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UNITED STATES
SECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549

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FORM 10-Q

(Mark One)

|/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

or

|/ / | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|--- | ----------------------------------------------------------------------------------------

For the transition period from  to

Commission file number 033-18392

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AMERICORP

CALIFORNIA(State or other jurisdiction of incorporation)

NO. 77-0164985(IRS Employer Identification No.)300 South Mills Road, Ventura, California(Address of principal executive offices)

93003(Zip Code)


Registrant's telephone number, including area code:(805) 658-6633

Not Applicable(Former name or former address, if changed since last report)

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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 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 / /

APPLICABLE
ONLY TO CORPORATE ISSUERS

On
April 30, 2001, there were 2,112,534 shares of Americorp Common Stock outstanding.

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Americorp and Subsidiary  March 31, 2001    INDEXPART IFINANCIAL INFORMATION

|                                                                                             |                                                                                                                 | PAGE
|-------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------- | ----
|Item 1Financial Statements                                                                  |                                                                                                                 |     
|                                                                                             | Consolidated Condensed Balance Sheets at March 31, 2001 and December 31, 2000                                   |     
|                                                                                             | Consolidated Condensed Statements of Income for the three months ended March 31, 2001 and 2000                  |     
|                                                                                             | Consolidated Condensed Statement of Changes in Shareholders' Equity from January 1, 1999 through March 31, 2001 |     
|                                                                                             | Consolidated Condensed Statements of Cash Flows for the three months ended March 31, 2001 and 2000              |     
|                                                                                             | Notes to Consolidated Financial Statements                                                                      |     
|Item 2Management's Discussion and Analysis of Financial Condition and Results of Operations |                                                                                                                 | 8-10
|Item 3Quantitative and Qualitative Disclosure About Market Risk                             |                                                                                                                 | 11  
|PART IIOTHER INFORMATION                                                                   
|Item 1Legal Proceedings                                                                     |                                                                                                                 | 12  
|Item 2Changes in Securities                                                                 |                                                                                                                 | 12  
|Item 3Defaults upon Senior Securities                                                       |                                                                                                                 | 12  
|Item 4Submission of Matters to a Vote of Security Holders                                   |                                                                                                                 | 12  
|Item 5Other Information                                                                     |                                                                                                                 | 12  
|Item 6Exhibits and Reports on Form 8-K                                                      |                                                                                                                 | 12  
|Signatures                                                                                   |                                                                                                                 | 13  

2

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Item 1Financial Statements

Americorp and Subsidiary  Unaudited Condensed Consolidated Balance Sheets  (Dollar Amounts in Thousands)

|                                       |                                 | March 31,
2001 |         | December 31,
2000 |  
|-------------------------------------- | ------------------------------- | -------------- | ------- | ----------------- | -
|Cash and Due From Bank                 |                                 | $              | 26,674  |                   | $
|Federal Funds Sold                     |                                 |                | 29,850  |                   |  
|                                       |                                 |                |         |                   |  
|                                       | TOTAL CASH AND CASH EQUIVALENTS |                |         | 56,524            |  
|Investment Securities                  |                                 |                | 17,913  |                   |  
|Loans                                  |                                 |                | 201,529 |                   |  
|Allowance for Loan Losses              |                                 |                | (3,868  | )                 |  
|                                       |                                 |                |         |                   |  
|                                       | NET LOANS                       |                |         | 197,661           |  
|Premises and Equipment                 |                                 |                | 1,140   |                   |  
|Other Real Estate Owned                |                                 |                | 315     |                   |  
|Cash Surrender Value of Life Insurance |                                 |                | 2,667   |                   |  
|Accrued Interest and Other Assets      |                                 |                | 4,948   |                   |  
|                                       |                                 |                |         |                   |  
|                                       |                                 | $              | 281,168 |                   | $
|                                       |                                 |                |         |                   |  
|Noninterest-Bearing Deposits           |                                 | $              | 77,471  |                   | $
|Interest-Bearing Deposits              |                                 |                | 174,246 |                   |  
|                                       |                                 |                |         |                   |  
|                                       | TOTAL DEPOSITS                  |                |         | 251,717           |  
|Accrued Interest and Other Liabilities |                                 |                | 3,014   |                   |  
|                                       |                                 |                |         |                   |  
|                                       | TOTAL LIABILITIES               |                |         | 254,731           |  
|Common Stock                           |                                 |                | 1,053   |                   |  
|Surplus                                |                                 |                | 9,976   |                   |  
|Retained Earnings                      |                                 |                | 15,285  |                   |  
|Accumulated Other Comprehensive Income |                                 |                | 123     |                   |  
|                                       |                                 |                |         |                   |  
|                                       | TOTAL SHAREHOLDERS' EQUITY      |                |         | 26,437            |  
|                                       |                                 |                |         |                   |  
|                                       |                                 | $              | 281,168 |                   | $
|                                       |                                 |                |         |                   |  

3

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Americorp and Subsidiary  Unaudited Condensed Consolidated Statements of Income  (Dollar Amounts in Thousands, Except Per Share Data)

|                          |                      | For the Three Months
Ended March 31,               
|------------------------- | -------------------- | ---------------------------------------------------
|
|Interest Income           |                      | $                                                  
|Interest Expense          |                      |                                                    
|                          |                      |                                                    
|                          |                      | NET INTEREST INCOME                                
|Provision for Loan Losses |                      |                                                    
|                          |                      |                                                    
|                          |                      | NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES
|Noninterest Income        |                      |                                                    
|Noninterest Expense       |                      |                                                    
|                          |                      |                                                    
|                          |                      | INCOME BEFORE TAXES                                
|Income Taxes              |                      |                                                    
|                          |                      |                                                    
|                          |                      | NET INCOME                                         
|                          |                      |                                                    
|Per Share Data:           |                      |                                                    
|                          | Net Income  Basic   |                                                    
|                          |                      |                                                    
|                          | Net Income  Diluted |                                                    
|                          |                      |                                                    

4

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Americorp and Subsidiary  Unaudited Statement of Changes in Shareholders' Equity  (Dollar Amounts in Thousands, Except Per Share Data)

|                                                                                                                 |                            | Common Stock |   |   |       |   |   |       |   |   |      
|---------------------------------------------------------------------------------------------------------------- | -------------------------- | ------------ | - | - | ----- | - | - | ----- | - | - | -----
|
|
|Balance at January 1, 1999                                                                                       |                            | 2,051,994    |   | $ | 1,026 |   | $ | 8,771 |   |   |      
|Issuance of Stock                                                                                                |                            | 70,970       |   |   | 35    |   |   | 870   |   |   |      
|Retirement of Stock                                                                                              |                            | (18,793      | ) |   | (9    | ) |   | (83   | ) |   |      
|Dividends                                                                                                        |                            |              |   |   |       |   |   |       |   |   |      
|                                                                                                                 | Comprehensive Income       |              |   |   |       |   |   |       |   |   |      
|Net Income                                                                                                       |                            |              |   |   |       |   |   |       |   | $ | 3,322
|Unrealized loss on Securities Available for Sale, Net of Taxes of $147                                           |                            |              |   |   |       |   |   |       |   |   | (250 
|Reclassification Adjustment for Loss on Sale of Investment Securities Included in Net Income, Net of Taxes of $6 |                            |              |   |   |       |   |   |       |   |   | (9   
|                                                                                                                 |                            |              |   |   |       |   |   |       |   |   |      
|                                                                                                                 | Total Comprehensive Income |              |   |   |       |   |   |       |   |   | $    
|                                                                                                                 |                            |              |   |   |       |   |   |       |   |   |      
|                                                                                                                 |                            |              |   |   |       |   |   |       |   |   |      
|Balance at December 31, 1999                                                                                     |                            | 2,104,171    |   |   | 1,052 |   |   | 9,558 |   |   |      
|Issuance of Stock                                                                                                |                            | 28,314       |   |   | 14    |   |   | 392   |   |   |      
|Retirement of Stock                                                                                              |                            | (37,921      | ) |   | (19   | ) |   | (174  | ) |   |      
|Dividends                                                                                                        |                            |              |   |   |       |   |   |       |   |   |      
|                                                                                                                 | Comprehensive Income       |              |   |   |       |   |   |       |   |   |      
|Net Income                                                                                                       |                            |              |   |   |       |   |   |       |   | $ | 3,664
|Unrealized Gain on Securities Available for Sale, Net of Taxes of $49                                            |                            |              |   |   |       |   |   |       |   |   | 109  
|Reclassification Adjustment for Gain on Sale of Investment Securities Included in Net Income, Net of Taxes of $3 |                            |              |   |   |       |   |   |       |   |   | 4    
|                                                                                                                 |                            |              |   |   |       |   |   |       |   |   |      
|                                                                                                                 | Total Comprehensive Income |              |   |   |       |   |   |       |   |   | $    
|                                                                                                                 |                            |              |   |   |       |   |   |       |   |   |      
|                                                                                                                 |                            |              |   |   |       |   |   |       |   |   |      
|Balance at December 31, 2000                                                                                     |                            | 2,094,564    |   |   | 1,047 |   |   | 9,776 |   |   |      
|Issuance of Stock                                                                                                |                            | 12,370       |   |   | 6     |   |   | 200   |   |   |      
|Dividends                                                                                                        |                            |              |   |   |       |   |   |       |   |   |      
|                                                                                                                 | Comprehensive Income       |              |   |   |       |   |   |       |   |   |      
|Net Income                                                                                                       |                            |              |   |   |       |   |   |       |   | $ | 912  
|Unrealized Gain on Securities Available for Sale, Net of Taxes of $57                                            |                            |              |   |   |       |   |   |       |   |   | 123  
|                                                                                                                 |                            |              |   |   |       |   |   |       |   |   |      
|                                                                                                                 | Total Comprehensive Income |              |   |   |       |   |   |       |   |   | $    
|                                                                                                                 |                            |              |   |   |       |   |   |       |   |   |      
|                                                                                                                 |                            |              |   |   |       |   |   |       |   |   |      
|Balance at March 31, 2001                                                                                        |                            | 2,106,934    |   | $ | 1,053 |   | $ | 9,976 |   |   |      
|                                                                                                                 |                            |              |   |   |       |   |   |       |   |   |      

5

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Americorp and Subsidiary  Unaudited Condensed Statement of Cash Flows  (Dollar Amounts in Thousands)

|                                                 |                                                                                     | For the Three Months
Ended March 31, |                                                 
|------------------------------------------------ | ----------------------------------------------------------------------------------- | ------------------------------------ | ------------------------------------------------
|
|OPERATING ACTIVITIES                             |                                                                                     |                                      |                                                 
|                                                 | Net Income                                                                          |                                      | $                                               
|                                                 | Adjustments to Reconcile Net Income to Net Cash Provided by
  Operating Activities: |                                      |                                                 
|                                                 |                                                                                     |                                      | Depreciation and Amortization                   
|                                                 |                                                                                     |                                      | Provision for Loan Losses                       
|                                                 |                                                                                     |                                      | Other Items  Net                               
|                                                 |                                                                                     |                                      |                                                 
|                                                 |                                                                                     |                                      | NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES
|INVESTING ACTIVITIES                             |                                                                                     |                                      |                                                 
|                                                 | Purchases of Investment Securities                                                  |                                      |                                                 
|                                                 | Maturities and Sales of Investment Securities                                       |                                      |                                                 
|                                                 | Net Change in Loans                                                                 |                                      |                                                 
|                                                 | Purchase of Premises and Equipment                                                  |                                      |                                                 
|                                                 |                                                                                     |                                      |                                                 
|                                                 |                                                                                     |                                      | NET CASH USED BY INVESTING ACTIVITIES           
|FINANCING ACTIVITIES                             |                                                                                     |                                      |                                                 
|                                                 | Net Change in Deposits                                                              |                                      |                                                 
|                                                 | Decrease in Other Borrowings                                                        |                                      |                                                 
|                                                 | Repurchase Stock                                                                    |                                      |                                                 
|                                                 | Proceeds from Exercise of Options                                                   |                                      |                                                 
|                                                 | Dividends                                                                           |                                      |                                                 
|                                                 |                                                                                     |                                      |                                                 
|                                                 |                                                                                     |                                      | NET CASH PROVIDED BY FINANCING ACTIVITIES       
|                                                 |                                                                                     |                                      |                                                 
|                                                 |                                                                                     |                                      | INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|Cash and Cash Equivalents at Beginning of Period |                                                                                     |                                      | 44,346                                          
|                                                 |                                                                                     |                                      |                                                 
|                                                 |                                                                                     |                                      | CASH AND CASH EQUIVALENTS AT END OF PERIOD      
|                                                 |                                                                                     |                                      |                                                 

6

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Americorp and Subsidiary  Notes to Consolidated Financial Statements

Note 1Basis of Presentation

The accompanying financial information has been prepared in accordance with the Securities and Exchange Commission rules and regulations for quarterly
reporting and therefore does not necessarily include all information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting
principles. This information should be read in conjunction with the Company's Form 10K for the year ended December 31, 2000.

The
consolidated financial statements include Americorp and its wholly owned subsidiary, American Commercial Bank (the "Bank"). The consolidated financial statements also give
retroactive effect to the merger of the Company's subsidiary, American Commercial Bank, with Channel Islands Bank on December 31, 1998.

Operating
results for interim periods are not necessarily indicative of operating results for an entire fiscal year. In the opinion of management, the unaudited financial information
for the three month period ended March 31, 2001 and 2000, reflect all adjustments, consisting only of normal recurring accruals and provisions, necessary for a fair presentation thereof.

Some
matters discussed in this Form 10-Q may be "forward-looking statements" within the meaning of the Private Litigation Reform Act of 1995 and therefore may
involve risks, uncertainties and other factors which may cause our actual results to be materially different from the results expressed or implied by our forward-looking statements. These statements
generally appear with words such as "anticipate", "believe", "estimate", "may", "intend", and "expect".

Note 2Earnings Per Share

Effective December 31, 1997, the Company adopted Statement of Financial Accounting Standards No. 128,"Earnings per
Share".Accordingly, basic earnings per share are computed by dividing income available to common shareholders by the weighted average number of common shares outstanding
during each period. The computation of diluted earnings per share also considers the number of shares issuable upon the assumed exercise of outstanding common stock options.

Note 3Stock Split

On March 18, 1999, the Board of Directors of the Company declared a two-for-one stock split of its outstanding shares of common
stock. The effective date for the split was April 15, 1999 and the additional shares issued pursuant to the stock split were distributed on May 8, 1999. All per share data has been
retroactively adjusted to reflect this split.

Note 4Subsequent Event

On April 9, 2001, the Company announced the signing of an Agreement to Merge and Plan of Reorganization (the "Agreement") with Mid-State
Bancshares, the parent company of Mid-State Bank, pursuant to which Mid-State Bancshares will acquire Americorp and American Commercial Bank. Upon consummation,
Mid-State Bancshares will become the surviving corporation and Mid-State Bank will become the surviving bank. Consummation of the Agreement is subject to a number of
conditions, including, but not limited to, the approval of the Agreement by the shareholders of Americorp and the receipt of requisite regulatory approvals.

The
Agreement provides that the outstanding shares of Americorp common stock will be exchanged for shares of common stock of Mid-State Bancshares. The ratio of exchange is
based upon the value of $28.75 for each share of Americorp, subject to possible adjustments based upon changes in the price of Mid-State Bancshares stock preceding the effective date of
the transaction. The transaction is valued at approximately $63.7 million. The merger is structured to be tax-free and is intended to be accounted for as a pooling of interests.

7

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Item 2Management's Discussion and Analysis of Financial Condition and Results of Operations

Income Summary

Americorp reported net earnings of $912,000 or $0.43 diluted earnings per share for the first three months of 2001. This represents a 9.0% increase over the
same period during 2000 when net earnings were $837,000 or $0.39 diluted earnings per share.

Annualized
return on average assets for the three months ended March 31, 2001 was 1.35% compared with 1.38% for the same period in 2000. Return on average assets for the year
ended December 31, 2000 was 1.44%.

Annualized
return on average equity for the three months ended March 31, 2001 was 14.14% compared with 14.41% for the same period in 2000. Return on average equity for the year
ended December 31, 2000 was 15.17%.

Quarterly
cash dividends of $0.15 per share were declared in the first quarter of 2001, a slight increase from the $0.12 per share declared in the first quarter of 2000.

Net Interest Income

Net interest income is the amount by which the interest and amortization of fees generated from loans and other earning assets exceed the cost of funding those
assets, usually deposit account interest expense. Net interest income depends on the difference (the "interest rate spread") between gross interest and fees earned on the loans and investment
portfolios and the interest rates paid on deposits and borrowings. Net interest income was $3.6 million for the quarter ended March 31, 2001, compared to $3.8 million for the
quarter ended March 31, 2000.

The
following table sets forth the components of net interest income, average earning assets and net interest margin:

|                       |                     | Three Months
Ended March 31, |         |       |  
|---------------------- | ------------------- | ---------------------------- | ------- | ----- | -
|
|
|Interest Income        |                     | $                            | 5,369   |       | $
|Interest Expense       |                     |                              | 1,731   |       |  
|                       |                     |                              |         |       |  
|                       | Net Interest Income |                              | $       | 3,638 |  
|                       |                     |                              |         |       |  
|Average Earning Assets |                     | $                            | 241,410 |       | $
|Net Interest Margin    |                     |                              | 6.03    | %     |  

The
$182,000 decrease in net interest income was the result of significant growth in average interest-earning assets (which increased net interest income) and the decline in the prime
rate (which decreased net interest income). Average interest-earning asset increased by 11.1% from $217 million in the first quarter of 2000 to $241 million in the first quarter of 2001.

The
net interest margin in the first quarter of 2001 compared to the same quarter in 2000 was also impacted by the recent declines in the prime rate. The prime rate started out at
8.5% in 2000 and continued to rise with 25 basis points increases in February and March to end the first quarter of 2000 at 9.00% and another 50 basis point increase in May to end the year at 9.5%. In
2001, the prime rate was reduced 50 basis points three times to end the first quarter of 2001 at 8.0%. The majority of the Bank's loans and its investments in federal funds sold reprice daily with
changes in the prime rate. Deposits generally reprice at a slower pace, therefore decreasing the net interest margin in the short run. Management decreases the rates on deposits based on market
conditions and is therefore unable to predict the timing of these decreases or the ultimate impact on the Company's future net interest margin.

8

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Provision for Loan Losses

Americorp made a $250,000 contribution to the allowance for loan losses in the first quarter of 2001. Management believes that the allowance, which stands at
1.92% of total loans at March 31, 2001, is adequate to cover future losses. The allowance for loan losses at March 31, 2000 was 1.20% of total loans.

Changes
in the allowance for loan losses for the quarter ended March 31, 2001 and 2000 are as follows (dollar amounts in thousands):

|                                      |  | Quarter Ended
March 31, |      
|------------------------------------- |  | ----------------------- | -----
|
|Allowance, Beginning of Quarter       |  | $                       | 3,553
|Provision for Loan Losses             |  |                         | 250  
|Loans Charged Off  net of Recoveries |  |                         | 65   
|                                      |  |                         |      
|Allowance, End of Quarter             |  | $                       | 3,868
|                                      |  |                         |      

Non Interest Income

Non Interest Income represents deposit account services charges and other types of non-loan related fee income. Non-interest income for
the quarter ended March 31, 2001 totaled $779,000 compared to $665,000 for the same period ended 2000. This represents an increase of $114,000. This increase was primarily due to $82,000 in
life insurance benefits received in excess of the cash surrender value of the policy on a retired officer of the Bank.

Non Interest Expense

Non Interest Expenses represent salaries, occupancy expenses, professional expenses, outside services and other miscellaneous expenses necessary to conduct
business. Non-interest expense for the quarter ended March 31, 2001 totaled $2,747,000 compared to $2,916,000 for the same period during 2000. As an annualized percent of average
assets, noninterest expense was 4.08% in the first quarter of 2001 compared to 4.81% for the first quarter in 2000. This decline is primarily the result of ongoing Company efforts to reduce overall
operating expenses.

Income Taxes

The Company's income tax provision for the first quarter of 2001 was $508,000, resulting in an effective rate of 35.8% on income before taxes. This rate
compares to the 21.9% and the 25.5% reported for the years ending December 31, 2000 and 1999, respectively. The Company's effective tax has increased due to the lack of tax credits carry
forwards that were fully utilized in prior periods.

Balance Sheet Analysis

Total assets at March 31, 2001 totaled $281.2 million, an increase of $14.7 million or 5.5% from December 31, 2000. The majority of
this growth was centered in federal funds sold, which increased $11.2 million. Deposits increased by $13.6 million or 5.7% during the first quarter of 2001. This increase was used to
fund the assets growth described above.

9

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Asset Quality

The following table sets forth the components of non-performing assets and related ratios: (dollar amounts in thousands)

|                                                              |                      | March 31, |        |       |  
|------------------------------------------------------------- | -------------------- | --------- | ------ | ----- | -
|
|
|Loans 90 Day Past Due and Still Accruing                      |                      | $         | 7      |       | $
|Loans on Nonaccrual                                           |                      |           | 1,127  |       |  
|                                                              |                      |           |        |       |  
|                                                              | Nonperforming Loans  |           |        | 1,134 |  
|Other Real Estate Owned (OREO)                                |                      |           | 315    |       |  
|                                                              |                      |           |        |       |  
|                                                              | Nonperforming Assets |           | $      | 1,449 |  
|                                                              |                      |           |        |       |  
|Nonperforming Loans as a Percent of Total Loans               |                      |           | 0.56   | %     |  
|Allowance for Loan Losses as a Percent of Nonperforming Loans |                      |           | 341.09 | %     |  
|Nonperforming Assets as a Percent of Total Assets             |                      |           | 0.52   | %     |  

The
primary ratios of loan quality have declined slightly in the first quarter of 2001. Nonperforming loans as a percent of total loans increased to 0.56% at March 31, 2001,
compared to 0.39% at December 31, 2000. Likewise, the allowance for loan losses as a percent of nonperforming loans decreased to 341.09% at March 31, 2001, down from 456.10% at
December 31, 2000. These ratios, however, are significantly better than the same ratios at March 31, 2000.

At
March 31, 2001, the Company had one property of OREO with a total book value of $315,000. The Company believes this property will be liquidated during 2001 without any
significant loss.

Capital

Total shareholders equity at March 31, 2001 totaled $26.4 million, which represented a 12.3% increase from $23.5 million at
March 31, 2000.

Americorp's
subsidiary Bank maintains capital ratios above the Federal regulatory guidelines for a "well-capitalized" bank. The ratios are as follows:

|                                         |  |       |   | Actual Ratios |  
|---------------------------------------- |  | ----- | - | ------------- | -
|
|Tier 1 Capital (to Average Assets)       |  | 5.00  | % | 9.53          | %
|Tier 1 Capital (to Risk Weighted Assets) |  | 6.00  | % | 11.41         | %
|Total Captial (to Risk Weighted Assets)  |  | 10.00 | % | 12.66         | %

On
February 24, 2000, the Company established a stock repurchase program for up to 200,000 shares of the Company's outstanding common stock. Repurchases have been discontinued
due to the proposed merger with Mid-State Bancorp discussed in Note 4 to the financial statements.

Liquidity

Management is not aware of any future capital expenditures or other significant demands on commitments which would severely impair liquidity.

10

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Item 3Quantitative and Qualitative Disclosures About Market Risk

Market Risk

In Management's opinion there has not been a material change in Americorp's market risk profile during the three months ended March 31, 2001. Market
risk is the risk of loss in a financial instrument arising from adverse changes in market prices and rates, foreign currency exchange rates, commodity prices and equity prices. Americorp's market risk
arises primarily from interest rate risk inherent in its lending and deposit taking activities. To that end, management actively monitors and manages its inherent rate risk exposure. Americorp does
not have any market risk sensitive instruments acquired for trading purposes. Americorp manages its interest rate sensitivity by matching the repricing opportunities on its earning assets to those on
its funding liabilities. Management uses various asset/liability strategies to manage the repricing characteristics of its assets and liabilities to ensure that exposure to interest rate fluctuations
is limited within Americorp's guidelines of acceptable levels of risk-taking.

At
March 31, 2001, Americorp had $170.2 million of assets and $159.8 million of liabilities repricing within one year. Therefore, $10.4 million more in
interest rate sensitive assets than interest rate sensitive liabilities will change to the then current rate (changes occur due to the instruments being at a variable rate or because the maturity of
the instrument requires its replacement at the then current rate). Generally, if rates were to fall during this period, interest income would decline by a greater amount than interest expense and net
income would decrease. Conversely, if rates were to rise, the reverse would apply, and Americorp's net income would increase.

See
also the previous discussion on net interest income inItem 2Management's Discussion and Analysis of Financial Condition and Results of
OperationsNet Interest Income.

11

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PART IIOTHER INFORMATION

Item 1Legal Proceedings

Due to the nature of the banking business, ACB is at times party to various legal actions; all such actions are of a routine nature and arise in the normal
course of business.

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

Item 6Exhibits and Reports on Form 8-K

None

Form 8-K
filed on April 11, 2001 announcing the proposed merger between the Company and Mid-State Bancshares.

12

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Signatures

Pursuant to the requirement 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.

|                   |  | Americorp
|------------------ |  | ---------
|Date: May 11, 2001 |  | By:      
|Date: May 11, 2001 |  | By:      

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