8-K

UNITED STATES

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

Date of Report (Date of earliest event reported) December 19, 2008

MISSION COMMUNITY BANCORP

(Exact name of registrant as specified in its charter)

California	__333-12892____	77-0559736
(State or other jurisdiction of incorporation or organization)	(Commission File No.)	(I.R.S. Employee Identification No.)

581 Higuera Street, San Luis Obispo, CA 93401

(Address of principal executive offices)

(Zip code)

(805) 782-5000

(Registrant’s telephone number including area code)

(Former name or former address, if changed since last report) Not applicable

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

         Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

         Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

         Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

         Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

3266.003/252356.1

Item 8.01  Other Events

On December 19, 2008 the Company issued a press release with respect to its receipt of approval to participate in the United States Department of the Treasury’s Troubled Asset Relief Program.  A copy of the press release is included herewith as Exhibit 99.1 and incorporated by reference herein.

Item 9.01.  Financial Statement and Exhibits

.

Exhibit No.	Description
99.1	Press release dated December 19,  2008

3266.003/252356.1                                                                     

SIGNATURES

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 hereunto duly authorized.

Dated:  December 19, 2008	MISSION COMMUNITY BANCORP
	By:  /s/ Anita M. Robinson
	Anita M. Robinson President and Chief Executive Officer

3266.003/252356.1                                                                     

EX-99.1

MISSION COMMUNITY BANCORP

NEWS RELEASE

FOR IMMEDIATE RELEASE

December 19, 2008

Financial Contact:  Ronald B. Pigeon, Chief Financial Officer (805) 269-0012

Media Contact: Kevin Moon, Marketing Director (805) 597-6197

Mission Community Bancorp Receives Preliminary Approval to Participate in

Treasury's TARP Capital Purchase Program

(San Luis Obispo, CA) – Mission Community Bancorp California (OTCBB:MISS), the parent company of Mission Community Bank, announced today that it has received preliminary approval from the U.S. Department of the Treasury to participate in its TARP Capital Purchase Program. The Treasury is expected to purchase $5.1 million of the Company's fixed rate perpetual preferred stock. The Company intends to close the transaction no later than January 2009. The proceeds of the investment will be used to increase the Company's capital position, and to fund continued loan growth and business development by Mission Community Bank.

In a separate transaction, on December 2, 2008 the Company sold an aggregate of 225,026 shares of its authorized but unissued shares of common stock in a private placement to the Carpenter Community BancFund-A, L.P. at a price of $17.10 per share for aggregate gross proceeds to the Company of $3,847,944.

Mission Community Bancorp’s Tier 1 capital ratio was 12.72% at September 30, 2008, already significantly exceeding requirements for "well capitalized" banking institutions. After giving effect to the Treasury's proposed investment and the proceeds of the sale of shares to Carpenter Community BancFund-A, L.P., the Company’s pro forma consolidated Tier 1 capital ratio would be 17.95% as of September 30, 2008.

"Mission Community Bancorp is pleased to have the opportunity to participate in the Treasury's TARP Capital Purchase Program, which provides reasonably priced capital to qualified banking institutions that are best positioned for long-term growth and best able to help bolster an economic recovery," said Anita Robinson, Chief Executive Officer of the Company and Mission Community Bank. "We anticipate the use of this capital to further support the execution of the company’s business plan and expansion of our business lending activities to businesses in our communities."

The closing of the transaction is subject to satisfaction of certain conditions and the execution of definitive agreements, forms of which are or will be made available on the Treasury's website.

About Mission Community Bancorp

Mission Community Bancorp, a bank holding company, operates Mission Community Bank with offices in Arroyo Grande, San Luis Obispo, Santa Maria, Paso Robles and a Business Banking Center in San Luis Obispo.  A Department of the Treasury Certified Community Development Financial Institution, the bank has received several awards for its success in meeting community needs in small business lending and development banking services and has earned an Outstanding rating for its Community Reinvestment Act (CRA) activities.  For more information, visit www.MissionCommunityBank.com.

Forward-Looking Statements Disclosure

This news release includes forward-looking information, which is subject to the "safe harbor" created by Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act and the Private Securities Litigation Reform Act of 1995.  When the Company uses or incorporates by reference in this press release the words "anticipate," "estimate," "expect," "project," "intend," "commit," "believe" and similar expressions, the Company intends to identify forward-looking statements.

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581 Higuera Street ▪ San Luis Obispo, California 93401 ▪ 805-782-5000

3266.003/252122.3