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Pacific State Bancorp, Parent of Pacific State Bank, Issues Trust Preferred Capital Securities
(June 26, 2002) Steven A. Rosso, President and Chief Executive Officer of Pacific State Bancorp, with consolidated assets of $158 million, today announced that the Company completed its first issuance of Trust Preferred Capital Securities through a newly formed Connecticut trust affiliate, Pacific State Statutory Trust I, as part of a pooled offering with several other financial institutions. The amount of the issue was $5 million and is included in Tier I (up to 25 percent of total Tier I Capital) and Tier II Capital for regulatory purposes. Interest is floating on a quarterly basis at 345 basis points over three-month LIBOR (initial rate of 5.3369 percent). The Trust Preferred Capital Securities, which mature in 2032, may be prepaid after five years.

Steven A. Rosso commented that x additional regulatory capital will allow the Company to continue its growth, while ensuring a prudent and efficient level of capital."

FTN Financial and Keene, Brunette& Woods, Inc. acted as placement agents for this transaction.

The Company operates 7 locations in San Joaquin, Stanislaus, Calaveras, and Tuolumne Counties.

Further information on the Company can be found on the World Wide Web at http://www.pacificstatebank.com

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