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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>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <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>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <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>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <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">April 27,
2010</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <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"><font style="DISPLAY: inline; TEXT-DECORATION: underline">MISSION COMMUNITY
BANCORP</font></font></div>
    <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">(Exact
name of registrant as specified in its charter)</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"><font style="DISPLAY: inline">California</font></font></div>
            </td>
            <td valign="top" width="27%" style="BORDER-BOTTOM: black 2px solid">
              <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"><font style="DISPLAY: inline">__333-12892____</font></font></div>
            </td>
            <td valign="top" width="27%" style="BORDER-BOTTOM: black 2px solid">
              <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"><font style="DISPLAY: inline">77-0559736</font></font></div>
            </td>
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            <td valign="top" width="27%">
              <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">(State
      or other jurisdiction of incorporation or organization)</font></div>
            </td>
            <td valign="top" width="27%">
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      File No.)</font></div>
            </td>
            <td valign="top" width="27%">
              <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">(I.R.S.
      Employee Identification No.)</font></div>
            </td>
          </tr></table>
    </div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <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"><font style="DISPLAY: inline; TEXT-DECORATION: underline">3380 South Higuera Street,
San Luis Obispo, CA 93401</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">(Address
of principal executive offices)</font></div>
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code)</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"><font style="DISPLAY: inline; TEXT-DECORATION: underline">(805)
782-5000</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">(Registrant&#8217;s
telephone number including area code)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <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>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <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="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <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">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)</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">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))</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">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))</font></div><br>
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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
5.01. Changes In Control of Registrant</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <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">On April
27, 2010<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>there was
an initial closing (the &#8220;Initial Closing&#8221;) <font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>under that certain
Securities Purchase Agreement dated December 22, 2009, as amended (the
&#8220;Securities Purchase Agreement&#8221;), by and between Mission Community Bancorp (the
&#8220;Company&#8221;) and Carpenter Fund Manager GP, LLC (the &#8220;Manager&#8221;) on behalf of and
as General Partner of each of Carpenter Community BancFund, L.P., Carpenter
Community BancFund-A, L.P. and Carpenter Community BancFund&#8212;CA,
L.P.&#160;&#160;(the &#8220;Investors&#8221;).&#160;&#160;&#160;At the Initial Closing the
Investors purchased an aggregate of 2,000,000 shares of the common stock of the
Company paired with warrants to purchase 2,000,000 shares of the common stock of
the Company for an aggregate purchase price of $10 million.&#160;&#160;The
warrants are exercisable for a term of ten years from issuance at an exercise
price of $5.00 per share and contain customary anti-dilution
provisions.&#160;&#160;Under the terms of the Securities Purchase Agreement, the
Investors have the right to purchase up to an additional 1,040,000 shares of the
Company&#8217;s common stock, with each share of common stock paired with a warrant
exercisable at a price of $5.00 per share of common stock, for an aggregate
purchase price of $5.2 million.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <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">Prior to
the Initial Closing, the Manager was the largest shareholder of the Company
beneficially owning 333,334 shares of the common stock of the Company or 24.7%
of the issued and outstanding shares of the Company.&#160;&#160;&#160;Following
the Initial Closing, the Manager is the beneficial owner of 2,333,334 shares of
the common stock of the Company (not including warrants) or 69.7% of the issued
and outstanding shares of the Company.&#160;&#160;The $10 million purchase price
paid by the Investors was paid from liquidity available for
investment.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <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">In
accordance with the terms of the Securities Purchase Agreement, the Company will
conduct a rights offering to its existing shareholders, currently anticipated to
occur in the second or third quarter of 2010, pursuant to which each shareholder
will be offered the right to purchase shares of the Company&#8217;s common stock
paired with a warrant at a price of $5.00 per unit of common stock and
warrant.&#160;&#160;The warrants issuable in the rights offering will be for a
term of 10 years and will be exercisable at a price of $5.00 per
share.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <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">Pursuant
to the Securities Purchase Agreement, the Company has agreed, effective upon the
Initial Closing, and subject to receipt of any required regulatory approvals or
non-objections, to appoint as directors of the Company and Mission Community
Bank (the &#8220;Bank&#8221;), three persons identified by the Manager, and to continue to
appoint three persons designated by the Manager for as long as the Investors
beneficially own at least 25% or more of the Company&#8217;s common
stock.&#160;&#160;If the Investors&#8217; beneficial ownership of the Company&#8217;s common
stock is less than 25% but more than 15%, the Manager shall have the right to
appoint two (2) directors to the Company's Board and the Bank&#8217;s Board and if the
Manager&#8217;s beneficial ownership interest is less than 15% but more than 5%, the
Manager shall have the right to appoint one person to the Company&#8217;s Board and
the Bank&#8217;s Board.&#160;&#160;The right to appoint members to the Company&#8217;s Board
and the Bank&#8217;s Board is in addition to and not in lieu of the Manager&#8217;s right to
appoint one member to the Board of the Company and the Bank pursuant to the
terms and conditions of a prior Stock Purchase Agreement dated January 24, 2008
between the Company and the Manager on behalf of the Investors.</font></div><br>
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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 April
27, 2010, the Manager appointed James W. Lokey to serve on the Board as one of
its three appointees pursuant to the Securities Purchase
Agreement.&#160;&#160;See Item 5.02 below.&#160;&#160;Previously, Stephen P.
Yost was appointed to the Board of the Company by the Manager to fill one of
these three director positions.&#160;&#160;The Company believes Manager will
appoint a third person to serve on its Board in the near future, subject to
receipt of all required regulatory approvals, although no such additional
director nominee has as yet been identified.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <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">A copy of
the press release dated April 27, 2010 with respect to the initial closing of
the transactions contemplated by the Securities Purchase Agreement and the
appointment of Mr. Lokey is included as an Exhibit hereto and incorporated by
reference herein.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <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
5.02.&#160;&#160;Departure of Directors or Principal Officers; Election of
Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <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">(d)&#160;&#160;On
April 27, 2010, concurrent with the closing under the Securities Purchase
Agreement, James W. Lokey was appointed to serve on the Board of Directors of
each of Mission Community Bancorp and Mission Community Bank subject to receipt
of all required regulatory approvals.&#160;&#160;The Federal Reserve Bank of San
Francisco issued its &#8220;no objection&#8221; to Mr. Lokey serving on both boards on April
28, 2010.&#160;&#160;&#160;It has not yet been determined on which Board
Committees Mr. Lokey will serve.&#160;&#160;Mr. Lokey was also appointed as
Executive Chairman of Mission Community Bancorp subject to receipt of all
required regulatory approvals.&#160;&#160;It is anticipated that Mr. Lokey will
be compensated with respect to the services he is to render as Executive
Chairman, however, no compensation terms have as yet been agreed
to.</font></div>
    <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></div>
    <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">Mr. Lokey
most recently served as President of Rabobank, N.A., Arroyo Grande, California,
from 2007 until his retirement from that bank effective December 31,
2009.&#160;&#160;Previously, Mr. Lokey served as President and Chief Executive
Officer for Mid-Sate Bank &amp; Trust from 2000 until the sale of that bank in
2007.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <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">Mr. Lokey
was appointed to the Board as the nominee of a principal shareholder of the
Bank, Carpenter Fund Manager GP, LLC (the &#8220;Manager&#8221;), which currently
beneficially owns 2,333,334 shares of the Company&#8217;s common stock (not including
warrants to purchase shares of common stock), or 69.7% of the issued and
outstanding shares of the Company.&#160;&#160;&#160;Effective upon the Initial
Closing under the Securities Purchase Agreement, which occurred on April 27,
2010, the Manager has the right to designate three members to the Company&#8217;s
Board of Directors.&#160;&#160;Mr. Lokey is one of these designees.</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
9.01&#160;&#160;Financial Statements and Exhibits.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <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;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Description</font></font></div>
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    <div>
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<tr valign="top">
            <td style="WIDTH: 108pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><a href="exhibit99-1.htm">99.1</a></font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><a href="exhibit99-1.htm">Press Release dated April 27,
    2010</a></font></div>
            </td>
          </tr></table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
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        </div>
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    </div><br>
    <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">SIGNATURES</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <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>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <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;April
30,
2010&#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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Robinson</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 252pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Anita M.
Robinson, President and Chief Executive Officer</font></div>
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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)
April 27,
2010
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))
3266.003/343665.1
Item
5.01. Changes In Control of Registrant
On April
27, 2010
there was
an initial closing (the "Initial Closing")
under that certain
Securities Purchase Agreement dated December 22, 2009, as amended (the
"Securities Purchase Agreement"), by and between Mission Community Bancorp (the
"Company") and Carpenter Fund Manager GP, LLC (the "Manager") on behalf of and
as General Partner of each of Carpenter Community BancFund, L.P., Carpenter
Community BancFund-A, L.P. and Carpenter Community BancFund—CA,
L.P.  (the "Investors").   At the Initial Closing the
Investors purchased an aggregate of 2,000,000 shares of the common stock of the
Company paired with warrants to purchase 2,000,000 shares of the common stock of
the Company for an aggregate purchase price of $10 million.  The
warrants are exercisable for a term of ten years from issuance at an exercise
price of $5.00 per share and contain customary anti-dilution
provisions.  Under the terms of the Securities Purchase Agreement, the
Investors have the right to purchase up to an additional 1,040,000 shares of the
Company's common stock, with each share of common stock paired with a warrant
exercisable at a price of $5.00 per share of common stock, for an aggregate
purchase price of $5.2 million.
Prior to
the Initial Closing, the Manager was the largest shareholder of the Company
beneficially owning 333,334 shares of the common stock of the Company or 24.7%
of the issued and outstanding shares of the Company.   Following
the Initial Closing, the Manager is the beneficial owner of 2,333,334 shares of
the common stock of the Company (not including warrants) or 69.7% of the issued
and outstanding shares of the Company.  The $10 million purchase price
paid by the Investors was paid from liquidity available for
investment.
In
accordance with the terms of the Securities Purchase Agreement, the Company will
conduct a rights offering to its existing shareholders, currently anticipated to
occur in the second or third quarter of 2010, pursuant to which each shareholder
will be offered the right to purchase shares of the Company's common stock
paired with a warrant at a price of $5.00 per unit of common stock and
warrant.  The warrants issuable in the rights offering will be for a
term of 10 years and will be exercisable at a price of $5.00 per
share.
Pursuant
to the Securities Purchase Agreement, the Company has agreed, effective upon the
Initial Closing, and subject to receipt of any required regulatory approvals or
non-objections, to appoint as directors of the Company and Mission Community
Bank (the "Bank"), three persons identified by the Manager, and to continue to
appoint three persons designated by the Manager for as long as the Investors
beneficially own at least 25% or more of the Company's common
stock.  If the Investors' beneficial ownership of the Company's common
stock is less than 25% but more than 15%, the Manager shall have the right to
appoint two (2) directors to the Company's Board and the Bank's Board and if the
Manager's beneficial ownership interest is less than 15% but more than 5%, the
Manager shall have the right to appoint one person to the Company's Board and
the Bank's Board.  The right to appoint members to the Company's Board
and the Bank's Board is in addition to and not in lieu of the Manager's right to
appoint one member to the Board of the Company and the Bank pursuant to the
terms and conditions of a prior Stock Purchase Agreement dated January 24, 2008
between the Company and the Manager on behalf of the Investors.
3266.003/343665.1
On April
27, 2010, the Manager appointed James W. Lokey to serve on the Board as one of
its three appointees pursuant to the Securities Purchase
Agreement.  See Item 5.02 below.  Previously, Stephen P.
Yost was appointed to the Board of the Company by the Manager to fill one of
these three director positions.  The Company believes Manager will
appoint a third person to serve on its Board in the near future, subject to
receipt of all required regulatory approvals, although no such additional
director nominee has as yet been identified.
A copy of
the press release dated April 27, 2010 with respect to the initial closing of
the transactions contemplated by the Securities Purchase Agreement and the
appointment of Mr. Lokey is included as an Exhibit hereto and incorporated by
reference herein.
Item
5.02.  Departure of Directors or Principal Officers; Election of
Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers
(d)  On
April 27, 2010, concurrent with the closing under the Securities Purchase
Agreement, James W. Lokey was appointed to serve on the Board of Directors of
each of Mission Community Bancorp and Mission Community Bank subject to receipt
of all required regulatory approvals.  The Federal Reserve Bank of San
Francisco issued its "no objection" to Mr. Lokey serving on both boards on April
28, 2010.   It has not yet been determined on which Board
Committees Mr. Lokey will serve.  Mr. Lokey was also appointed as
Executive Chairman of Mission Community Bancorp subject to receipt of all
required regulatory approvals.  It is anticipated that Mr. Lokey will
be compensated with respect to the services he is to render as Executive
Chairman, however, no compensation terms have as yet been agreed
to.
;
Mr. Lokey
most recently served as President of Rabobank, N.A., Arroyo Grande, California,
from 2007 until his retirement from that bank effective December 31,
2009.  Previously, Mr. Lokey served as President and Chief Executive
Officer for Mid-Sate Bank & Trust from 2000 until the sale of that bank in
2007.
Mr. Lokey
was appointed to the Board as the nominee of a principal shareholder of the
Bank, Carpenter Fund Manager GP, LLC (the "Manager"), which currently
beneficially owns 2,333,334 shares of the Company's common stock (not including
warrants to purchase shares of common stock), or 69.7% of the issued and
outstanding shares of the Company.   Effective upon the Initial
Closing under the Securities Purchase Agreement, which occurred on April 27,
2010, the Manager has the right to designate three members to the Company's
Board of Directors.  Mr. Lokey is one of these designees.
3266.003/343665.1
Item
9.01  Financial Statements and Exhibits.
Exhibit
No.
Description
99.1
Press Release dated April 27,
    2010
3266.003/343665.1
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:  April
30,
2010                                                                           MISSION
COMMUNITY BANCORP
By:
/s/ Anita M.
Robinson
Anita M.
Robinson, President and Chief Executive Officer