UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.

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) October 23, 2003

CalWest Bancorp

(Exact name of Registrant as specified in its charter)

California	333-14288	56-2380639
State or other jurisdiction of incorporation)	(File number)	(I.R.S. Employer Identification No.)

22342 Avenida Empresa, Rancho Santa Margarita, CA		92688
Address of principal executive office)		(Zip Code)

Registrant's telephone number, including area code: (949) 766-3000

(Former name or former address, if changed since last report)

Item 7.		FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS

	(c)	Exhibits

		99.1	Press Release dated October 22, 2003


Item 12.		RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On October 22, 2003 the Company issued a press release announcing earnings for the quarter ended September 30, 2003 and made publicly available certain supplemental information. The press release is attached to this current report as Exhibit 99.1 and is incorporated by reference to this report.

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.

Date: October 23, 2003

EXHIBIT INDEX

Exhibit No.		Description

99.1		Press Release

Exhibit 99.1

PRESS RELEASE

SOUTH COUNTY BANK REPORTS THIRD QUARTER 2003 RESULTS

October 22, 2003 – South County Bank, a wholly owned subsidiary of CalWest Bancorp (OCTBB – CALW) reported financial results for the nine months ended September 30, 2003. The Bank’s net income decreased by 20.1% to $522,000 compared to net income of $653,000 as of September 30, 2002. However, on a pre-tax basis, income as of September 30, 2003 increased by 6.1% to $572,000 compared to $539,000 as of September 30, 2002.

On a consolidated basis, CalWest Bancorp reported $471,000 net income as of September 30, 2003 or $0.44 per common share on a fully diluted basis. CalWest Bancorp became a bank holding company for South County Bank during the third quarter of 2003 and, as a result, has no prior comparative consolidated financial information.

South County Bank’s total assets increased 49.6% to $111.5 million as of September 30, 2003 from $74.5 million as of September 30, 2002. Total deposits increased 52.3% to $99.9 million as of September 30, 2003 compared to $65.6 million as of September 30, 2002. Total loans increased 32.4% to $66.9 million as of September 30, 2003 from $50.6 million as of September 30, 2002.

Total shareholders’ equity increased 38.7% to $10.9 million as of September 30, 2003 from $7.9 million as of September 30, 2002. In September 2003, CalWest Bancorp closed a Trust Preferred transaction for $3 million and it transferred $2.2 million to South County Bank as tier 1 capital.

On a consolidated basis, CalWest Bancorp total assets were $111.6 million as of September 30, 2003. Total shareholders’ equity was $8.7 million as of September 30, 2003.

“South County Bank’s growth in earning assets, deposits and equity continues to exceed our expectations,” said Thomas E. Yott, President and CEO of South County Bank. “The Bank started recording tax expense in third quarter 2003 that caused net income to decline compared to third quarter results in 2002”.

Forward Looking Comments: The statements contained in this release that are not historical facts are forward-looking statements based on management’s current expectations and beliefs concerning future developments and their potential effects on the Bank. There can be no assurance that future developments affecting the Bank will be those anticipated by management. Actual results may differ from those projected in the forward-looking statements. These forward-looking statements involve risks and uncertainties.

SOUTH COUNTY BANK

CONDENSED BALANCE SHEET

(UNAUDITED)

	SEPTEMBER 30 2003			SEPTEMBER 30, 2002			% CHANGE
CASH AND DUE FROM	$	6,776,000		$	4,168,000		62.57	%
FEDERAL FUNDS SOLD	22,435,000			12,795,000			75.34	%
INVESTMENTS	14,143,000			5,715,000			147.47	%
LOANS AVAILABLE FOR SALE	5,024,000			12,116,000			-58.53	%
LOANS NET OF DISCOUNT	61,926,000			38,448,000			61.06	%
LESS: ALLOWANCE FOR LOAN LOSSES	616,000			491,000			25.46	%
OTHER ASSETS	1,788,000			1,761,000			1.53	%

TOTAL ASSETS	$	111,476,000		$	74,512,000		49.61	%

NONINTEREST BEARING DEPOSITS	$	39,589,000		$	21,228,000		86.49	%
INTEREST BEARING DEPOSITS	60,405,000			44,410,000			36.02	%
TOTAL DEPOSITS	99,994,000			65,638,000			52.34	%
SUBORDINATED DEBT	114,000			114,000			100.00	%
OTHER LIABILITIES	387,000			841,000			-53.98	%
TOTAL LIABILITIES	$	100,495,000		$	66,593,000		50.91	%

COMMON STOCK	$	11,706,000		$	9,506,000		23.14	%
UNDIVIDED PROFITS	(720,000		)	(1,586,000		)	-54.60	%
OTHER COMPREHENSIVE INCOME	(5,000		)	(1,000		)	400.00	%
TOTAL SHAREHOLDERS’ EQUITY	$	10,981,000		$	7,919,000		38.67	%
TOTAL LIABILITIES AND EQUITY	$	111,476,000		$	74,512,000		49.61	%

TIER 1 LEVERAGE RATIO	10.09		%	11.56		%
TIER 1 RISK BASED CAPITAL RATIO	14.35		%	14.00		%
TOTAL RISK BASED CAPITAL RATIO	15.27		%	15.07		%

SOUTH COUNTY BANK

CONDENSED STATEMENT OF EARNINGS

(UNAUDITED)

	FOR THE SIX MONTHS ENDED
	SEPTEMBER 30 2003		SEPTEMBER 30 2002			% INCREASE
INTEREST INCOME	$	3,562,000	$	2,911,000		22.4	%

INTEREST EXPENSE	833,000		944,000			-11.8	%

NET INTEREST INCOME	2,729,000		1,967,000			38.7	%

PROVISION FOR LOAN LOSSES	163,000		143,000			14.0	%

NONINTEREST INCOME	1,470,000		1,283,000			14.6	%

NONINTEREST EXPENSE	3,464,000		2,568,000			34.9	%

PRE TAX INCOME	572,000		539,000			6.1	%

INCOME TAXES	50,000		(114,000		)	-143.9	%

NET INCOME	$	522,000	$	653,000		-20.1	%

Contact:

South County Bank, Santa Margarita

Najam Saiduddin, 949/766-3000

Source: South County Bank

CalWest Bancorp

/s/ Thomas E. Yott

Thomas E. Yott