Americorp Shareholders Approve Merger With Mid-State Bancshares.

Business Editors

VENTURA, Calif.--(BUSINESS WIRE)--Sept. 12, 2001

In a meeting held on Tuesday, Sept. 11, 2001, at the Mills Road branch of American Commercial Bank, shareholders of Americorp (OTCBB:AICA) voted overwhelmingly to approve the merger of Americorp with and into Mid-State Bancshares and the merger of American Commercial Bank with and into Mid-State Bank & Trust.

Mid-State Bancshares will continue as the surviving corporation and Mid-State Bank & Trust as the surviving bank.

The meeting was called to order by Chairman Robert J. Lagomarsino, who began the meeting by asking for a moment of silence in light of the day's tragic events on the East Coast.

Commenting on the agreement, Lagomarsino stated: "The pending merger with Mid-State Bancshares is an excellent one. We have similar philosophies and commitments in providing the highest level of personal customer service. Additionally, our customers will now have access to a broader range of products and services, such as Internet banking and trust services, that American Commercial Bank currently does not offer."

The definitive merger agreement was originally signed and announced on April 9, 2001, and was subsequently amended on May 24, 2001, and Aug. 3, 2001. The agreement gives Americorp shareholders the opportunity to receive up to 40 percent of the transaction in cash in lieu of shares of Mid-State Bancshares. It is expected that the merger will close on Sept. 28, 2001.

President and Chief Executive Officer Gerald J. Lukiewski provided shareholders with an overview of the merger agreement. He stated: "The board of directors of Americorp structured a transaction that benefited shareholders while providing for additional services to customers and continuity for the branch personnel."

American Commercial Bank, with headquarters in Ventura County, currently operates branches in Ventura, Oxnard and Camarillo. 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 news release contains forward-looking statements within the meaning of Section 27A of the Securities Act. These include statements that relate to or are dependent upon 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 than 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.