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<P ALIGN="CENTER">UNITED STATES<BR>


SECURITIES AND EXCHANGE COMMISSION</P>


<P ALIGN="CENTER"></P>


<P ALIGN="CENTER">Washington, D. C. 20549<BR>


</P>


</B><FONT FACE="Courier New" SIZE=2><P ALIGN="CENTER">&#9;&#9;<BR>


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</FONT><B><FONT SIZE=4><P ALIGN="CENTER">FORM 8-K<BR>


</P>


</FONT><P ALIGN="CENTER">CURRENT REPORT<BR>


</P>


<P ALIGN="CENTER">Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934<BR>


</P>


</B><P ALIGN="CENTER">Date of Report (Date of earliest event reported):<B>&#9;January 28, 2005<BR>


</P>


<FONT SIZE=4><P ALIGN="CENTER">FIRST STATE BANCORPORATION</FONT><BR>


</B>(Exact name of registrant as specified in its charter)<BR>


</P>


<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=612>


<TR><TD WIDTH="35%" VALIGN="TOP" HEIGHT=56>


<B><P ALIGN="CENTER">NEW MEXICO<BR>


</B><FONT SIZE=2>(State or other jurisdiction of incorporation)</FONT></TD>


<TD WIDTH="32%" VALIGN="TOP" HEIGHT=56>


<B><P ALIGN="CENTER">001-12487<BR>


</B>(Commission File No.)</P>


</TD>


<TD WIDTH="32%" VALIGN="TOP" COLSPAN=2 HEIGHT=56>


<B><P ALIGN="CENTER">85-0366665<BR>


</B>(IRS Employer<BR>


Identification No.)</TD>


</TR>


<TR><TD WIDTH="76%" VALIGN="TOP" COLSPAN=3 HEIGHT=46>


<P ALIGN="CENTER"><BR>


<B>7900 JEFFERSON, N.E.,    ALBUQUERQUE, NEW MEXICO<BR>


</B>(Address of principal executive offices)</TD>


<TD WIDTH="24%" VALIGN="TOP" HEIGHT=46>


<B><P ALIGN="CENTER">87109<BR>


</B>(Zip Code)</TD>


</TR>


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</CENTER></P>





<B>


<FONT SIZE=3><P ALIGN="CENTER">(505) 241-7500</FONT><FONT SIZE=2><BR>


</B>Registrant's Telephone Number, including area code</P>


</FONT>


<P>&nbsp;</P>


<P>&nbsp;</P>


<B><P>Item 1.01 Entry into a Material Definitive Agreement.</P>





</B><P ALIGN="JUSTIFY">&#9;On January 21, 2005, the Compensation Committee of the Board of Directors of First State Bancorporation (the &quot;Company&quot;) approved cash bonus payments for the following executive officers in the amounts set forth opposite the name of each officer:</P>





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<TR><TD WIDTH="71%" VALIGN="TOP" COLSPAN=2 HEIGHT=18>


<B><U><P>Executive Officer</B></U></TD>


<TD WIDTH="29%" VALIGN="TOP" HEIGHT=18>


<B><U><P ALIGN="CENTER">Amount of Bonus</B></U></TD>


</TR>


<TR><TD WIDTH="71%" VALIGN="TOP" COLSPAN=2 HEIGHT=37>


<B><U>


</B></U><P>Michael R. Stanford, President and C.E.O.</TD>


<TD WIDTH="29%" VALIGN="TOP" HEIGHT=37>


<B><U><P ALIGN="CENTER"></P>


</B></U><P ALIGN="CENTER">$132,055</TD>


</TR>


<TR><TD WIDTH="71%" VALIGN="TOP" COLSPAN=2 HEIGHT=13>


<P>H. Patrick Dee, Executive V.P. and C.O.O.</TD>


<TD WIDTH="29%" VALIGN="TOP" HEIGHT=13>


<P ALIGN="CENTER">$  91,060</TD>


</TR>


<TR><TD WIDTH="71%" VALIGN="TOP" COLSPAN=2 HEIGHT=13>


<P>Christopher C. Spencer, Senior V.P. and C.F.O.</TD>


<TD WIDTH="29%" VALIGN="TOP" HEIGHT=13>


<P ALIGN="CENTER">$  25,000</TD>


</TR>


<TR><TD WIDTH="71%" VALIGN="TOP" COLSPAN=2 HEIGHT=13>


<P>Thomas E. Bajusz, Chief Credit Officer</TD>


<TD WIDTH="29%" VALIGN="TOP" HEIGHT=13>


<P ALIGN="CENTER">$  30,000</TD>


</TR>


<TR><TD WIDTH="71%" VALIGN="TOP" COLSPAN=2 HEIGHT=6>


<P>James E. Warden, Senior V.P. of Branch</TD>


<TD WIDTH="29%" VALIGN="TOP" HEIGHT=6>


<P ALIGN="CENTER">$  25,000</TD>


</TR>


<TR><TD WIDTH="7%" VALIGN="TOP" HEIGHT=12><P></P></TD>


<TD WIDTH="64%" VALIGN="TOP" HEIGHT=12>


<P>Administration and Retail Services</TD>


<TD WIDTH="29%" VALIGN="TOP" HEIGHT=12><P></P></TD>


</TR>


<TR><TD WIDTH="71%" VALIGN="TOP" COLSPAN=2 HEIGHT=11>


<P>Theresa A. Gabel, Senior V.P. of Human</TD>


<TD WIDTH="29%" VALIGN="TOP" HEIGHT=11>


<P ALIGN="CENTER">$  15,000</TD>


</TR>


<TR><TD WIDTH="7%" VALIGN="TOP" HEIGHT=11><P></P></TD>


<TD WIDTH="64%" VALIGN="TOP" HEIGHT=11>


<P>Resources and Communications</TD>


<TD WIDTH="29%" VALIGN="TOP" HEIGHT=11><P></P></TD>


</TR>


</TABLE>








<P ALIGN="JUSTIFY">&#9;The cash bonuses of Mr. Stanford and Mr. Dee were determined by the Compensation Committee based on exceptional performance in 2004 in spite of unexpected conditions and events, successfully integrating the Colorado and Utah operations and related mortgage operation, and strengthening investor confidence in the Company. &#9;</P>


<P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">&#9;Bonus allocations to the other executive officers and employees were determined at the discretion of Mr. Stanford and Mr. Dee based primarily on rewarding employees for their respective individual contribution to Company during 2004.  </P>


<B><P ALIGN="JUSTIFY"></P>


<FONT FACE="Courier New"><P ALIGN="CENTER">&nbsp;</P>


<P ALIGN="CENTER">&nbsp;</P>


</FONT><P ALIGN="CENTER">SIGNATURE</P>


</B>


<P ALIGN="JUSTIFY">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.</P>





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<P>&nbsp;</P>


<P>&nbsp;</TD>


<TD WIDTH="45%" VALIGN="TOP" HEIGHT=40>


<P>FIRST STATE BANCORPORATION</P>


</TD>


</TR>


<TR><TD WIDTH="55%" VALIGN="TOP" HEIGHT=104>


<P>Date:  January 28, 2005</P>





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<P>&nbsp;</P>


<P>&nbsp;</TD>


<TD WIDTH="45%" VALIGN="TOP" HEIGHT=104>


<P>By:    <U>/s/ Christopher C. Spencer&#9;&#9;</P>


</U><P>Christopher C. Spencer<BR>


Senior Vice President and <BR>


Chief Financial Officer<BR>


</TD>


</TR>


</TABLE>





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{"company-data": {"conformed-name": "FIRST STATE BANCORPORATION", "cik": "0000897861", "assigned-sic": "6022", "irs-number": "850366665", "state-of-incorporation": "NM", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-12487", "film-number": "05559298"}, "business-address": {"street1": "7900 JEFFERSON NE", "city": "ALBUQUERQUE", "state": "NM", "zip": "87109", "phone": "5052417500"}, "mail-address": {"street1": "7900 JEFFERSON NE", "city": "ALBUQUERQUE", "state": "NM", "zip": "87190"}}
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):
January 28, 2005
FIRST STATE BANCORPORATION
(Exact name of registrant as specified in its charter)
NEW MEXICO
(State or other jurisdiction of incorporation)
001-12487
(Commission File No.)
85-0366665
(IRS Employer
Identification No.)
7900 JEFFERSON, N.E.,    ALBUQUERQUE, NEW MEXICO
(Address of principal executive offices)
87109
(Zip Code)
(505) 241-7500
Registrant's Telephone Number, including area code
Item 1.01 Entry into a Material Definitive Agreement.
On January 21, 2005, the Compensation Committee of the Board of Directors of First State Bancorporation (the "Company") approved cash bonus payments for the following executive officers in the amounts set forth opposite the name of each officer:
Executive Officer
Amount of Bonus
Michael R. Stanford, President and C.E.O.
$132,055
H. Patrick Dee, Executive V.P. and C.O.O.
$  91,060
Christopher C. Spencer, Senior V.P. and C.F.O.
$  25,000
Thomas E. Bajusz, Chief Credit Officer
$  30,000
James E. Warden, Senior V.P. of Branch
$  25,000
Administration and Retail Services
Theresa A. Gabel, Senior V.P. of Human
$  15,000
Resources and Communications
The cash bonuses of Mr. Stanford and Mr. Dee were determined by the Compensation Committee based on exceptional performance in 2004 in spite of unexpected conditions and events, successfully integrating the Colorado and Utah operations and related mortgage operation, and strengthening investor confidence in the Company.
Bonus allocations to the other executive officers and employees were determined at the discretion of Mr. Stanford and Mr. Dee based primarily on rewarding employees for their respective individual contribution to Company during 2004.
SIGNATURE
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:  January 28, 2005
By:
/s/ Christopher C. Spencer
Christopher C. Spencer
Senior Vice President and
Chief Financial Officer