8-K

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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): October 29, 2002

CALIFORNIA INDEPENDENT BANCORP
(Exact Name of Registrant as Specified in Charter)

California (State or Other Jurisdiction of Incorporation)	0-26552 (Commission File Number)	68-0349947 (IRS Employer Identification No.)
	1227 Bridge St., Suite C Yuba City, CA (Address of Principal Executive Offices)	95991 (Zip Code)

Registrant's telephone number, including area code: (530) 674-6025

N/A
(Former Name or Former Address, if Changed Since Last Report)

Item 5. Other Events

        On October 30, 2002, California Independent Bancorp ("CIB") issued a press release announcing the issuance of ten million dollars ($10,000,000) of Trust Preferred Securities. The sale of the securities closed and funded on October 29, 2002. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.

Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.

(c)

Exhibits.

        The following exhibits are filed with this report on Form 8-K:

Exhibit No.	Description
99.1	Press Release of the Registrant issued on October 30, 2002.

SIGNATURES

        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.

	CALIFORNIA INDEPENDENT BANCORP
Date: October 30, 2002	By:	/s/  KEVIN R. WATSON
	Name:	Kevin R. Watson
	Title:	Chief Financial Officer/Corporate Secretary (Principal Financial and Accounting Officer)

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Item 5. Other Events
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.

SIGNATURES

EX-99.1

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Exhibit 99.1

October 30, 2002

FOR IMMEDIATE RELEASE Contact: John I. Jelavich, President/CEO
(530) 674-6025

California Independent Bancorp Issues Ten Million
Dollars of Trust Preferred Securities

        Yuba City, California...California Independent Bancorp (NASDAQ: CIBN) today announced that, through a newly-formed-wholly-owned subsidiary, CIB Capital Trust, it raised ten million dollars ($10,000,000) through the issuance of Trust Preferred Securities. The securities closed and funded on October 29, 2002.

        The Trust Preferred Securities bear a floating rate of interest of 3.45% over the three month LIBOR. The initial rate set at 5.27% is payable quarterly. The proceeds from the sale of the securities will be used for general corporate and strategic purposes. California Independent Bancorp and its subsidiary, Feather River State Bank, are considered well-capitalized as defined by regulatory guidance and the issuance of the Trust Preferred Securities will further enhance these ratios. Under applicable regulatory guidance, California Independent Bancorp expects that a portion of the Trust Preferred Securities will qualify as Tier I Capital, and the remainder as Tier II Capital.

        John I. Jelavich, President and Chief Executive Officer stated, "The proceeds from the sale of the securities will allow California Independent Bancorp to adequately support its strategic plan and growth strategies for the foreseeable future."

        California Independent Bancorp, and its subsidiary, Feather River State Bank with $338.7 million in assets as of September 30, 2002, engages in a broad range of financial services activities. Its primary market is in the Sacramento Valley, with nine branches positioned in five counties. In addition, the Bank operates loan production offices at its Yuba City, Woodland, and Roseville branch locations emphasizing commercial real estate, residential construction, agribusiness, consumer, and commercial lending.

        A Form 8-K is being filed by California Independent Bancorp with the Securities and Exchange Commission announcing the issuance of the Trust Preferred Securities.

Forward-looking statements—The Private Securities Litigation Reform Act of 1995:

Certain statements contained in this release are forward-looking statements that are subject to risk and uncertainty. Statements that are not historical or current facts, including statements about beliefs and expectations, are forward-looking statements. A number of factors—many of which are beyond the Company's control—could cause actual conditions, events or results to differ significantly from those described in the forward-looking statements. The Company's reports filed with the Securities and Exchange Commission, including the Company's Form 10-K for the year ended December 31, 2001, and Form 10-Q for the quarter ended June 30, 2002, describe some of these factors, including certain credit, market, operational, liquidity, and interest rate risks associated with the Company's business and operations. Other factors described in the Company's Form 10-K for the year ended December 31, 2001, and Form 10-Q for the quarter ended June 30, 2002, include changes in business and economic conditions, competition, fiscal and monetary policies, and legislation. There are other factors besides these that could cause actual conditions, events or results to differ significantly from those described in the forward-looking statements or otherwise affect in the future the Company's business, results of operations and financial condition.    Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update such statements in light of new information or future events.

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Exhibit 99.1

California Independent Bancorp Issues Ten Million Dollars of Trust Preferred Securities