American Commercial Bank Releases First Quarter Earnings.

Business Editors

VENTURA, Calif.--(BUSINESS WIRE)--April 23, 2001

Americorp (OTCBB: AICA), the holding company for American Commercial Bank, reported first quarter earnings of $912,000 or $0.43 per share fully diluted, which represents a 9% increase over the $837,000 or $0.39 per share fully diluted that was reported for the same period during 2000.

Americorp President & CEO Gerald J. Lukiewski commented that, "although our first quarter results reflect the continued strength of our local economy, the recent rate cuts and subsequent margin decline will have a more noticeable effect in the second quarter."

On April 9, 2002, the Bank signed a definitive agreement to merge with Midstate Bank, headquartered in Arroyo Grande, Calif. The merger, subject to regulatory and shareholder approval is expected to be completed in the third quarter.

Total assets for Americorp now stand at $281 million. Total loans at 3-31-01 grew to $202 million, an 8.3% increase over the same period reported during 2000.

Total shareholders equity at 3-31-01 was $26.4 million, representing a 12.6% increase from the $23.5 million reported at 3-31-00.

The Board of Directors recently declared a cash dividend of $.15 per share on March 22, 2001, marking the 70th consecutive quarterly cash dividend to shareholders.

For further financial information on Americorp, please refer to the Company's 12-31-00, 10-K report available on-line at www.sec.gov.

American Commercial Bank, with headquarters in Ventura County, currently operates full service branches in Ventura, Oxnard and Camarillo. The Bank also has a full-service Mortgage Office specializing in home loan refinancing. Americorp Stock information can be obtained from Maguire Investments at 800/244-4183, Crowell Weedon & Co. at 800/776-5500 or Hoefer & Arnett at 800/346-5544.

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act. These include statements that relate to or are dependent on estimates or assumptions including, but not limited to, the Bank's strategies, objectives, and expansion in the growth of its portfolio of loans, investments and deposits. These forward-looking statements involve certain risks and uncertainties. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include the following possibilities: (a) competitive pressure among financial institutions increases significantly; (b) changes in the interest rate environment reduce interest margins; (c) general economic conditions are less favorable that expected; (d) actions that may be taken by regulatory authorities having oversight on the operation; The Bank undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.