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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SECURITIES AND EXCHANGE COMMISSION</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Washington, D.C.&#160;&#160;20549</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Form 8-K</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CURRENT REPORT</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date of Report (Date of earliest event reported) <font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">December 28, 2011</font></font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Former name or former address, if changed since last report) <font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Not applicable</font></font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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 (see General Instruction A.2. below):</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item 1.01&#160;&#160;Entry into a Material Definitive Agreement</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On December 28, 2011, Mission Community Bancorp (the &#8220;Company&#8221;) entered into a Letter Agreement (the &#8220;Repurchase Agreement&#8221;) with the United States Department of the Treasury (&#8220;Treasury&#8221;) pursuant to which the Company repurchased all 5,116 shares of its Fixed Rate Cumulative Perpetual Preferred Stock, Series D (the &#8220;Preferred Stock&#8221;), for an aggregate purchase price of $5,146,554.&#160;&#160;The Preferred Stock was originally issued by the Company to Treasury on January 9, 2009 under the Capital Purchase Program established by Treasury pursuant to the Troubled Asset Relief Program (&#8220;TARP&#8221;).&#160;&#160;&#160;The $5,146,554 paid by the Company to repurchase the Preferred Stock represents&#160;&#160;the $1,000 per share liquidation amount of the&#160;&#160;Preferred Stock, an aggregate of $5,116,000,&#160;&#160;plus a final accrued and unpaid dividend due of $30,554.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">A copy of the Repurchase Agreement is attached as Exhibit 10.1 hereto.&#160;&#160;The Company issued a press release dated January 4, 2012 to announce the repurchase of the Preferred Stock from Treasury.&#160;&#160;A copy of the press release is attached hereto as Exhibit 99.1.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Exhibit No</font>.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Description</font></font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Dated:&#160;&#160;January 4, 2012&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;MISSION COMMUNITY BANCORP</font></div>

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[{"type": "8-K", "sequence": "1", "filename": "form8-k.htm", "description": "8-K - REPURCHASE OF TARP PREFERRED STOCK", "secsgml_size_bytes": 23404}]
{"company-data": {"conformed-name": "MISSION COMMUNITY BANCORP", "cik": "0001129920", "assigned-sic": "6021", "irs-number": "770559736", "state-of-incorporation": "CA", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "333-12892", "film-number": "12505338"}, "business-address": {"street1": "3380 S. HIGUERA STREET", "city": "SAN LUIS OBISPO", "state": "CA", "zip": "93401", "phone": "8057825000"}, "mail-address": {"street1": "3380 S. HIGUERA STREET", "city": "SAN LUIS OBISPO", "state": "CA", "zip": "93401"}}
form8-k.htm
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)
December 28, 2011
MISSION COMMUNITY BANCORP
(Exact name of registrant as specified in its charter)
California
__333-12892____
77-0559736
(State or other jurisdiction of incorporation or organization)
(Commission File No.)
(I.R.S. Employee Identification No.)
3380 South Higuera Street, San Luis Obispo, CA 93401
(Address of principal executive offices)
(Zip code)
(805) 782-5000
(Registrant's telephone number including area code)
(Former name or former address, if changed since last report)
Not applicable
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 (see General Instruction A.2. below):
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))
Item 1.01  Entry into a Material Definitive Agreement
On December 28, 2011, Mission Community Bancorp (the "Company") entered into a Letter Agreement (the "Repurchase Agreement") with the United States Department of the Treasury ("Treasury") pursuant to which the Company repurchased all 5,116 shares of its Fixed Rate Cumulative Perpetual Preferred Stock, Series D (the "Preferred Stock"), for an aggregate purchase price of $5,146,554.  The Preferred Stock was originally issued by the Company to Treasury on January 9, 2009 under the Capital Purchase Program established by Treasury pursuant to the Troubled Asset Relief Program ("TARP").   The $5,146,554 paid by the Company to repurchase the Preferred Stock represents  the $1,000 per share liquidation amount of the  Preferred Stock, an aggregate of $5,116,000,  plus a final accrued and unpaid dividend due of $30,554.
A copy of the Repurchase Agreement is attached as Exhibit 10.1 hereto.  The Company issued a press release dated January 4, 2012 to announce the repurchase of the Preferred Stock from Treasury.  A copy of the press release is attached hereto as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits
(c)  Exhibits
Exhibit No
.
Description
10.1
Letter Agreement dated December 28, 2011 between the Company and Treasury with respect to the repurchase of the Preferred Stock
99.1
Press Release dated January 4, 2012
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated:  January 4, 2012                                                                           MISSION COMMUNITY BANCORP
By:
/s/ James W. Lokey
James W. Lokey, Chairman
Exhibit Index
Exhibit No
.
Exhibit Title
10.1
Letter Agreement, dated December 28, 2011, between the Company and Treasury with respect to the repurchase of the Preferred Stock
99.1
Press release dated January 4, 2012