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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, 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 June 30, 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(Exact name of registrant as specified in its charter)

California(State or other jurisdiction of incorporation)

No. 77-0164985(IRS Employer Identification No.)300 S. 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 (of 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
June 30, 2001, there were 2,130,016 shares of Americorp Common Stock outstanding.

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AMERICORP AND SUBSIDIARY
JUNE 30, 2001

INDEX

PagePART IFINANCIAL INFORMATIONItem 1

Financial StatementsConsolidated Condensed Balance Sheet at June 30, 2001 and December 31, 2000

2Consolidated Condensed Statement of Income for the Three Months and Six Months Ended June 30, 2001 and 2000

3Consolidated Condensed Statement of Changes in Shareholders' Equity from January 1, 1999 through June 30, 2001

4Consolidated Condensed Statement of Cash Flows for the Six Months Ended June 30, 2001 and 2000

5Notes to Consolidated Financial Statements

6Item 2

Management's Discussion and Analysis of Financial Condition and Results of Operations

7-10Item 3

Quantitative and Qualitative Disclosure About Market Risk

10PART IIOTHER INFORMATIONItem 1

Legal Proceedings

11Item 2

Changes in Securities

11Item 3

Defaults upon Senior Securities

11Item 4

Submission of Matters to a Vote of Security Holders

11Item 5

Other Information

11Item 6

Exhibits and Reports on Form 8-K

11Signatures

12


1

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Item 1.  Financial Statements

AMERICORP AND SUBSIDIARY  UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS  (Dollar Amounts in Thousands)

|                                       |                                 | June 30,
2001 |         | December 31,
2000 |  
|-------------------------------------- | ------------------------------- | ------------- | ------- | ----------------- | -
|Cash and Due From Bank                 |                                 | $             | 32,067  |                   | $
|Federal Funds Sold                     |                                 |               | 26,000  |                   |  
|                                       |                                 |               |         |                   |  
|                                       | Total Cash and Cash Equivalents |               |         | 58,067            |  
|Investment Securities                  |                                 |               | 14,957  |                   |  
|Loans                                  |                                 |               | 195,653 |                   |  
|Allowance for Loan Losses              |                                 |               | (4,132  | )                 |  
|                                       |                                 |               |         |                   |  
|                                       | NET LOANS                       |               |         | 191,521           |  
|Premises and Equipment                 |                                 |               | 1,008   |                   |  
|Other Real Estate Owned                |                                 |               | 265     |                   |  
|Cash Surrender Value of Life Insurance |                                 |               | 2,721   |                   |  
|Accrued Interest and Other Assets      |                                 |               | 4,434   |                   |  
|                                       |                                 |               |         |                   |  
|                                       |                                 | $             | 272,973 |                   | $
|                                       |                                 |               |         |                   |  
|Noninterest-Bearing Deposits           |                                 | $             | 74,686  |                   | $
|Interest-Bearing Deposits              |                                 |               | 169,039 |                   |  
|                                       |                                 |               |         |                   |  
|                                       | TOTAL DEPOSITS                  |               |         | 243,725           |  
|Accrued Interest and Other Liabilities |                                 |               | 2,265   |                   |  
|                                       |                                 |               |         |                   |  
|                                       | TOTAL LIABILITIES               |               |         | 245,990           |  
|Common Stock                           |                                 |               | 1,065   |                   |  
|Surplus                                |                                 |               | 10,402  |                   |  
|Retained Earnings                      |                                 |               | 15,403  |                   |  
|Accumulated Other Comprehensive Income |                                 |               | 113     |                   |  
|                                       |                                 |               |         |                   |  
|                                       | TOTAL SHAREHOLDERS' EQUITY      |               |         | 26,983            |  
|                                       |                                 |               |         |                   |  
|                                       |                                 | $             | 272,973 |                   | $
|                                       |                                 |               |         |                   |  

2

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Item 1.  Financial StatementsContinued

AMERICORP AND SUBSIDIARY  UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME  (Dollar Amounts in Thousands, Except Per Share Data)

|                          |                    | For the
Three Months
Ended June 30,                 |       | For the
Six Months
Ended June 30,
|------------------------- | ------------------ | --------------------------------------------------- | ----- | ---------------------------------
|
|Interest Income           |                    | $                                                   | 4,979 |                                  
|Interest Expense          |                    |                                                     | 1,656 |                                  
|                          |                    |                                                     |       |                                  
|                          |                    | Net Interest Income                                 |       |                                  
|Provision for Loan Losses |                    |                                                     | 250   |                                  
|                          |                    |                                                     |       |                                  
|                          |                    | Net Interest Income after Provision for Loan Losses |       |                                  
|Noninterest Income        |                    |                                                     | 630   |                                  
|Noninterest Expense       |                    |                                                     | 2,948 |                                  
|                          |                    |                                                     |       |                                  
|                          |                    | Income Before Taxes                                 |       |                                  
|Income Taxes              |                    |                                                     | 317   |                                  
|                          |                    |                                                     |       |                                  
|                          |                    | Net Income                                          |       | $                                
|                          |                    |                                                     |       |                                  
|Per Share Data:           |                    |                                                     |       |                                  
|                          | Net IncomeBasic   |                                                     | $     | 0.21                             
|                          |                    |                                                     |       |                                  
|                          | Net IncomeDiluted |                                                     | $     | 0.19                             
|                          |                    |                                                     |       |                                  

3

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Item 1.  Financial StatementsContinued

AMERICORP AND SUBSIDIARY  UNAUDITED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY  (Dollar Amounts in Thousands)

|                                                                                                                 |                            | 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                                                                                                |                            | 35,452       |   |   | 18    |   |   | 626    |   |   |      
|Dividends                                                                                                        |                            |              |   |   |       |   |   |        |   |   |      
|                                                                                                                 | Comprehensive Income       |              |   |   |       |   |   |        |   |   |      
|Net Income                                                                                                       |                            |              |   |   |       |   |   |        |   | $ | 1,350
|Unrealized Gain on Securities Available for Sale, Net of Taxes of $52                                            |                            |              |   |   |       |   |   |        |   |   | 113  
|                                                                                                                 |                            |              |   |   |       |   |   |        |   |   |      
|                                                                                                                 | Total Comprehensive Income |              |   |   |       |   |   |        |   |   | $    
|                                                                                                                 |                            |              |   |   |       |   |   |        |   |   |      
|                                                                                                                 |                            |              |   |   |       |   |   |        |   |   |      
|Balance at June 30, 2001                                                                                         |                            | 2,130,016    |   | $ | 1,065 |   | $ | 10,402 |   |   |      
|                                                                                                                 |                            |              |   |   |       |   |   |        |   |   |      

4

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Item 1.  Financial StatementsContinued

AMERICORP AND SUBSIDIARY  UNAUDITED CONDENSED STATEMENT OF CASH FLOWS  (Dollar Amounts in Thousands)

|                                                 |                                               | For the
Six Months Ended
June 30,          |                              
|------------------------------------------------ | --------------------------------------------- | ------------------------------------------ | -----------------------------
|
|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              
|                                                 |                                               |                                            |                              
|                                                 |                                               |                                            |                              
|INVESTING ACTIVITIES                             |                                               |                                            |                              
|                                                 | Purchases of Investment Securities            |                                            |                              
|                                                 | Maturities and Sales of Investment Securities |                                            |                              
|                                                 | Net Change in Loans                           |                                            |                              
|                                                 | Purchase of Premises and Equipment            |                                            |                              
|                                                 |                                               |                                            |                              
|                                                 |                                               |                                            |                              
|FINANCING ACTIVITIES                             |                                               |                                            |                              
|                                                 | Net Change in Deposits                        |                                            |                              
|                                                 | Decrease in Other Borrowings                  |                                            |                              
|                                                 | Repurchase Stock                              |                                            |                              
|                                                 | Proceeds from Exercise of Options             |                                            |                              
|                                                 | Dividends                                     |                                            |                              
|                                                 |                                               |                                            |                              
|                                                 |                                               |                                            |                              
|                                                 |                                               |                                            |                              
|                                                 |                                               |                                            |                              
|Cash and Cash Equivalents at Beginning of Period |                                               |                                            | 44,346                       
|                                                 |                                               |                                            |                              
|                                                 |                                               |                                            |                              
|                                                 |                                               |                                            |                              

5

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Item 1.  Financial StatementsContinued

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 Americorp'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").

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 and six month periods ended June 30, 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Proposed Merger

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 a combination of cash and shares of common stock of Mid-State
Bancshares. Under the Agreement, the
maximum amount of Mid-State Bancshares stock to be issued has been set at 70%, the minimum amount of Mid-State Bancshares stock to be issued has been set at 60%, with the
balance of the consideration to be paid in cash. 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 will be accounted for as a purchase.

6

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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 $438,000 or $0.21 basic income per share for the second quarter of 2001. This represents a $410,000 decrease, or 48.3%, from
the same period during 2000 when net earnings were $848,000 or $0.40 basic income per share. This decrease was primarily due to a $497,000 decline in net interest income, offset by a
one-time net benefit of $56,000 from the termination of certain postretirement benefits for retired employees and directors and certain costs associated with litigation and a significant
increase in the Company's effective tax rate plus continued efforts by the Company to improve operating efficiency. These items and other contributing factors are discussed in more detail later in
this analysis.

Net
income for the first six months of 2001 were $1,350,000 or $0.64 basic income per share. This represents a $335,000 decrease, or 19.9%, from the same period in 2000 when net
earnings were $1,685,000 or $0.80 basic income per share. The majority of this decline is attributable to the second quarter results as previously discussed.

Annualized
return on average assets for the three months and six months ended June 30, 2001 was 0.64% and 0.99%, respectively, compared with 1.35% and 1.36% for the same
periods 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 and six months ended June 30, 2001 was 6.55% and 10.28%, respectively, compared with 14.48% and 14.33% for the same
periods 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 2001, a slight increase from the $0.12 and $0.13 per share declared in the first and second quarters 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. The following table sets forth the components of net interest income, average earning assets and net interest margin:

|                       |                     | Three Months Ended
June 30, |         | Six Months Ended
June 30, |   |         |      
|---------------------- | ------------------- | --------------------------- | ------- | ------------------------- | - | ------- | -----
|
|
|Interest Income        |                     | $                           | 4,979   |                           | $ | 5,270   |      
|Interest Expense       |                     |                             | 1,656   |                           |   | 1,450   |      
|                       |                     |                             |         |                           |   |         |      
|                       | Net Interest Income |                             | $       | 3,323                     |   | $       | 3,820
|                       |                     |                             |         |                           |   |         |      
|Average Earning Assets |                     | $                           | 245,806 |                           | $ | 223,545 |      
|Net Interest Margin    |                     |                             | 5.41    | %                         |   | 6.84    | %    

Net
interest income was $3.3 million for the quarter ended June 30, 2001, compared to $3.8 million for the quarter ended June 30, 2000. This decrease of
$497,000 was primarily due to the successive declines in the national prime rate. Like most community banks, the majority of the Company's assets have variable interest rates that readjust daily with
changes in the national prime rate. Although many of the Company's deposits are also adjustable, competitive forces in the market place serviced by the Company have not allowed it to make
corresponding reductions in the rates it pays on those deposits. In fact, the Company's interest expense has actually increased in 2001

7

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compared to 2000 due to these competitive forces as well as an increase in the amount of average interest-bearing liabilities in 2001 compared to 2000.

Net
interest income was $7.0 million for the six months ended June 30, 2001, compared to the $7.6 million for the six months ended June 30, 2000. The
$679,000 decrease in net interest income was also due to the factors discussed above.

The
net interest margin in the first half of 2001 compared to the same half of 2000 was also directly impacted by the recent declines in the national prime rate. The national prime
rate declined 325 basis points in 2001 from 9.5% to 6.75% on June 30, 2001. The majority of the Company'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 significantly decreasing the net interest margin in the short run. Management changes the rates on deposits based on market conditions and
is therefore unable to predict the timing of these increases or the ultimate impact on the Company's future net interest margin.

The
national prime rate was 7.75% for the first six months of 1999, and then experienced 25 basis points increases in July, August and November to end the year at 8.50%. Prime
continued to rise in 2000 with 25 basis points increases in February and March and a 50 basis points increase in May to end the first year at 9.50%. As noted above, during 2001, the prime rate
declined another 325 basis points to end up at 6.75% on June 30, 2001.

Provision for Loan Losses

Americorp made $250,000 contributions to the allowance for loan losses in the first and second quarters of 2001. The total provision for loan losses in the
first six months of 2001 was $500,000 compared to $664,000 in 2000. Management believes that the allowance, which equals 2.11% of total
loans at June 30, 2001, is adequate to cover future losses. The allowance for loans losses at June 30, 2000 was 1.30% of total loans.

Changes
in the allowance for loan losses for the quarter and six months ended June 30, 2001 and 2000 are as follows (dollar amounts in thousands):

|                                    |  | Three Months
Ended
June 30, |       | Six Months
Ended
June 30, |  
|----------------------------------- |  | --------------------------- | ----- | ------------------------- | -
|
|Allowance, Beginning of Period      |  | $                           | 3,868 |                           | $
|Provision for Loan Losses           |  |                             | 250   |                           |  
|Loans Charged Offnet of Recoveries |  |                             | 13    |                           |  
|                                    |  |                             |       |                           |  
|Allowance, End of Period            |  | $                           | 4,131 |                           | $
|                                    |  |                             |       |                           |  

Noninterest Income

Noninterest Income represents deposit account services charges and other types of non-loan related fee income. Noninterest income for the quarter
ended June 30, 2001 totaled $630,000, which is slightly below the $682,000 reported for the same period in 2000. Noninterest income for the six months ended June 30, 2001 totaled
$1,409,000, which is slightly above the $1,347,000 reported for the same period in 2000.

8

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Noninterest Expense

Noninterest expense represents salaries, occupancy expenses, professional expenses, outside services and other miscellaneous expenses necessary to conduct
business. Noninterest expense for the quarter ended June 30, 2001 totaled $2,948,000 compared to $3,099,000 for the same period of 2000.  This decline is primarily the result
of a one-time net benefit of $56,000 from the termination of certain postretirement benefits for retired employees and directors and certain costs associated with litigation offset by
increased merger related and other expenses.

Noninterest
expense for the six months ended June 30, 2001 totaled $5,695,000 down slightly from the $6,015,000 for the same period in 2000. As an annualized percent of average
assets, noninterest expense was 4.18% in the first half of 2001 compared to 4.87% for the first half of 2000. As noted above, this decline is primarily the result of a one-time net benefit
of $56,000 from the termination of certain postretirement benefits for retired employees and directors and certain costs associated with litigation and continued efforts by the Company to improve
operating efficiency.

Income Taxes

The Company's income tax provision for the first six months of 2001 was $825,000, resulting in an effective rate of 37.9% 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 significantly increased due to the lack of tax
credits carry forwards that were fully utilized in 2000.

Balance Sheet Analysis

Total assets at June 30, 2001 totaled $273.0 million, an increase of $6.5 million or 2.4% from December 31, 2000. The majority of
this growth was centered in federal funds sold, which increased $7.4 million. Deposits increased by $5.6 million or 2.3% during the six months of 2001. This increase was used to fund the
assets growth described above.

Asset Quality

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

|                                                              |                      | June 30, |        |       |  
|------------------------------------------------------------- | -------------------- | -------- | ------ | ----- | -
|
|
|Loans 90 day past due and still accruing                      |                      | $        | 227    |       | $
|Loans on nonaccrual                                           |                      |          | 1,176  |       |  
|                                                              |                      |          |        |       |  
|                                                              | Nonperforming Loans  |          |        | 1,403 |  
|Other real estate owned (OREO)                                |                      |          | 265    |       |  
|                                                              |                      |          |        |       |  
|                                                              | Nonperforming Assets |          | $      | 1,668 |  
|                                                              |                      |          |        |       |  
|Nonperforming Loans as a Percent of Total Loans               |                      |          | 0.72   | %     |  
|Allowance for Loan Losses as a Percent of Nonperforming Loans |                      |          | 294.51 | %     |  
|Nonperforming Assets as a Percent of Total Assets             |                      |          | 0.61   | %     |  

The
primary ratios of loan quality have declined slightly in the first six months of 2001. Nonperforming loans as a percent of total loans increased to 0.72% at June 30, 2001,
compared to 0.39% at
December 31, 2000. Likewise, the allowance for loan losses as a percent of nonperforming loans decreased to 294.51% at June 30, 2001, down from 456.10% at December 31, 2000. These
ratios,

9

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however, are significantly better than the same ratios at June 30, 2000. At June 30, 2001, the Company had one property of OREO with a total book value of $265,000. The Company believes
this property will be liquidated during 2001 without any significant loss.

Capital

Total shareholders equity at June 30, 2001 totaled $27.0 million, which represents a 11.6% increase from $24.2 million at June 30,
2000.

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

|                                         |  | Ratio |   | June 30,
2001 |   | December 31,
2000 |  
|---------------------------------------- |  | ----- | - | ------------- | - | ----------------- | -
|Tier 1 Capital (to Average Assets)       |  | 5.00  | % | 9.75          | % | 9.50              | %
|Tier 1 Capital (to Risk Weighted Assets) |  | 6.00  | % | 12.30         | % | 11.00             | %
|Total Capital (to Risk Weighted Assets)  |  | 10.00 | % | 13.56         | % | 12.30             | %

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 Bancshares 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.

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 six months ended June 30, 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
June 30, 2001, Americorp had $153.4 million of assets and $160.9 million of liabilities repricing within one year. Therefore, $7.5 million more in
interest rate sensitive liabilities than interest rate sensitive assets 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 expense would decline by a greater amount than interest income and net
income would increase. Conversely, if rates were to rise, the reverse would apply, and Americorp's net income would decrease. However, the recent decrease in the prime rate has significantly decreased
Americorp's net interest income as asset rates generally reprice faster than liability rates.

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.

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PART IIOTHER INFORMATION

Item 1

Legal ProceedingsDue to the nature of the banking business, the Bank 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 SecuritiesNoneItem 3

Defaults upon Senior SecuritiesNoneItem 4

Submission of Matters to a Vote of Security HoldersNoneItem 5

Other InformationNoneItem 6

Exhibits and Reports on Form 8-KA)

ExhibitsNoneB)

Reports on Form 8-KForm 8-K filed on May 25, 2001 announcing several amendments in the definitive agreement relating to the proposed merger between the Company and Mid-State Bancshares. Most notable was removal of the requirement that the merger qualify for
pooling accounting treatment, the minimum amount of stock to be issued by Mid-State in exchange for Americorp stock was established at 60% of the total consideration in the merger, and the option for Company shareholders to receive a portion of the
proceeds in cash.Form 8-K filed on August 7, 2001 announcing certain additional amendments in the definitive agreement relating to the proposed merger between the Company and Mid-State Bancshares. Most notable was a maximum amount of Mid-State Bancshares
stock to be issued in the merger was established at 70% of the total consideration in the merger, with the balance of the consideration paid in cash to Americorp shareholders.


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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:  August 9, 2001 |  | By:      
|                      |  |          
|                      |  |          
|Date:  August 9, 2001 |  | By:      

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