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) May 7, 2009

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))

3266.011/284224.2

Item 2.02 Results of Operations and Financial Condition

On May 7, 2009 Mission Community Bancorp (OTBB: MISS), parent of Mission Community Bank, issued a press release announcing its unaudited financial results for the quarter ended March 31, 2009.  A copy of the press release is attached as Exhibit 99.1 to this Current Report.  The information in this report (including Exhibit 99.1) is being furnished pursuant to Item 2.02 and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act.

Item 9.01.    Financial Statement and Exhibits

(d)        Exhibits

              99.1   Press Release dated May 7, 2009

3266.011/284224.2                                                                     

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:   May 12, 2009	MISSION COMMUNITY BANCORP
	By:  /s/ Anita M. Robinson
	Anita M. Robinson President and Chief Executive Officer

3266.011/284224.2                                                                     

EX-99.01

NEWS RELEASE

FOR IMMEDIATE RELEASE

May 7, 2009

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

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

Mission Community Bancorp Reports $204,000 Net Income in First Quarter

(San Luis Obispo, CA) – Mission Community Bancorp (OTCBB: MISS), parent of Mission Community Bank, today reported first quarter net income of $204,000, or $0.12 per share, compared to a net loss of $(106,000), or $(0.10) per share, for the same period last year.

The bank experienced strong asset growth during the 12 months.  Total loans, including loans held for sale, increased $23.2 million from a year earlier, to $154.3 million on March 31, 2009.  Total deposits grew to $161.1 million, up from $119.8 million over the same period.  Total assets were $226.1 million, up 31% from $172.5 million as of March 31, 2008.

Mission Community Bank opened a new full service branch office in Santa Maria at 1670 South Broadway in December, 2008.  The development of business customer relationships in anticipation of this new office contributed to the bank’s growth in deposits and loans.

Perceiving continued weakened local economic conditions, Mission Community Bank chose to add $200,000 to loan loss reserves during the first quarter, and the bank’s subsidiary, Mission Community Development Corporation, made an allowance of $100,000.  These funds were set aside as a precaution against the potential loss on loans that may not be repaid in full.

Contributing to the company’s first quarter net income was $478,000 of tax benefits, $351,000 of which was due to the bank’s ability under the American Recovery and Reinvestment Act of 2009 (ARRA) to carry back 2008’s net operating losses for five prior years.  Tax laws in effect as of December 31, 2008 permitted only a two-year carry back period.

Mission Community Bancorp received $5.1 million in new capital from the United States Department of the Treasury’s Capital Purchase Plan (CPP) in January, 2009, and is very well capitalized.  The ratio of Total Capital to Risk-Weighted Assets was 16.07% at the end of the first quarter, well above the 10% ratio for banks to be considered well capitalized.

“We were pleased to participate in the Treasury’s program to provide capital to healthy financial institutions such as Mission Community Bank,” stated Anita M. Robinson, Chief Executive Officer.  “With the CPP money, coupled with an additional $3.85 million in private placement capital received in December, 2008, the bank and holding company are in excellent position to support our continued growth in business banking and to promote community development and economic vitality in the communities we serve.”  During the first quarter, the bank funded over $15 million in new and renewed loans.

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

Page 2

May 7, 2009

Mission Community Bancorp Reports $204,000 Net Income in First Quarter

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