8-K

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

June 4, 2003

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	33-0885320
(Commission File Number)	(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 exhibit, 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 exhibit, 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 exhibit is furnished as part of this report:
99.1	Press release of First Community Bancorp, dated June 4, 2003, announcing the departure of Stephen N. Rippe, the president and chief executive officer of First National Bank, a wholly owned subsidiary of First Community Bancorp.
Item 9.	Regulation FD Disclosure.

On June 4, 2003, First Community Bancorp announced the departure of Stephen N. Rippe, the president and chief executive officer of First National Bank, a wholly owned subsidiary of the Company.  Attached hereto as Exhibit 99.1 is a copy of the press release.

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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: June  5, 2003

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	Press release of First Community Bancorp, dated June 4, 2003, announcing the departure of Stephen N. Rippe, the president and chief executive officer of First National Bank, a wholly owned subsidiary of First Community Bancorp.

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EX-99.1

Exhibit 99.1

PRESS RELEASE

First Community Bancorp

(NASDAQ: FCBP)

Contact:	Matthew P. Wagner President and Chief Executive Officer 120 Wilshire Boulevard Santa Monica, CA 90401	Lynn M. Hopkins Executive Vice President and Chief Financial Officer 275 North Brea Boulevard Brea, CA 92821
Phone:	310-458-1521 x 271	714-674-5330
Fax:	310-451-4555	714-674-5377

FOR IMMEDIATE RELEASE JUNE 4, 2003

FIRST NATIONAL BANK ANNOUNCES THE DEPARTURE OF
ITS PRESIDENT AND CHIEF EXECUTIVE OFFICER

Rancho Santa Fe, California . . . First National Bank, a wholly owned subsidiary of First Community Bancorp (Nasdaq: FCBP), today announced the departure of its president and chief executive officer Stephen Rippe.  Mr. Rippe served as president and chief executive officer since September 2002.  Mr. Rippe will also no longer be a director of First National Bank.

The board of directors of First National appointed Matthew P. Wagner acting president and chief executive officer while a search is undertaken for a successor to Mr. Rippe. Mr. Wagner is currently chairman of the board of First National Bank, and is also president, chief executive officer and a director of First Community Bancorp, parent of First National Bank.

“We have begun the search for a new president of First National Bank,” stated Mr. Wagner.  “This transition will in no way affect our commitment to serving customers and building the premier independent commercial bank in San Diego and Imperial Counties.”

First National has 13 branches throughout San Diego County and approximately $1.1 billion in assets as of March 31, 2003.

Description of First Community

First Community Bancorp is approximately a $2.1 billion bank holding company with two wholly-owned banking subsidiaries, Pacific Western National Bank and First National Bank.  First Community provides commercial banking services, including real estate, construction and commercial loans, to small and medium-sized businesses through 31 full-service community banking branches.  Pacific Western has 18 branches throughout Los Angeles, Orange, Riverside and San Bernardino Counties and First National Bank has 13 branches across San Diego County.  On April 17, 2003, First Community announced its acquisition of Verdugo Banking Company, a one-branch bank located in Glendale, California with approximately $179 million in assets as of March 31, 2003.  The acquisition is expected to close in mid-third quarter 2003.

Forward Looking Statements

This press release with respect to First Community Bancorp and its subsidiaries 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 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 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.  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.

Investors and security holders are urged to read First Community Bancorp’s annual report on Form 10-K for the year ended December 31, 2002 and other documents filed by the Company with the Securities and Exchange Commission.  The documents filed by First Community with the Commission may be obtained at First Community Bancorp’s website at www.firstcommunitybancorp.com or at the Commission’s website at www.sec.gov.  These documents may also be obtained free of charge from First Community by directing a request to: First Community Bancorp c/o Pacific Western Bank, 275 North Brea Boulevard, Brea, CA 92821.  Attention: Investor Relations. Telephone 714-671-6800.

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