Prepared By R.R. Donnelley Financial -- Form 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): 03/26/2007

First State Bancorporation

(Exact name of registrant as specified in its charter)

Commission File Number: 001-12487

New Mexico		85-0366665
(State or other jurisdiction of		(IRS Employer
incorporation)		Identification No.)

7900 Jefferson NE

Albuquerque, NM 87109

(Address of principal executive offices, including zip code)

505-241-7500

(Registrant’s telephone number, including area code)

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

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:

[  ]   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))

Information to be included in the report

Item 8.01. Other Events

On March 26, 2006, the First State Bancorporation Board of Directors authorized the repurchase, through a revised share repurchase program, of up to 5 percent of the current 20.8 million common shares outstanding. The amount and timing of the repurchases, if any, will depend on market conditions, share price, trading volume and other factors, and there is no assurance that First State Bancorporation will repurchase shares during any period. The repurchase program will not be limited to a specific time period. A copy of the press release concerning the revised share repurchase program is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits.

Exhibit 99.1 First State Bancorporation press release dated March 27, 2007.

Signature(s)

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.

		First State Bancorporation


Date: March 27, 2007	By:	/s/ Christopher C. Spencer
		Christopher C. Spencer
		Senior Vice President and Chief Financial Officer

Exhibit Index

Exhibit No.		Description
EX-99.1		First State Bancorporation press release dated March 27, 2007

EX-99.1 2 rrd152666_19206.htm FIRST STATE BANCORPORATION PRESS RELEASE DATED MARCH 27, 2007 Exhibit 99.1

H. Patrick Dee
Chief Operating Officer
(505) 241-7102

Christopher C. Spencer
Chief Financial Officer
(505) 241-7154

FIRST STATE ANNOUNCES NEW SHARE REPURCHASE PROGRAM

Albuquerque, NM-March 27, 2007

The First State Bancorporation (NASDAQ:FSNM) Board of Directors announced today that they have authorized the repurchase, through a revised share repurchase program, of up to 5 percent of the current 20.8 million common shares outstanding. The amount and timing of the repurchases, if any, will depend on market conditions, share price, trading volume and other factors, and there is no assurance that the Company will repurchase shares during any period. The repurchase program will not be limited to a specific time period.

On Tuesday, March 27, 2007, First State's stock opened at $21.63 per share.

ABOUT FIRST STATE

First State is a New Mexico-based bank holding company. First State provides commercial banking services to businesses through its subsidiary bank, First Community Bank. On March 27, 2007, First State operated 61 branch offices in New Mexico, Colorado, Arizona and Utah

Forward-Looking Statements

This communication contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on First State current expectations and beliefs and are subject to a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those described in the forward-looking statements. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. Because forward-looking statements involve risks and uncertainties, actual results and events may differ materially from results and events currently expected by First State. For a detailed discussion of these statements, please refer to First State's filings with the SEC, especially in the "risk factors" sections of First State's Annual Report on Form 10-K for the year ended Dec. 31, 2006, and in subsequent filings with the SEC. F irst State assumes no obligation and expressly disclaim any duty to update the information contained herein except as required by law.

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