SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

MCFARLAND STUART F

(Last)

(First)

(Middle)

5810 EL CAMINO REAL

(Street)

CARLSBAD

92008

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
SOUTHWEST COMMUNITY BANCORP [ SWCB ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	Executive Vice President

3. Date of Earliest Transaction (Month/Day/Year)
06/07/2006

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock								1,693	I	401(k) Plan
Common Stock								630	I	Trust for Grandchildren
Common Stock	06/07/2006		M		39,301⁽¹⁾	A	$4.4	110,281	D
Common Stock	06/07/2006		M		6,645⁽²⁾	A	$6.1	116,926	D
Common Stock	06/07/2006		M		6,876⁽³⁾	A	$8.25	123,802	D
Common Stock	06/07/2006		M		13,404⁽⁴⁾	A	$17.78	137,206	D
Common Stock	06/07/2006		M		7,261⁽⁵⁾	A	$18.41	144,467	D
Common Stock	06/07/2006		M		10,500	A	$27.86	154,967	D
Common Stock	06/07/2006		M		7,500	A	$32	162,467	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Warrants (right to buy)	$9.079							06/14/2002	04/30/2007	Common Stock	4,095		4,095	D
Options (right to buy)	$4.4	06/07/2006		M			44,296	02/17/2000	02/17/2009	Common Stock	44,296	$4.4	0	D
Options (right to buy)	$6.1	06/07/2006		M			7,875	07/19/2001	07/19/2010	Common Stock	7,875	$6.1	0	D
Options (right to buy)	$8.25	06/07/2006		M			7,875	06/19/2003	06/19/2012	Common Stock	7,875	$8.25	0	D
Options (right to buy)	$17.78	06/07/2006		M			7,875	06/18/2004	06/18/2013	Common Stock	15,750	$17.78	0	D
Options (right to buy)	$18.41	06/07/2006		M			7,875	11/19/2004	11/19/2003	Common Stock	7,875	$18.41	0	D
Options(right to buy)	$27.86	06/07/2006		M			10,500	10/13/2005	10/13/2014	Common Stock	10,500	$27.86	0	D
Options(right to buy)	$32	06/07/2006		M			7,500	09/21/2005	09/21/2005	Common Stock	7,500	$32	0	D

Explanation of Responses:

1. Net of 4,995 owned shares used to exercise option.

2. Net of 1,230 owned shares used to exercise option.

3. Net of 999 owned shares used to exercise option.

4. Net of 2,346 owned shares used to exercise option.

5. Net of 614 owned shares used to exercise option.

Remarks:

	/s/ Stuart F. McFarland	06/07/2006
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.