SECURITIES AND EXCHANGE COMMISSION
                       WASHINGTON, D.C. 20549

                              FORM 10-Q

[x]   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES      EXCHANGE ACT OF 1934

For the Quarterly Period Ended     March 31, 2001
                                   --------------

[  ]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE
      SECURITIES EXCHANGE ACT OF 1934

                     Commission File No. 0-25418
                                         -------

                        CENTRAL COAST BANCORP
---------------------------------------------------------------------
        (Exact name of registrant as specified in its charter)


         California                                  77-0367061
         ----------                                  ----------
  (State or other jurisdiction of              (IRS Employer ID Number)
  incorporation or organization)


  301 Main Street, Salinas, California                  93901
  ------------------------------------                  -----
 (Address of principal executive offices)            (Zip code)


                             (831) 422-6642
                             --------------
                     (Registrant's telephone number,
                          including area code)

                              not applicable
            ------------------------------------------------
     (Former name, former address and former fiscal year, if changed
                          since last report.)

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or such shorter period that the registrant was required
to file such reports),  and (2) has been subject to such filing requirements for
the past 90 days.

                                                       Yes X   No
                                                          ----    ----
Indicate the number of shares outstanding of each of the issuer's
classes of common stock, as of the latest practicable date:

    No par value Common Stock - 7,201,125 shares outstanding at May 8, 2001.

                            Page 1 of 19
           The Index to the Exhibits is located at Page 16



                                       1
<PAGE>

<TABLE>
<CAPTION>

                                     PART I - FINANCIAL INFORMATION
                                      Item 1. FINANCIAL STATEMENTS:
                                  CENTRAL COAST BANCORP AND SUBSIDIARY
                            CONSOLIDATED CONDENSED BALANCE SHEETS (Unaudited)

                                                                              March 31,    December 31,
(In thousands)                                                                  2001           2000
                                                                                ----           ----
<S>                                                                        <C>            <C>
Assets
  Cash and due from banks                                                    $ 42,727       $ 51,411
  Federal funds sold                                                           20,128         23,081
                                                                              -------        -------
    Total cash and equivalents                                                 62,855         74,492

  Available-for-sale securities (amortized cost of $148,324                   148,600        152,276
    at March 31, 2001 and $154,076 at December 31 2000)

  Loans:
    Commercial                                                                165,841        171,631
    Real estate-construction                                                   69,681         57,780
    Real estate-other                                                         231,123        234,890
    Consumer                                                                   15,936          9,840
    Deferred loan fees, net                                                      (972)          (746)
                                                                              -------        -------
       Total loans                                                            481,609        473,395
    Allowance for loan losses                                                  (9,427)        (9,371)
                                                                              -------        -------
  Net Loans                                                                   472,182        464,024
                                                                              -------        -------

  Premises and equipment, net                                                   3,535          3,735
  Accrued interest receivable and other assets                                 11,054         12,166
                                                                             -------         -------
Total assets                                                                 $698,226       $706,693
                                                                              =======        =======
Liabilities and Shareholders' Equity
  Deposits:
    Demand, noninterest bearing                                              $168,654       $207,002
    Demand, interest bearing                                                   90,405         88,285
    Savings                                                                   126,021        110,204
    Time                                                                      239,589        227,719
                                                                              -------        -------
     Total Deposits                                                           624,669        633,210
  Accrued interest payable and other liabilities                               11,889         13,629
                                                                              -------        -------
Total liabilities                                                             636,558        646,839
                                                                              -------        -------
Commitments and contingencies (Note 2)
Shareholders' Equity:
  Preferred stock - no par value; authorized 1,000,000 shares;
    no shares issued
  Common stock - no par value; authorized 25,000,000 shares;
    issued and outstanding: 7,293,761 shares at March 31, 2001
    and 6,721,998 shares at December 31, 2000                                  53,577         44,472
  Shares held in deferred compensation trust (299,048 at March 31, 2001
    and 271,000 at December 31, 2000), net of deferred obligation                   -              -
  Retained earnings                                                             7,902         16,444
  Accumulated other comprehensive gain (loss) - net of taxes
     of $87,171 at March 31, 2001 and $(738,000) at December 31, 2000             189         (1,062)
                                                                              -------        -------
Shareholders' equity                                                           61,668         59,854
                                                                              -------        -------
Total liabilities and shareholders' equity                                   $698,226       $706,693
                                                                              =======        =======
See notes to Consolidated Condensed Financial Statements
</TABLE>

                                       2
<PAGE>


<TABLE>
<CAPTION>

                           CENTRAL COAST BANCORP AND SUBSIDIARY
                 CONSOLIDATED CONDENSED STATEMENTS OF INCOME (Unaudited)

(In thousands)
Three Months Ended March 31,                                       2001        2000
                                                                   ----        ----
<S>                                                           <C>          <C>
Interest Income
   Loans (including fees)                                       $ 11,025     $ 9,213
   Investment securities                                           2,203       2,236
   Other                                                             192         116
                                                               ---------    --------
       Total interest income                                      13,420      11,565
                                                               ---------    --------
Interest Expense
   Interest on deposits                                            4,834       3,914
   Other                                                              92         148
                                                               ---------    --------
       Total interest expense                                      4,926       4,062
                                                               ---------    --------
Net Interest Income                                                8,494       7,503
Provision for Loan Losses                                            120         526
                                                               ---------    --------
Net Interest Income after
   Provision for Loan Losses                                       8,374       6,977
                                                               ---------    --------

Noninterest Income                                                   650         546
                                                               ---------    --------

Noninterest Expenses
   Salaries and benefits                                           3,002       2,380
   Occupancy                                                         437         333
   Furniture and equipment                                           455         388
   Other                                                           1,045       1,019
                                                               ---------    --------
       Total other expenses                                        4,939       4,120
                                                               ---------    --------
Income Before Income Taxes                                         4,085       3,403
Provision for Income Taxes                                         1,526       1,327
                                                               ---------    --------
       Net Income                                                $ 2,559     $ 2,076
                                                               =========    ========

Basic Earnings per Share                                          $ 0.35      $ 0.27
Diluted Earnings per Share                                        $ 0.33      $ 0.26
See Notes to Consolidated Condensed Financial Statements
</TABLE>





                                       3
<PAGE>
<TABLE>
<CAPTION>

                     CENTRAL COAST BANCORP AND SUBSIDIARY
         CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Unaudited)

(In thousands)
Three Months Ended March 31,                                                       2001         2000
                                                                                   ----         ----
<S>                                                                             <C>           <C>
Cash Flows from Operations:
   Net income                                                                    $ 2,559      $ 2,076
   Reconciliation of net income to net cash provided
   by operating activities:
     Provision for loan losses                                                       120          526
     Depreciation                                                                    349          296
     Amortization and accretion                                                       (9)          61
     Loss on sale of securities                                                        2            -
     Loss on sale of fixed assets                                                      1            -
     (Increase) decrease in accrued interest receivable and other assets             223        1,869
     Increase (decrease) in accrued interest payable and other liabilities        (1,667)        (136)
     Increase (decrease) in deferred loan fees                                       226          (24)
                                                                               ---------    ---------
       Net cash provided by operations                                             1,804        4,668
                                                                               ---------    ---------
Cash Flows from Investing Activities:
   Purchases of investment securities                                            (67,195)         (20)
   Proceeds from maturities
     of investment securities                                                     33,805        5,624
   Proceeds from sale of investment securities                                    39,213
   Net increase in loans                                                          (8,504)        (295)
   Purchases of equipment                                                           (150)        (175)
                                                                               ---------    ---------
       Net cash provided (used) in investing activities                           (2,831)       5,134
                                                                               ---------    ---------
Cash Flows from Financing Activities:
   Net increase (decrease) in deposit accounts                                    (8,541)      28,353
   Net increase (decrease) in short-term borrowings                                  (73)     (12,662)
   Proceeds from sale of stock                                                         2            -
   Shares repurchased                                                             (1,998)      (1,117)
                                                                               ---------    ---------
       Net cash provided (used) by financing activities                          (10,610)      14,574
                                                                               ---------    ---------
   Net increase (decrease) in cash and equivalents                               (11,637)      24,376
Cash and equivalents, beginning of period                                         74,492       39,959
                                                                               ---------    ---------
Cash and equivalents, end of period                                             $ 62,855     $ 64,335
                                                                               =========    =========

Other Cash Flow Information:
   Interest paid                                                                 $ 4,914      $ 4,005
   Income taxes paid                                                               5,970        2,640
See Notes to Consolidated Condensed Financial Statements
</TABLE>




                                       4
<PAGE>




                CENTRAL COAST BANCORP AND SUBSIDIARY
        NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
                     March 31, 2000 (Unaudited)

1. CONSOLIDATED FINANCIAL STATEMENTS

In the opinion of management,  the unaudited  consolidated  condensed
financial  statements  contain all  adjustments  (consisting  of only
normal  recurring   adjustments)  necessary  to  present  fairly  the
Company's  consolidated  financial  position  at March  31,  2001 and
December  31,  2000,  the results of  operations  for the three month
periods  ended March 31, 2001 and 2000,  and cash flows for the three
month periods ended March 31, 2001 and 2000.

Certain  disclosures  normally  presented  in the notes to the annual
financial   statements   prepared  in  accordance   with   accounting
principles  generally  accepted in the United  States of America have
been  omitted.   These  interim   consolidated   condensed  financial
statements  should  be  read in  conjunction  with  the  consolidated
financial  statements  and notes  thereto  included in the  Company's
2000 Annual Report to  Shareholders.  The results of  operations  for
the  three-month  periods  ended  March  31,  2001  and  2000 may not
necessarily  be  indicative  of the  operating  results  for the full
year.

In preparing  such  financial  statements,  management is required to
make estimates and  assumptions  that affect the reported  amounts of
assets  and  liabilities  as of the  date of the  balance  sheet  and
revenues  and expenses for the period.  Actual  results  could differ
significantly  from  those  estimates.  Material  estimates  that are
particularly  susceptible  to  significant  changes  in the near term
relate to the  determination  of the  allowance  for loan  losses and
the  carrying  value of other  real  estate  owned.  Management  uses
information  provided  by  an  independent  loan  review  service  in
connection with the determination of the allowance for loan losses.

Management  has determined  that since all of the commercial  banking
products  and services  offered by the Company are  available in each
branch  of  the  Community  Bank  of  Central  California,  its  bank
subsidiary  (the  "Bank"),  all branches are located  within the same
economic  environment  and  management  does not  allocate  resources
based  on  the  performance  of  different   lending  or  transaction
activities,  it is  appropriate  to aggregate  the Bank  branches and
report them as a single operating segment.

2. COMMITMENTS AND CONTINGENCIES

In the  normal  course  of  business  there are  outstanding  various
commitments   to  extend  credit  which  are  not  reflected  in  the
financial  statements,  including loan  commitments of  approximately
$164,490,000  and standby  letters of credit of  $4,340,000  at March
31,  2001.  However,   all  such  commitments  will  not  necessarily
culminate in actual extensions of credit by the Company during 2001.

Approximately  $46,842,000 of loan  commitments  outstanding at March
31, 2001 relate to real estate  construction  loans and are  expected
to  fund  within  the  next  twelve  months.   The  remainder  relate
primarily to  revolving  lines of credit or other  commercial  loans,
and many of these  commitments  are expected to expire  without being
drawn  upon.  Therefore,  the total  commitments  do not  necessarily
represent  future cash  requirements.  Each  potential  borrower  and
the  necessary  collateral  are  evaluated  on an  individual  basis.
Collateral  varies,  but may include real  property,  bank  deposits,
debt or equity securities or business assets.

Stand-by  letters of credit are commitments  written to guarantee the
performance  of a customer to a third  party.  These  guarantees  are
issued  primarily  relating to purchases  of inventory by  commercial
customers  and are  typically  short-term  in nature.  Credit risk is
similar to that involved in extending  loan  commitments to customers
and accordingly,  evaluation and collateral  requirements  similar to
those   for  loan   commitments   are   used.   Virtually   all  such
commitments are collateralized.


                                       5
<PAGE>



3. EARNINGS PER SHARE COMPUTATION

Basic  earnings  per share is computed by dividing  net income by the
weighted   average   common   shares   outstanding   for  the  period
(7,358,000  for the three  month  period  ended March 31,  2001,  and
7,776,000   for  the  three  month  period  ended  March  31,  2000).
Diluted  earnings per share  reflects  the  potential  dilution  that
could occur if  outstanding  stock  options were  exercised.  Diluted
earnings  per  share  is  computed  by  dividing  net  income  by the
weighted  average common shares  outstanding  for the period plus the
dilutive  effect  of  options  (294,000  for the three  month  period
ended March 31, 2001 and  218,000  for the three month  period  ended
March 31, 2000).


4.  COMPREHENSIVE EARNINGS
<TABLE>
<CAPTION>

                                                      Three Months Ended March 31,
(In thousands)                                             2001          2000
                                                           ----          ----
<S>                                                    <C>          <C>
Net Earnings                                            $ 2,559       $ 2,076
Other comprehensive income (loss) - net unrealized
    gain (loss) on available-for-sale securities.         1,250           (56)

Reclassification adjustment for losses included in
    income, net of taxes of $1 for the three
    month period ended March 31, 2001                         1             -
                                                      ---------     ---------
Total comprehensive earnings                            $ 3,810       $ 2,020
                                                      =========     =========
</TABLE>


5.       STOCK DIVIDEND

On January 29, 2001, the  Board  of  Directors declared a ten percent
stock  dividend,  which  was  distributed  on  February  28, 2001, to
shareholders  of  record  as of February 14, 2001.  All share and per
share  data  have  been  retroactively  adjusted to reflect the stock
dividend.

6.    STOCK REPRUCHASE PLAN

The Board of  Directors  has  authorized a stock  repurchase  program
under  which  repurchases  will  be  made  from  time  to time by the
Company in the open market,  or in block  purchases,  or in privately
negotiated  transactions,  in compliance with Securities and Exchange
Commission  rules.  At March 31,  2001 the Company is  authorized  to
repurchase approximately another 369,440 shares under the program.

                                       6
<PAGE>




          Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
            FINANCIAL CONDITION AND RESULTS OF OPERATIONS


In addition to the  historical  information  contained  herein,  this
report  on Form 10-Q  contains  certain  forward-looking  statements.
The  reader  of  this  report   should   understand   that  all  such
forward-looking  statements are subject to various  uncertainties and
risks  that  could  affect  their  outcome.   The  Company's   actual
results  could  differ   materially  from  those  suggested  by  such
forward-looking    statements.    Changes    to   such    risks   and
uncertainties,  which  could  impact  future  financial  performance,
include,  among  others,  (1)  competitive  pressures  in the banking
industry;  (2) changes in the interest rate environment;  (3) general
economic conditions,  nationally,  regionally and in operating market
areas,  including  a decline in real estate  values in the  Company's
market  areas;  (4)  changes  in  the  regulatory  environment;   (5)
changes  in  business  conditions  and  inflation;   (6)  changes  in
securities  markets;  (7) data processing  compliance  problems;  (8)
the  California  power  crisis;  (9)  variances in the actual  versus
projected  growth  in  assests;  (10)  return  on  assets;  (11) loan
losses;  (12)  expenses;  (13)  rates  charged on loans and earned on
securities  investments;  (14) rates paid on  deposits;  and (15) fee
and other noninterest  income earned, as well as other factors.  This
entire report should be read to put such  forward-looking  statements
in  context.   To  gain  a  more   complete   understanding   of  the
uncertainties  and risks  involved  in the  Company's  business  this
report should be read in  conjunction  with Central  Coast  Bancorp's
annual report on Form 10-K for the year ended December 31, 2000.

Within the  Management's  Discussion and Analysis,  interest  income,
net interest  income,  net interest  margin and the efficiency  ratio
are presented on a fully taxable equivalent basis (FTE).

Business Organization
---------------------

Central  Coast Bancorp (the  "Company")  is a California  corporation
organized in 1994,  and is the parent  company for Community  Bank of
Central  California,   a  state-chartered   bank,   headquartered  in
Salinas,  California  (the "Bank").  Other than its investment in the
Bank, the Company currently  conducts no other  significant  business
activities,  although  it is  authorized  to engage  in a variety  of
activities  which are  deemed  closely  related  to the  business  of
banking  upon  prior  approval  of  the  Board  of  Governors  of the
Federal Reserve System (the "FRB"),  the Company's  principal federal
regulator.

The  Bank  offers  a  full  range  of  commercial  banking  services,
including  a  diverse  range  of  traditional  banking  products  and
services   to   individuals,   merchants,   small  and   medium-sized
businesses,  professionals  and agribusiness  enterprises  located in
the  counties of  Monterey,  San Benito and Santa Cruz,  which are in
the central coastal area of California.

Overview
--------

Central Coast Bancorp  reported a 26.9% increase in diluted  earnings
per share of $0.33 for the three  months  ended March 31, 2001 versus
$0.26 in the  first  quarter  last  year.  Net  income  for the first
quarters   of  2001  and  2000  were   $2,559,000   and   $2,076,000,
respectively.  The first  quarter  2001 net  income  was a  quarterly
record and was 23.3%  higher than year ago net income.  The  earnings
per share for the 2000 first  quarter have been  adjusted for the 10%
stock dividend distributed in February 2001.

Total  assets of the Company at March 31, 2001 were  $698,226,000  up
$88,324,000  (14.5%) over the ending  balance at March 31,  2000.  At
quarter end,  loans  totaled  $481,609,000,  up  $85,680,000  (21.6%)
from the ending  balances  on March 31,  2000.  Deposit  balances  at
quarter end totaled  $624,669,000  up  $78,127,000  (14.3%)  from the
year  earlier  balances.   The  deposit  balances  in  2000  included
$40,000,000 of State of California  certificates  of deposit.  At its
option,  the Bank returned these  certificates of deposit in the last
half of 2000.


                                       7
<PAGE>



For the  first  quarter  2001,  the  Company  realized  a  return  on
average equity of 16.9% and a return on average  assets of 1.52%,  as
compared  to 15.4% and 1.40% in the first  quarter  of 2000.  Central
Coast  Bancorp  ended the first quarter of 2001 with a Tier 1 capital
ratio of 11.0% and a total  risk-based  capital ratio of 12.3% versus
12.2% and  13.4%,  respectively  at the end of the first  quarter  of
2000.

The following table provides a summary of the major elements of
income and expense on a tax equivalent basis for the periods
indicated.

<TABLE>
<CAPTION>

Condensed Comparative Income Statement                                                                       Percentage
                                                                                                               Change
                                                                    Three months ended March 31,              Increase
(In thousands, except percentages)                                    2001                  2000             (Decrease)
                                                                 --------------       ----------------     ----------------
<S>                                                             <C>                   <C>                 <C>
Interest income (1)                                                   $ 13,678               $ 11,760            16%
Interest expense                                                         4,926                  4,062            21%
                                                                 --------------       ----------------     ----------------
  Net interest income                                                    8,752                  7,698            14%
Provision for loan losses                                                  120                    526           -77%
                                                                 --------------       ----------------     ----------------
  Net interest income after
    provision for loan losses                                            8,632                  7,172            20%
Noninterest income                                                         650                    546            19%
Noninterest expense                                                      4,939                  4,120            20%
                                                                 --------------       ----------------     ----------------
  Income before income taxes                                             4,343                  3,598            21%
Income taxes                                                             1,526                  1,327            15%
Tax equivalent adjustment                                                  258                    195            32%
                                                                 --------------       ----------------     ----------------

  Net income                                                           $ 2,559                $ 2,076            23%
                                                                 ==============       ================     ================

1) Interest on tax-free securities is reported on tax equivalent basis.
</TABLE>




                                       8
<PAGE>




Net interest income
-------------------

Net  interest  income,  the  difference  between  interest  earned on
loans  and  investments  and  interest  paid on  deposits  and  other
borrowings,  is the principal  component of the Bank's earnings.  The
following   table  provides  a  summary  of  the  components  of  net
interest  income  and  the  changes  within  the  components  for the
periods  indicated.  The  second  table  sets  forth a summary of the
changes in  interest  income and  interest  expense  from  changes in
average  asset  and  liability   balances  (volume)  and  changes  in
average interest rates.

<TABLE>
<CAPTION>

                                                                        (Unaudited)
                                                                Three months ended March 31,
(Taxable Equivalent Basis)                              2001                                     2000
                                           Average                 Average          Average                   Avg
(In thousands, except percentages)         Balance      Interest    Yield           Balance      Interest    Yield
                                           -------      --------    -----           -------      --------    -----
<S>                                      <C>           <C>          <C>           <C>            <C>         <C>
Assets:
Earning Assets
  Loans (1) (2)                           $ 461,548     $ 11,025    9.69%          $ 389,616     $  9,213    9.48%
  Taxable investments                       102,607        1,687    6.67%            107,673        1,844    6.87%
  Tax-exempt securities (tax equiv. basis)   45,666          774    6.88%             35,825          587    6.57%
  Federal funds sold                         13,495          192    5.77%              8,335          116    5.58%
                                            -------       ------                     -------       ------
Total Earning Assets                        623,316     $ 13,678    8.90%            541,449     $ 11,760    8.71%
                                                          ------                                   ------
Cash & due from banks                        41,674                                   37,206
Other assets                                 15,733                                   16,665
                                            -------                                  -------
                                          $ 680,723                                $ 595,320
                                            =======                                  =======

Liabilites & Shareholders'
  Equity:
Interest bearing liabilities:
  Demand deposits                         $  88,591     $    328    1.50%          $  96,688     $    405    1.68%
  Savings                                   120,812        1,086    3.65%            102,204          875    3.43%
  Time deposits                             233,062        3,420    5.95%            197,194        2,634    5.36%
  Other borrowings                            5,708           92    6.54%              9,474          148    6.27%
                                            -------        -----                     -------        -----
Total interest bearing
  liabilities                               448,173        4,926    4.46%            405,560        4,062    4.02%
                                                           -----                                    -----
Demand deposits                             163,674                                  130,637
Other Liabilities                             7,627                                    5,221
                                            -------                                  -------
Total Liabilities                           619,474                                  541,418
Shareholders' Equity                         61,249                                   53,902
                                            -------                                  -------
                                          $ 680,723                                $ 595,320
                                            =======                                  =======
Net interest income & margin (3)                        $  8,752    5.69%                        $  7,698    5.70%
                                                           =====                                    =====
-------------------------------------------------------------------------------------------------------------------

1)  Loan interest income includes fee income of $332,000 and $236,000 for the three month periods ended March 31, 2001
    and 2000, respectively.
2)  Includes the average allowance for loan losses of $9,413,000 and $5,795,000 and average deferred loan fees of
    $875,000 and $686,000 for the three months ended March 31, 2001 and 2000, respectively.
3)  Net interest margin is computed by dividing net interest income by the total average earning assets.
</TABLE>




                                       9
<PAGE>


<TABLE>
<CAPTION>

Volume/Rate Analysis
(in thousands) Three Months Ended March 31, 2001 over 2000
Increase (decrease) due to change in:
                                                                                 Net
Interest-earning assets:                       Volume         Rate (4)          Change
                                               ------         --------          ------
<S>                                            <C>              <C>           <C>
   Net Loans (1)(2)                             $1,681           $ 131         $ 1,812
   Taxable investment securities                   (86)            (71)           (157)
   Tax exempt investment securities (3)            159              28             187
   Federal funds sold                               71               5              76
                                                 -----            ----           -----
     Total                                       1,825              93           1,918
                                                 -----            ----           -----

Interest-bearing liabilities:
   Demand deposits                                 (34)            (43)            (77)
   Savings deposits                                157              54             211
   Time deposits                                   474             312             786
   Other borrowings                                (58)              2             (56)
                                                  ----            ----           -----
     Total                                         539             325             864
                                                   ---            ----           -----
Interest differential                           $1,286          $ (232)        $ 1,054
                                                 =====            ====           =====

1)  Loan interest income includes fee income of $332,000 and $236,000 for the three
    month periods ended March 31, 2001 and 2000, respectively.
2)  The average balance of non-accruing loans is immaterial as a percentage of total
    loans and, as such, has been included in net loans.
3)  Includes taxable-equivalent adjustments that relate to income on certain securities
    that is exempt from federal income taxes. The effective federal statutory tax rate
    was 34% for 2001 and 2000.
4)  The rate / volume variance has been included in the rate variance.

</TABLE>



Net interest income for the first quarter of 2001 was  $8,752,000,  a
$1,054,000  (13.7%)  increase  over  2000.  Interest  income  was  up
$1,918,000  (16.3%).  Average  earning assets in the first quarter of
2001 were  $623,316,000,  which was  $81,867,000  (15.1%) higher than
the  prior  year  period.  The  increased  volume of  earning  assets
added  $1,825,000 to interest income.  Of that amount  $1,681,000 was
due to a  $71,932,000  increase  in average  loans  outstanding.  The
average  yield on earning  assets  for the first  quarter of 2001 was
8.90%,  which was an increase  19 basis  points over the yield in the
first  quarter of 2000.  The higher  yield added  $93,000 to interest
income.  The higher  yield  resulted  from the blended  effect of 100
basis  points in  lending  rate  increases  in the first half of 2000
offset in part by 150 basis points in lending  rate  decreases in the
first  quarter  of  2001.  However,  the  average  yield  on  earning
assets  for the  first  quarter  was  down 26 basis  points  from the
fourth quarter of 2000.  The average  yields on loans  decreased from
10.08%  in the  fourth  quarter  to 9.69%  in the  first  quarter  of
2001.  Since the  decreases  in the lending  rates took place  within
the first  quarter  coupled  with the fact that SBA loans  reprice at
the  beginning  of a quarter,  the full effect of the rate  decreases
will be reflected in the second quarter average loan yields.

Interest  expense was $864,000  (21.3%)  higher in the first  quarter
of  2001  versus  the  prior  year   period.   Average   balances  of
interest-bearing  liabilities  were  higher by  $42,613,000  (10.5%),
which  added  $539,000  to interest  expense.  Average  rates paid on
interest-bearing  liabilities  were up 44 basis  points  on a quarter
over  quarter  basis.  The higher  rates  added  $325,000 to interest
expense.   Average   rates  paid  in   interest-bearing   liabilities
decreased  slightly  to 4.46% in the  first  quarter  of 2001  versus
4.49% in the fourth quarter of 2001.

The net  interest  margin for the first  quarter of 2001 was 5.69% as
compared  to 5.70% in the year  earlier  period.  As  compared to the
net  interest   margin  for  the  fourth   quarter  2000,  the  first
quarter's  net  interest  margin  was  down 24 basis  points.  As the
Bank's  loan  assets   reprice  more  quickly  than  do  its  deposit
liabilities,  a declining rate environment puts downward  pressure on
the net  interest  margin.  The  full  effect  of the  three 50 basis
point  decreases  in the  first  quarter  will  be  reflected  in net
interest margins in the future quarters.


                                       10
<PAGE>

Provision for Loan Losses
-------------------------

The Bank  provided  $120,000 for loan losses in the first  quarter of
2001 as  compared  to  $526,000  in the  first  quarter  of 2000  and
$1,127,000  in the  fourth  quarter  of 2000.  Significant  additions
were made to the allowance for loan losses  throughout  2000 based on
management's  analysis of the loan  portfolio and in accordance  with
regulatory  guidelines.   At  March  31,  2001,  nonperforming  loans
totaled  $475,000 as compared to  $1,022,000  at March 31, 2000.  The
ratios of the  allowance  for loan losses to total loans on those two
dates  were  1.96% and  1.55%,  respectively.  The ratio at  December
31, 2000 was 1.98%.

Noninterest Income
------------------

Noninterest  income consists  primarily of service charges on deposit
accounts  and fees for  miscellaneous  services.  Noninterest  income
totaled  $650,000  in  the  first  quarter  of  2000,  which  was  up
$104,000  (19.0%)  over  the same  period  in  2000.  Two  categories
accounted  for most of the  increases.  Service  charges  on  deposit
accounts  were  up  $65,000  due  to  volume  increases.   Fees  from
mortgage  originations  increased  $25,000  (68.8%) as lower interest
rates for home mortgages increased the demand for those loans.

Noninterest Expense
-------------------

Noninterest  expenses  increased  $819,000  (19.9%)  to  a  total  of
$4,939,000  in the first  quarter of 2001 versus first  quarter 2000.
The  new  Watsonville  and  Hollister  branches,  which  were  not in
operation the first  quarter of last year,  accounted for $192,000 of
the  increase.  Increased  salary and  benefit  expense due to normal
salary  progression,  internal  growth and higher benefit costs added
$470,000 on a quarter  over quarter  basis.  The  remaining  increase
was generally  due to higher  business  volumes and price  increases.
The  efficiency  ratio  (FTE)  for the two  quarters  was  52.5%  and
50.0%, respectively.

Provision for Income Taxes
--------------------------

The Company  recorded  income tax expense of  $1,526,000 in the first
quarter  of 2001  versus  $1,327,000  in the first  quarter  of 2000.
The  effective  tax rate for the three  months  ended  March 31, 2001
was  37.4% as  compared  to 39.0% in the  year  earlier  period.  The
effective  tax rate was lower in 2001 as the  result of the effect of
investments in tax exempt securities and loans.

Securities
----------

At March 31, 2001,  available-for-sale  securities had a market value
of  $148,600,000  with an amortized cost basis of  $148,324,000.  The
pretax  unrealized  gain of  $276,000  at March 31, 2001 was a change
of $2,076,000  from the  $1,800,000  unrealized  loss at December 31,
2000.  The  increase  in  securities  valuation  resulted  from lower
interest  rates in the  securities  markets  in the first  quarter of
2001.

Loans
-----

Ending loan balances at March 31, 2001 were  $481,609,000,  which was
an increase of  $8,214,000  from year-end  2000  balances.  The March
31,  2001 loan  balances  were  $85,680,000  (21.6%)  higher than the
year  earlier  totals.  On a year over year  basis  commercial  loans
were up 7%;  construction  loans were up 130%; and real  estate-other
loans  were up 15%.  The  balances  at March 31,  2001 for these loan
categories   were   $165,841,000,   $69,681,000   and   $231,123,000,
respectively.  Loan demand  remained  steady  heading into the second
quarter of 2001.

Non-performing Assets
---------------------

Non-performing  assets are  comprised of loans  delinquent 90 days or
more with  respect  to  interest  or  principal,  loans for which the
accrual of  interest  has been  discontinued,  and other real  estate
which  has  been  acquired   through   foreclosure  and  is  awaiting
disposition.

                                       11
<PAGE>

Unless  well  secured  and in the  process of  collection,  loans are
placed on  nonaccrual  status when a loan becomes 90 days past due as
to interest or  principal,  when the payment of interest or principal
in  accordance  with  the  contractual  terms  of  the  loan  becomes
uncertain  or  when a  portion  of the  principal  balance  has  been
charged  off.  When  a loan  is  placed  on  nonaccrual  status,  the
accrued and unpaid  interest  receivable  is reversed and the loan is
accounted for on the cash or cost recovery method  thereafter,  until
qualifying  for return to accrual  status.  Generally,  a loan may be
returned  to  accrual  status  when  all   delinquent   interest  and
principal  become  current in  accordance  with the terms of the loan
agreement and remaining  principal is considered  collectible or when
the loan is both well secured and in the process of collection.

Real   estate  and  other   assets   acquired  in   satisfaction   of
indebtedness  are  recorded  at the lower of  estimated  fair  market
value net of  anticipated  selling costs or the recorded loan amount,
and any  difference  between this and the amount is treated as a loan
loss.  Costs of  maintaining  other  real  estate  owned and gains or
losses on the subsequent sale are reflected in current earnings.

The following is a summary of non-performing assets:

<TABLE>
<CAPTION>
(In thousands, except percentages)                                            March 31,             December 31,
                                                                                2001                    2000
                                                                          --------------          ---------------
<S>                                                                      <C>                       <C>
Past due 90 days or more and still accruing :
   Real estate                                                                    $ 160                    $  10
   Commercial                                                                        29                      215
   Consumer and other                                                                50                        5
                                                                          -------------              -----------
                                                                                    239                      230
                                                                          -------------              -----------
Nonaccrual:
   Real estate                                                                        -                        -
   Commercial                                                                       236                      329
   Consumer and other                                                                 -                        -
                                                                          -------------              -----------
                                                                                    236                      329
                                                                          -------------              -----------
Total nonperforming assets                                                        $ 475                    $ 559
                                                                          =============              ===========

Allowance for loan losses as a percentage of nonperforming loans                  1985%                    1676%
Nonperforming loans to total loans                                                0.10%                    0.12%

</TABLE>

Non-performing  loans  decreased  $84,000 during the first quarter of
2001.  This  decrease  coupled  with the  quarterly  provision in the
allowance  for  loan  losses  resulted  in  the  improvement  in  the
coverage  ratio of the  allowance  for loan  losses to  nonperforming
loans from 1,676% at year-end to 1,985%.

At  March  31,  2001,  the  recorded  investment  in  loans  that are
considered  impaired  under  SFAS  No.  114  was  $578,000  of  which
$201,000 are  included in  nonaccrual  loans  above.   Such  impaired
loans  had  valuation   allowances totaling   $253,000   based on the
estimated  fair  value  of  the  collateral.  At  December  31, 2000,
the   recorded   investment   in  loans   considered   impaired   was
$1,691,000,   including   $215,000  of  nonaccrual  loans  above  and
$1,010,000  of  restructured  loans  performing  in  compliance  with
modified terms.  Management is  not aware of  any  potential  problem
loans, other than  the  impaired loans disclosed  above,  which  were
accruing and current at March 31, 2001, where serious doubt exists as
to the ability of the  borrower  to comply with the present repayment
terms.

Credit Risk and Allowance for Loan Losses

The  Company  assesses  and manages  credit risk on an ongoing  basis
through  stringent  credit  review and approval  policies,  extensive
internal   monitoring  and  established   formal  lending   policies.
Additionally,  the  Company  contracts  with an outside  loan  review
consultant  to  periodically  grade  new  loans  and  to  review  the
existing  loan   portfolio.   Management   believes  its  ability  to
identify   and  assess  risk  and  return   characteristics   of  the

                                       12
<PAGE>

Company's   loan   portfolio  is  critical  for   profitability   and
growth.  Management  strives to continue the  historically  low level
of credit  losses by  continuing  its  emphasis on credit  quality in
the loan approval process,  active credit  administration and regular
monitoring.   With  this  in  mind,   management   has  designed  and
implemented  a  comprehensive  loan  review and  grading  system that
functions  to  continually  assess the credit  risk  inherent  in the
loan portfolio.

Ultimately,  credit  quality may be influenced  by underlying  trends
in  economic  and  business   cycles.   The  Company's   business  is
concentrated  in  Monterey,  San Benito and Santa  Cruz  counties  in
California.  These  counties  are heavily  dependent  on  agriculture
and tourism  industries  as their main  economic  base.  As a result,
the Company lends money to individuals  and companies  dependent upon
these two  industries.  In  addition,  the  Company  has  significant
extensions  of credit  and  commitments  to extend  credit  which are
secured  by  real  estate.   At  March  31,  2001,  the  Company  had
outstanding real estate and real estate  construction  loans totaling
approximately  $300,804,000,   which  represented  62%  of  the  loan
portfolio.  Although  management  believes the  concentration to have
no more  than  the  normal  risk  of  collectibility,  a  substantial
decline  in the  economy  in  general,  or a decline  in real  estate
values in the Company's  primary  market areas in  particular,  could
have  an  adverse  impact  on  the  collectibility  of  these  loans.
Adverse  economic   conditions  could  require  an  increase  in  the
provision  for loan and lease  losses  which in turn could  adversely
affect  the  Company's  future  prospects,   results  of  operations,
profitability and stock price."

The allowance for loan losses reflects  management's  judgement as to
the level  considered  adequate to absorb probable losses inherent in
the  loan  portfolio.   The  allowance  is  increased  by  provisions
charged  to  expense   and  reduced  by  loan   charge-offs   net  of
recoveries.  Management  determines an  appropriate  provision  based
upon   information   currently   available   to  analyze   loan  loss
potential,  including (1) the loan  portfolio  balance in the period;
(2) a  comprehensive  grading  and review of new and  existing  loans
outstanding;  (3) actual  previous  charge-offs;  and, (4) changes in
economic conditions.

In  determining  the  provision  for  estimated   losses  related  to
specific  major  loans,  management  evaluates  its  allowance  on an
individual   loan  basis,   including   an  analysis  of  the  credit
worthiness,  cash flows and  financial  status of the  borrower,  and
the  condition and the estimated  value of the  collateral.  Specific
valuation  allowances  for secured loans are determined by the excess
of  recorded  investment  in the loan over the fair  market  value or
net  realizable  value  where  appropriate,  of  the  collateral.  In
determining  overall  general  valuation  allowances to be maintained
and  the  loan  loss  allowance  ratio,   management  evaluates  many
factors  including  prevailing  and forecasted  economic  conditions,
regular  reviews  of  the  quality  of  loans,  industry  experience,
historical    loss    experience,    composition    and    geographic
concentrations  of the loan  portfolio,  the  borrowers'  ability  to
repay and repayment performance and estimated collateral values.

Management  believes  that the allowance for loan losses at March 31,
2001  is  adequate,   based  on  information   currently   available.
However,  no  prediction  of the ultimate  level of loans charged off
in future years can be made with any certainty.



                                       13
<PAGE>

The following table summarizes activity in the allowance for loan
losses for the periods indicated:
<TABLE>
<CAPTION>

(In thousands, except percentages)                                                     Three months ended March 31,
                                                                                      2001                     2000
                                                                                 ---------------          ---------------
<S>                                                                                     <C>                      <C>
Beginning balance                                                                       $ 9,371                  $ 5,596
   Provision charged to expense                                                             120                      526
   Loans charged off                                                                        (87)                     (16)
   Recoveries                                                                                23                       30
                                                                                 ---------------          ---------------
 Ending balance                                                                         $ 9,427                  $ 6,136
                                                                                 ===============          ===============

Ending loan portfolio                                                                 $ 481,609                $ 395,929
                                                                                 ===============          ===============

Allowance for loan losses as percentage of ending loan portfolio                           1.96%                     1.55%
</TABLE>

Liquidity
---------

Liquidity  management  refers to the  Company's  ability  to  provide
funds on an ongoing basis to meet  fluctuations  in deposit levels as
well as the  credit  needs  and  requirements  of its  clients.  Both
assets  and  liabilities   contribute  to  the  Company's   liquidity
position.   Federal   funds   lines,   short-term   investments   and
securities,  and loan repayments contribute to liquidity,  along with
deposit  increases,   while  loan  funding  and  deposit  withdrawals
decrease  liquidity.  The Bank  assesses the  likelihood of projected
funding   requirements  by  reviewing  historical  funding  patterns,
current and forecasted  economic  conditions  and  individual  client
funding  needs.  Commitments  to fund loans and  outstanding  standby
letters of credit at March 31, 2001 were  approximately  $164,490,000
and  $4,340,000,   respectively.   Such  loans  relate  primarily  to
revolving  lines of credit and other  commercial  loans,  and to real
estate construction loans.

The  Company's  sources of  liquidity  consist of its  deposits  with
other banks,  overnight funds sold to correspondent banks,  unpledged
short-term   marketable    investments,    and   salable   government
guaranteed  loans.  On March  31,  2001  consolidated  liquid  assets
totaled  $119.2  million  or 17.1% of total  assets  as  compared  to
$132.0   million  or  18.7%   (per  the   Annual   Report)  of  total
consolidated  assets on  December  31,  2000.  In  addition to liquid
assets, the Bank maintains lines of credit with  correspondent  banks
for up to  $80,000,000  available  on a  short-term  basis.  Informal
agreements  are also in place with  various  other  banks to purchase
participations   in  loans,   if   necessary.   The  Company   serves
primarily a business  and  professional  customer  base and, as such,
its  deposit   base  is   susceptible   to   economic   fluctuations.
Accordingly,  management  strives to maintain a balanced  position of
liquid assets to volatile and cyclical deposits.

Capital Resources
-----------------

The Company's  total  shareholders'  equity was  $61,668,000 at March
31, 2001 compared to $59,854,000 at December 31, 2000.

The  Company and the Bank are  subject to  regulations  issued by the
Board  of  Governors  and the FDIC  which  require  maintenance  of a
certain   level  of   capital.   Under   the   regulations,   capital
requirements  are  based  upon the  composition  of an  institution's
asset  base and the  risk  factors  assigned  to  those  assets.  The
guidelines  characterize an  institution's  capital as being "Tier 1"
capital  (defined  to  be  principally   shareholders'   equity  less
intangible  assets) and "Tier 2" capital  (defined to be  principally
the  allowance  for  loan  losses,  limited  to  one  and  one-fourth
percent of gross risk weighted  assets).  The guidelines  require the
Company and the Bank to maintain a  risk-based  capital  target ratio
of 8%,  one-half  or more of  which  should  be in the form of Tier 1
capital.


                                       14
<PAGE>


The  following  table  shows  the  Company's and  the  Bank's actual
capital  amounts  and  ratios at March 31, 2001 and December 31, 2000
as well as the minimum capital ratios for capital  adequacy under the
regulatory framework:

<TABLE>
<CAPTION>
                                                                                          For Capital
                                                            Actual                     Adequacy Purpose:
Company                                              Amount         Ratio            Amount         Ratio
-------                                              ------         -----            ------         -----
<S>                                                <C>             <C>           <C>                <C>
As of March 31, 2001
--------------------
Total Capital (to Risk Weighted Assets):            67,624,000      12.3%          44,126,000        8.0%
Tier 1 Capital (to Risk Weighted Assets):           60,731,000      11.0%          22,063,000        4.0%
Tier 1 Capital (to Average Assets):                 60,731,000       8.9%          27,229,000        4.0%

As of December 31, 2000:
------------------------
Total Capital (to Risk Weighted Assets):            66,892,000      12.3%          43,490,000        8.0%
Tier 1 Capital (to Risk Weighted Assets):           60,098,000      11.1%          21,745,000        4.0%
Tier 1 Capital (to Average Assets):                 60,098,000       9.1%          26,344,000        4.0%
</TABLE>

<TABLE>
<CAPTION>
                                                                                          For Capital
                                                           Actual                      Adequacy Purpose:
Community Bank                                       Amount         Ratio            Amount         Ratio
--------------                                       ------         -----            ------         -----
<S>                                               <C>              <C>           <C>                <C>
As of March 31, 2001:
Total Capital (to Risk Weighted Assets):            66,668,000      12.10%         43,916,000        8.0%
Tier 1 Capital (to Risk Weighted Assets):           59,774,000      10.90%         21,958,000        4.0%
Tier 1 Capital (to Average Assets):                 59,774,000       8.80%         27,136,000        4.0%

As of December 31, 2000:
Total Capital (to Risk Weighted Assets):            63,866,000      11.80%         43,273,000        8.0%
Tier 1 Capital (to Risk Weighted Assets):           57,073,000      10.60%         21,637,000        4.0%
Tier 1 Capital (to Average Assets):                 57,073,000       8.70%         26,251,000        4.0%
</TABLE>




                   Item 3. MARKET RISK MANAGEMENT

Overview
--------

The goal for  managing the assets and  liabilities  of the Bank is to
maximize  shareholder  value and earnings  while  maintaining  a high
quality  balance  sheet without  exposing the Bank to undue  interest
rate risk.  The Board of  Directors  has overall  responsibility  for
the Company's  interest rate risk management  policies.  The Bank has
an  Asset   and   Liability   Management   Committee   (ALCO)   which
establishes  and monitors  guidelines to control the  sensitivity  of
earnings to changes in interest rates.

Asset/Liability Management
--------------------------

Activities  involved in  asset/liability  management  include but are
not limited to lending,  accepting  and placing  deposits,  investing
in  securities  and issuing  debt.  Interest rate risk is the primary
market   risk    associated    with    asset/liability    management.
Sensitivity  of earnings to interest rate changes  arises when yields
on  assets  change  in a  different  time  period  or in a  different
amount  from  that of  interest  costs on  liabilities.  To  mitigate
interest  rate risk,  the  structure of the balance  sheet is managed
with the  goal  that  movements  of  interest  rates  on  assets  and
liabilities  are  correlated  and  contribute  to  earnings  even  in
periods of volatile  interest rates. The  asset/liability  management
policy  sets  limits  on the  acceptable  amount of  variance  in net
interest  margin and market value of equity under  changing  interest
environments.   The  Bank  uses   simulation   models   to   forecast
earnings, net interest margin and market value of equity.

                                       15
<PAGE>

Simulation  of  earnings  is the  primary  tool used to  measure  the
sensitivity  of earnings to interest  rate  changes.  Using  computer
modeling  techniques,  the Company is able to estimate the  potential
impact of  changing  interest  rates on  earnings.  A  balance  sheet
forecast is prepared  using  inputs of actual  loan,  securities  and
interest bearing  liabilities  (i.e.  deposits/borrowings)  positions
as the  beginning  base.  The  forecast  balance  sheet is  processed
against three interest rate  scenarios.  The scenarios  include a 200
basis point  rising rate  forecast,  a flat rate  forecast  and a 200
basis  point  falling  rate  forecast  which take place  within a one
year time  frame.  The net  interest  income is  measured  during the
first year of the rate  changes  and in the year  following  the rate
changes.  Based  on a  forecast  using  year-end  2000  balances  and
measuring against a flat rate  environment,  in a one-year horizon an
increase in interest  rates of 200 basis  points  would  result in an
increase of  $2,731,000  in net interest  income.  Conversely,  a 200
basis point  decrease  would  result in a decrease of  $3,310,000  in
net interest income.

The  simulations  of  earnings  do  not  incorporate  any  management
actions,  which might moderate the negative  consequences of interest
rate  deviations.  Therefore,  they  do  not  reflect  likely  actual
results,  but  serve  as  conservative  estimates  of  interest  rate
risk.  The risk profile of the Bank has not changed  materially  from
that at year-end 2000.

Other Matters
-------------

The State of California is presently  experiencing  serious  periodic
electric  power  shortages.  It is  uncertain  whether  or when these
shortages  will be  discontinued.  The  Company and the Bank could be
materially and adversely  affected  either  directly or indirectly by
a severe  electric  power  shortage if such a shortage  caused any of
its  critical  data  processing  or  computer   systems  and  related
equipment  to fail,  or if the local  infrastructure  systems such as
telephone  systems  should  fail,  or the  Company's  and the  Bank's
significant  vendors,   suppliers,   service  providers,   customers,
borrowers,  or depositors  are adversely  impacted by their  internal
systems  or  those  of  their  respective   customers  or  suppliers.
Material   increases  in  the  expenses  related  to  electric  power
consumption  and the related  increase  in  operating  expense  could
also have an adverse  effect on the  Company's  and the Bank's future
results of operations.




                     PART II - OTHER INFORMATION

Item 1.    Legal proceedings.

                None.

Item 2.     Changes in securities.

                None.

Item 3.     Defaults upon senior securities.

                None.

Item 4.     Submission of matters to a vote of security holders.

                None.

Item 5.     Other information.

                None.

                                       16
<PAGE>

Item 6.     Exhibits and reports on Form 8-K.

(a)   Exhibits

        (2.1)   Agreement  and Plan of  Reorganization  and Merger by
                and  between   Central  Coast  Bancorp,   CCB  Merger
                Company   and   Cypress   Coast   Bank  dated  as  of
                December 5,  1995,  incorporated  by  reference  from
                Exhibit 99.1 to Form 8-K,  filed with the  Commission
                on December 7, 1995.

        (3.1)   Articles of Incorporation,  incorporated by reference
                from  Exhibit 4.8 to  Registration  Statement on Form
                S-8,  No.  33-89948,  filed  with the  Commission  on
                March 3, 1995.

        (3.2)   Bylaws,  as amended,  incorporated  by reference from
                Exhibit 4.8 to  Registration  Statement  on Form S-8,
                No.  33-89948,  filed with the Commission on March 3,
                1995.

        (4.1)   Specimen   form  of   Central   Coast  Bancorp  stock
                certificate,  incorporated  by   reference  from  the
                Company's 1994 Annual Report on Form 10-K, filed with
                the Commission on March 31, 1995.

        (10.1)  Lease agreement  dated  December  12,  1994,  related
                to   301   Main    Street,    Salinas,    California,
                incorporated  by reference  from the  Company's  1994
                Annual Report on Form 10K,  filed with the Commission
                on March 31, 1995.

        (10.2)  King   City   Branch    Lease,    incorporated    by
                reference   from   Exhibit   10.3   to   Registration
                Statement on Form S-4, No.  33-76972,  filed with the
                Commission on March 28, 1994.

        (10.3)  Amendment to King City Branch Lease,  incorporated by
                reference   from   Exhibit   10.4   to   Registration
                Statement on Form S-4, No.  33-76972,  filed with the
                Commission on March 28, 1994.

        *(10.4) 1982 Stock Option Plan, as amended,  incorporated  by
                reference from Exhibit 4.2 to Registration  Statement
                on Form S-8, No. 33-89948,  filed with the Commission
                on March 3, 1995.

        *(10.5) Form of  Nonstatutory  Stock Option  Agreement  under
                the  1982  Stock   Option   Plan,   incorporated   by
                reference from Exhibit 4.6 to Registration  Statement
                on Form S-8, No. 33-89948,  filed with the Commission
                on March 3, 1995.

        *(10.6) Form of Incentive  Stock Option  Agreement  under the
                1982 Stock  Option  Plan,  incorporated  by reference
                from  Exhibit 4.7 to  Registration  Statement on Form
                S-8,  No.  33-89948,  filed  with the  Commission  on
                March 3, 1995.

        *(10.7) 1994 Stock  Option  Plan,  incorporated  by reference
                from  Exhibit 4.1 to  Registration  Statement on Form
                S-8,  No.  33-89948,  filed  with the  Commission  on
                March 3, 1995.

        *(10.8) Form of  Nonstatutory  Stock Option  Agreement  under
                the  1994  Stock   Option   Plan,   incorporated   by
                reference from Exhibit 4.3 to Registration  Statement
                on Form S-8, No.  33-89948,  filed with Commission on
                March 3, 1995.

        *(10.9) Form of Incentive  Stock Option  Agreement  under the
                1994 Stock  Option  Plan,  incorporated  by reference
                from  Exhibit 4.4 to  Registration  Statement on Form
                S-8,  No.  33-89948,  filed  with the  Commission  on
                March 3, 1995.

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<PAGE>

        *(10.10)Form of  Director Nonstatutory Stock Option Agreement
                under the 1994  Stock  Option  Plan,  incorporated by
                reference  from Exhibit 4.5 to Registration Statement
                on Form S-8, No. 33-89948,  filed with the Commission
                on March 3, 1995.

        *(10.11)Form of Bank of Salinas Indemnification Agreement for
                directors  and  executive  officers,  incorporated by
                reference  from  Exhibit  10.9  to Amendment No. 1 to
                Registration  Statement  on  Form  S-4, No. 33-76972,
                filed with the Commission on April 15, 1994.

        *(10.12)401(k)  Pension  and Profit Sharing Plan Summary Plan
                Description,  incorporated  by reference from Exhibit
                10.8   to   Registration   Statement  on    Form S-4,
                No. 33-76972,  filed with the Commission on March 28,
                1994.

        *(10.13)Form   of   Employment   Agreement,  incorporated  by
                reference  from  Exhibit  10.13 to the Company's 1996
                Annual Report on Form 10-K, filed with the Commission
                on March 31, 1997.

        *(10.14)Form  of  Executive  Salary  Continuation  Agreement,
                incorporated by  reference  from Exhibit 10.14 to the
                Company's 1996 Annual Report on Form 10-K, filed with
                the Commission on March 31, 1997.

        *(10.15)1994  Stock Option Plan,  as amended, incorporated by
                reference from Exhibit A to the Proxy Statement filed
                with   the   Commission   on  September  3, 1996,  in
                connection with Central  Coast  Bancorp's 1996 Annual
                Shareholders' Meeting held on September 23, 1996.

        *(10.16)Form of  Indemnification  Agreement for directors and
                executive officers, incorporated  by  reference  from
                Exhibit D  to the  Proxy  Statement  filed  with  the
                Commission  on  September 3, 1996, in connection with
                Central  Coast  Bancorp's  1996  Annual Shareholders'
                Meeting held on September 23, 1996.

        (10.17) Purchase   and    Assumption    Agreement   for   the
                Acquisition    of   Wells   Fargo   Bank    Branches,
                incorporated  by reference  from Exhibit 10.17 to the
                Company's  1996  Annual  Report on Form  10-K,  filed
                with the Commission on March 31, 1997.

        (21.1)  The Registrant's only subsidiary is its  wholly-owned
                subsidiary, Community Bank of Central California.


           *Denotes  management  contracts,   compensatory  plans  or
                     arrangements.


      (b)  Reports on Form 8-K

           The Company filed two reports on Form 8-K during the
           first quarter of 2001 as follows:

           (1)  Report on Form 8-K filed January 23, 2001 reporting a
                press release  dated  January  23, 2001 regarding the
                Company's  operating  results  for  the   year  ended
                December 31, 2000.

           (2)  Report on Form 8-K  filed February 28, 2001 reporting
                a press release dated February 28, 2001 regarding the
                announcement  of  a new stock repurchase program upon
                the  completion  of  the  previous  stock  repurchase
                program.


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<PAGE>



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, thereunto duly authorized.


May 8, 2001                        CENTRAL COAST BANCORP


                                    By:/S/ ROBERT M. STANBERRY
                                       ------------------------
                                       Robert M. Stanberry
                                       (Chief Financial Officer and
                                       Principal Accounting Officer)






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