CENTRAL COAST BANCORP


           CENTRAL COAST BANCORP ANNOUNCES 10% STOCK DIVIDEND
           --------------------------------------------------


PRESS RELEASE                   Contact:   Robert Stanberry
                                           Chief Financial Officer
For release 9:00am EST                     (831) 422-6642
                                           rstanberry@community-bnk.com


Salinas,  California  -- January 28,  2003.  At its  regularly  scheduled
meeting on January 27,  2003,  the Board of  Directors  of Central  Coast
Bancorp  (NASDAQ/CCBN)  approved a 10% stock  dividend.  The  dividend is
payable  on  February  28,  2003 to  holders  of  record  at the close of
business on February 14, 2003.

Nick  Ventimiglia,  Chairman  and CEO,  noted  that this will be the 17th
stock   dividend  or  split  in  the  twenty   years  of  the   Company's
existence.   The  Board  feels  the  split  will  help   improve   market
liquidity  of  its  common  shares,  as  total  shares  outstanding  will
increase to  approximately  9,918,000  shares from  9,016,000 at December
31,  2002.  An investor  who bought  1,000  shares of  Community  Bank of
Central  California  stock when the Company was organized in 1982,  would
now have 14,966  shares,  or 16,462 after the coming stock  dividend.  If
purchased at the initial  offering of $10 a share, or $10,000,  the stock
would be worth  $282,109 at  yesterday's  closing  price of $18.85.  This
represents a 17.2% compounded rate of return.

Central Coast Bancorp  operates as a holding  company for Community  Bank
of Central  California.  Community Bank,  headquartered  in Salinas,  has
branch offices  located in: the Monterey  County  communities of Salinas,
North Salinas, Monterey (2), Seaside, Marina,  Castroville,  Gonzales and
King City;  the Santa Clara County  community  of Gilroy;  the Santa Cruz
County  community of Watsonville;  and in the San Benito County community
of Hollister.  The Bank provides traditional deposit,  lending,  mortgage
and  commercial  products and  services to business and retail  customers
throughout  the  California  Central Coast area. The Bank has an Internet
web site at www.community-bnk.com.





               301 Main Street, Salinas, California 93901