Exhibit 99.1

First PacTrust Bancorp Inc. Announces Stock Repurchase Program


    CHULA VISTA, Calif.--(BUSINESS WIRE)--May 17, 2004--First PacTrust
Bancorp Inc. (NASDAQ:FPTB), the holding company for Pacific Trust
Bank, announced its intention today to repurchase up to 5% of its
outstanding shares in the open market, in block trades or in privately
negotiated transactions. These shares will be purchased from time to
time over a twelve-month period depending upon market conditions. The
repurchase program is effective immediately. Any repurchased shares
will be held as treasury stock and will be available for general
corporate purposes.
    Hans R. Ganz, president and chief executive officer of the
company, indicated that the board of directors approved the repurchase
program in view of the current price level of the company's common
stock and the strong capital position of the company's subsidiary,
Pacific Trust Bank. Ganz stated: "We believe that the repurchase of
our shares represents an attractive investment opportunity which will
benefit the company and our stockholders."
    As of March 31, 2004, the company had consolidated total assets of
$650.7 million and stockholders' equity of $80.0 million, with
4,757,900 shares of common stock currently outstanding. The company's
stock is traded on the Nasdaq Stock Market under the symbol "FPTB".

    CONTACT: First PacTrust Bancorp Inc., Chula Vista
             Hans Ganz, 619-691-1519, ext. 4000