UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

~~FORM~~ Form 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

~~Securities~~ Date ~~Exchange~~of ~~Act~~Report (Date of ~~1934~~ earliest event reported): 01/28/2011

~~Date~~ First ofState ~~Report (Date of earliest event reported): November 1, 2010~~ Bancorporation

FIRST STATE BANCORPORATION

(Exact name of registrant as specified in its charter)

NEW MEXICO		001-12487		85-0366665
(State or other jurisdiction of incorporation)		(Commission File No.)		(IRS Employer Identification No.)

Commission File Number: 001-12487

7900 JEFFERSON, N.E., ALBUQUERQUE, NEW MEXICO		87109
New Mexico	85-0366665
(Address of principal executive offices)		(Zip Code)
(State or other jurisdiction of	(IRS Employer
incorporation)	Identification No.)

~~(505)~~ ~~241-7500~~ 7900 Jefferson NE

~~Registrant’s Telephone Number~~Albuquerque, ~~including area code~~ NM 87109

(Address of principal executive offices, including zip code)

505-241-7500

(Registrant’s telephone number, including area code)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

¨ Item ~~Soliciting~~1.03. Bankruptcy ~~material~~or ~~pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)~~Receivership

¨ On ~~Pre-commencement~~January ~~communications~~28, ~~pursuant~~2011, toFirst ~~Rule~~State ~~14d-2~~Bancorporation (bFSNM.PK) ~~under~~announced that its subsidiary bank, First Community Bank, was closed by the ~~Exchange~~New ~~Act~~Mexico Financial Institutions Division, and the Federal Deposit Insurance Corporation (17FDIC) ~~CFR~~was ~~240~~appointed as receiver.~~14d-2~~ First State Bancorporation (bthe "Company") is no longer the parent company of First Community Bank (the "Bank").In a virtually simultaneous transaction, U.S. Bank, National Association, assumed the operations and all of the deposits, and purchased essentially all of the assets of the Bank in a transaction facilitated by the FDIC and will continue to operate the Bank, according to an FDIC news release. Customers of the bank can expect all banking services and activities such as check clearing, ATM access, online banking access and others to continue uninterrupted. Customers who have questions about the foregoing matters, or who would like more information about the closure of the Bank, can visit the FDIC's web site located at http://www.fdic.gov/bank/individual/failed/firstcomm_nm.html, or call the FDIC toll-free at 1-800-405-8124.As a result of the Bank's receivership, it is highly likely that the Company will be required to cease operations. The Bank was the Company's largest asset and therefore we believe it is unlikely that any distribution of assets will be available to our shareholders or subordinated debt holders.

~~¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))~~ SIGNATURES

~~Item~~ Pursuant ~~2.02~~to ~~Results~~the requirements of ~~Operations~~the ~~and~~Securities ~~Financial~~Exchange ~~Condition~~Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

On November 1, 2010, the Registrant issued a News Release announcing its third quarter 2010 financial results. A copy of the News Release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

		First State Bancorporation


Date: February 01, 2011	By:	/s/ Christopher C. Spencer
		Christopher C. Spencer
		Senior Vice President and Chief Financial Officer

The information furnished in Item 2.02 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Exchange Act of 1933, as amended, regardless of any general incorporation language in such filing, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) 99.1 News release, dated November 1, 2010.

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	FIRST STATE BANCORPORATION
Date: November 2, 2010	By:	/s/ Christopher C. Spencer
		Christopher C. Spencer
		Senior Vice President and Chief Financial Officer

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EXHIBIT INDEX

Exhibit		Description
Exhibit No.		Description
99.1		News release, dated November 1, 2010.
EX-99.1		Press Release dated January 28, 2011

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