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

Date of Report (Date of earliest event reported) November 10, 2010

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.)

3380 South 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))

3266.003/373514.1

Item 8.01 Other Events

Item 8.01                      Other Events

On November 10, 2010 the Board of Directors approved a thirty day extension of the Company's Rights Offering which was originally scheduled to close on November 15, 2010.  The subscription rights will now be exercisable until 5:00 P.M. on December 15, 2010.

Item 9.01                      Financial Statements and Exhibits.

Exhibit No.                                           Description

99.1 Press Release dated November 10, 2010 Announcing Offering

Extension

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SIGNATURES

Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated:  November 10, 2010                                                                                     MISSION COMMUNITY BANCORP

By: /s/James W. Lokey

James W. Lokey, CEO

3266.003/373514.1                                                                    

EX-99.1

NEWS RELEASE

FOR IMMEDIATE RELEASE                                                Contact: James Lokey

November 10, 2010                                                                                Chief Executive Officer

          (805) 782-5000

Mission Community Bancorp Announces Extension of Rights Offering

SAN LUIS OBISPO, CA - Mission Community Bancorp (OTCBB: MISS) announced today that it has extended its pending subscription rights offering to 5:00 P.M. Pacific Time on December 15, 2010.  The subscription rights offering was originally scheduled to expire on November 15, 2010.

The Company has filed a registration statement (including a prospectus) with the SEC for the offering.  Before you invest, you should read the prospectus in that registration statement and other documents the Company has filed with the SEC for more complete information about the Company and this offering.

The rights offering will be made only by means of a prospectus.  This release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sales of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.

About Mission Community Bancorp.

Mission Community Bancorp, a bank holding company, operates Mission Community Bank with offices in Downtown San Luis Obispo, and in the cities of Paso Robles, Arroyo Grande and Santa Maria in the Central Coast of California.  The Company’s administrative headquarters and a loan production office are also located in San Luis Obispo.  Mission Community Bank is a full service bank providing loan and deposit products in San Luis Obispo and northern Santa Barbara Counties.

Cautionary Statement Regarding Forward-Looking Statements.

This announcement may contain forward-looking statements made in reliance upon the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding our expectations and beliefs regarding our future results or performance.

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Page 2

November 10, 2010

Mission Community Bancorp Announces Extension of Rights Offering

Because these statements apply to future events, they are subject to risks and uncertainties.  When used in this announcement, the words “anticipate”, “believe”, “estimate”, “expect”, “expectation”, “should”, “would”, ‘project”, “plan”, “predict”, “intend” and similar expressions are intended to identify such forward-looking statements.  Our actual results could differ materially from those projected in the forward-looking statements.  Additionally, you should not consider past results to be an indication of our future performance.  For a discussion of the risk factors and other factors that may affect our results, please see the Risk Factors section of our filings with the Securities and Exchange Commission, including our annual report on Form 10-K and quarterly reports on Form 10-Q.  We do not intend to update any of the forward-looking statements after the date of this announcement to conform these statements to actual results, to changes in management’s expectations or otherwise, except as may be required by law.

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3380 South Higuera Street ▪ San Luis Obispo, California  93401

3266.015/384359.1