. I think the story's out there pretty well.

TWST: Could you give us the three or four best reasons why the long-term investor in particular should look at First Community?

        Mr. Wagner:    First is execution. I think we have proven that we can execute our acquisition strategy—both at Western Bancorp and in the early stages here at First Community Bancorp. Second is our business model. I think our very basic approach to our business is not very sexy but it works very well, and we keep our eye on the ball. We concentrate on the spread business and not on a lot of other things. Third, is our management team. It comes down to our ability to execute and our people.

TWST: In the current difficult economic environment, what are your key investor relations objectives and/or challenges? What do you say to shareholders and potential shareholders?

        Mr. Wagner:    We try to perform and let the numbers speak for themselves. We have been able to make good acquisitions and realize efficiencies upon integration. We have built a strong, and sizeable franchise in a regional economy that has remained strong for us, and we have a well-focused strategy. The numbers do the talking for you, at some point.

TWST: Thank you. (MC)

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Exhibit 99.1

EX-99.2

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Exhibit 99.2

First Community Bancorp

Rancho Santa Fe, CA
December 4, 2002

Forward-Looking Statements

        This presentation with respect to First Community Bancorp ("First Community") contains forward-looking statements that involve risks, uncertainties and assumptions. All statements other than statements of historical fact are forward-looking statements. Risks and uncertainties include, but are not limited to: the possibility that the acquisition of the Bank of Coronado may not close or that First Community may be required to modify aspects of the transaction prior to receiving regulatory approval; expected cost savings cannot be fully realized or realized within the expected time frame; revenues are lower than expected; competitive pressure among depository institutions increases significantly; the cost of integration of acquired businesses costs more, takes longer or is less successful than expected; the cost of additional capital is more than expected; changes in the interest rate environment reduces interest margins; general economic conditions, either nationally or in the market area in which First Community does business, are less favorable than expected; legislation or regulatory requirements or changes adversely affect First Community's business; changes that may occur in the securities markets; and other risks that are described in First Community's Securities and Exchange Commission filings (including but not limited to First Community's annual report on Form 10-K for the year ended December 31, 2001, and subsequently filed documents). If any of these uncertainties materializes or any of these assumptions proves incorrect, First Community's results could differ materially from First Community's expectations as set forth in these statements. First Community assumes no obligation and does not intend to update such forward-looking statements.

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Stock Summary

NASDAQ Symbol	FCBP
Fully Diluted Shares	15.7 Million
Market Capitalization	$460.7 Million*
Average Volume	42,100 shares per day*
Dividends Per Share	$0.60 per year (2.00% yield*)
Analyst Coverage	Friedman Billings Ramsey Keefe, Bruyette & Woods, Inc. Stifel, Nicolaus & Company, Inc.

*

As of 11/20/02

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Investment Hypothesis

•

A growing economy drives organic growth.



•

Small/medium-sized businesses represent a large, fragmented market.



•

Aggressive expense management is critical in consolidating businesses like banking.



•

Great execution beats great strategy.



•

Keep the business model simple.

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Market Area

        First Community Bancorp believes that a strong area of regional commerce and recreation exists in the geographic triangle that extends from Los Angeles to Palm Springs to San Diego.

5

A Growing Economy is Essential to Strong Organic Growth

•

Southern California is the 10^th largest economy in the world.*



•

Economic growth is projected to be 4.5% in 2003, or 1.5 times the U.S. as a whole.**



•

Los Angeles, San Diego, Riverside and San Bernardino are among the ten fastest growing counties in the U.S.**

Source:	*	Forbes http://www.forbes.com/newswire/2002/09/16/rtr722323.html
	**	Los Angeles Economic Development Corporation, http://www.laedc.org/data/press/PR65.shtml

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Change in Loans & Deposits

Numbers in (000s)		Combined Initially *		9/30/2002		% Change
Cash		$	115,831	$	109,756	-5	%
Investments / Fed Funds			443,233		306,588	-31	%
Loans			1,196,914		1,505,049	26	%
Tangible Assets			1,885,917		1,978,232	5	%
Deposits
	Non-interest bearing		497,883		624,264	25	%
	Interest bearing		742,468		813,663	10	%
	Certificates of deposit		378,297		332,064	-12	%
Total Deposits		$	1,618,648	$	1,769,991	9	%

*

The combined numbers represent the aggregate balance sheet totals for banks acquired by First Community, from May 2000 through September 2002, as reported on the last call report prior to such bank's acquisition. The combined numbers are not in accordance with GAAP and are presented only to demonstrate the changes listed herein, and not to reflect numbers historically reported as combined.

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Small/medium-sized Businesses Represent a Fragmented Market for Banks

•

The large banks are focused on selling standardized products and services.



•

A large market exists for personalized service with unique solutions to the problems faced by small/medium-sized businesses.



•

Most customers seeking highly personalized services are somewhat insensitive to price.

8

Expense Management is Critical in Consolidating Businesses Like Banking

•

Revenue can fluctuate, but expenses can be managed.



•

Effective expense management must focus on each component of operating cost:



•

Interest



•

Operating



•

Credit

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Interest Expense is First Managed through the Deposit Mix

		California Community Banks*		First Community 9/30/02
Deposit Mix
	Non-Interest	15	%	35	%
	Other Transactions	37	%	45	%
	CDs	38	%	17	%
	Borrowings	10	%	3	%

*

Source: SNL Datasource

10

Pricing Discipline is the Other Critical Factor in Managing Deposit Costs

•

First Community seeks to price each of its deposit types in the third quartile among its peers.



•

Deposit changes are monitored continuously to understand sensitivity to pricing decisions.



•

Borrowings are only used to balance short-term funding needs.

11

Operating Expense can be Controlled by the Elimination of Redundancy

	3 Months Ended 9/30/2002		9 Months Ended 9/30/2002		Combined Initially *
Operating Expense/Avg. Tangible Assets	3.99	%	4.21	%	4.58	%
Efficiency Ratio	63.6	%	65.0	%	78.8	%

*

The combined numbers represent the aggregate balance sheet totals for banks acquired by First Community, from May 2000 through September 2002, as reported on the last call report prior to such bank's acquisition. The combined numbers are not in accordance with GAAP and are presented only to demonstrate the changes listed herein, and not to reflect numbers historically reported as combined.

12

The First Community Model Emphasizes High Customer Service with Centralized Administrative Support

•

Loan decisions are made by local managers.



•

Area Presidents



•

Regional Chief Credit Officer




•

Administrative functions are centralized.

13

Credit Expense can be Controlled by Sound Underwriting and the Discipline of not Chasing Yield

        Nonperforming Assets continue to trend downward despite the acquisition of banks with troubled portfolios while reserves remain strong

14

Great Execution Beats Great Strategy

*

Excludes one-time acquisition-related charges, goodwill amortization expense and core deposit intangible amortization expense.

**

Friedman Billings Ramsey estimates.

15

First Community is Well-Positioned for the Future because of its:

•

Experienced management team.



•

Excellent market characteristics.



•

Disciplined management process.



•

Simple business model.

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First Community Bancorp

Rancho Santa Fe, CA

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Exhibit 99.2

Forward-Looking Statements
Stock Summary
Investment Hypothesis
Market Area
A Growing Economy is Essential to Strong Organic Growth
Change in Loans & Deposits
Small/medium-sized Businesses Represent a Fragmented Market for Banks
Expense Management is Critical in Consolidating Businesses Like Banking
Interest Expense is First Managed through the Deposit Mix
Pricing Discipline is the Other Critical Factor in Managing Deposit Costs
Operating Expense can be Controlled by the Elimination of Redundancy
The First Community Model Emphasizes High Customer Service with Centralized Administrative Support
Credit Expense can be Controlled by Sound Underwriting and the Discipline of not Chasing Yield
Great Execution Beats Great Strategy
First Community is Well-Positioned for the Future because of its