SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

STANFORD MICHAEL R

(Last)

(First)

(Middle)

7900 JEFFERSON AVE, NE

(Street)

ALBUQUERQUE

87190

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
FIRST STATE BANCORPORATION [ FSNM ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	President and CEO

3. Date of Earliest Transaction (Month/Day/Year)
04/10/2007

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	04/10/2007		M		3,500⁽¹⁾	A	$22.3695	142,268⁽²⁾	I	Stanford Family Limited Partnership⁽³⁾
Common Stock	04/10/2007		S		3,500	D	$22.3695	138,768⁽²⁾	I	Stanford Family Limited Partnership⁽³⁾
Common Stock	04/10/2007		M		500⁽¹⁾	A	$22.3739	139,268⁽²⁾	I	Stanford Family Limited Partnership⁽³⁾
Common Stock	04/10/2007		S		500	D	$22.3739	138,768⁽²⁾	I	Stanford Family Limited Partnership⁽³⁾
Common Stock	04/10/2007		M		1,300⁽¹⁾	A	$22.3627	140,068⁽²⁾	I	Stanford Family Limited Partnership⁽³⁾
Common Stock	04/10/2007		S		1,300	D	$22.3627	138,768⁽²⁾	I	Stanford Family Limited Partnership⁽³⁾
Common Stock	04/10/2007		M		700⁽¹⁾	A	$22.3631	139,468⁽²⁾	I	Stanford Family Limited Partnership⁽³⁾
Common Stock	04/10/2007		S		700	D	$22.3631	138,768⁽²⁾	I	Stanford Family Limited Partnership⁽³⁾
Common Stock	04/10/2007		M		6,800⁽¹⁾	A	$22.36	145,568⁽²⁾	I	Stanford Family Limited Partnership⁽³⁾
Common Stock	04/10/2007		S		6,800	D	$22.36	138,768⁽²⁾	I	Stanford Family Limited Partnership⁽³⁾
Common Stock	04/10/2007		M		2,000⁽¹⁾	A	$22.37	140,768⁽²⁾	I	Stanford Family Limited Partnership⁽³⁾
Common Stock	04/10/2007		S		2,000	D	$22.37	138,768⁽²⁾	I	Stanford Family Limited Partnership⁽³⁾
Common Stock	04/10/2007		M		2,700⁽¹⁾	A	$22.45	141,468⁽²⁾	I	Stanford Family Limited Partnership⁽³⁾
Common Stock	04/10/2007		S		2,700	D	$22.45	138,768⁽²⁾	I	Stanford Family Limited Partnership⁽³⁾
Common Stock	04/10/2007		M		400⁽¹⁾	A	$22.6	139,168⁽²⁾	I	Stanford Family Limited Partnership⁽³⁾
Common Stock	04/10/2007		S		400	D	$22.6	138,768⁽²⁾	I	Stanford Family Limited Partnership⁽³⁾
Common Stock	04/10/2007		M		3,200⁽¹⁾	A	$22.5	141,968⁽²⁾	I	Stanford Family Limited Partnership⁽³⁾
Common Stock	04/10/2007		S		3,200	D	$22.5	138,768⁽²⁾	I	Stanford Family Limited Partnership⁽³⁾
Common Stock	04/10/2007		M		700⁽¹⁾	A	$22.4581	139,468⁽²⁾	I	Stanford Family Limited Partnership⁽³⁾
Common Stock	04/10/2007		S		700	D	$22.4581	138,768⁽²⁾	I	Stanford Family Limited Partnership⁽³⁾
Common Stock	04/10/2007		M		1,700⁽¹⁾	A	$22.3676	140,468⁽²⁾	I	Stanford Family Limited Partnership⁽³⁾
Common Stock	04/10/2007		S		1,700	D	$22.3676	138,768⁽²⁾	I	Stanford Family Limited Partnership⁽³⁾
Common Stock	04/10/2007		M		1,500⁽¹⁾	A	$22.56	140,268⁽²⁾	I	Stanford Family Limited Partnership⁽³⁾
Common Stock	04/10/2007		S		1,500	D	$22.56	138,768⁽²⁾	I	Stanford Family Limited Partnership⁽³⁾

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Employee Stock Option (right to buy)	$5.75	04/10/2007		M			25,000⁽¹⁾	07/25/2000	07/25/2007	Common Stock	25,000	$5.75	340,000	D

Explanation of Responses:

1. Options were exercised under a "Sales Trading Plan" pursuant to the requirements of Rule 10b5-1(c) filed in a Form 8-K with the SEC on March 29, 2007.

2. Includes 17,758 shares held in Mr. Stanford's 401(k) plan.

3. A portion of Mr. Stanford's shares are held directly by him. The remaining shares are held indirectly by the Stanford Family Limited Partnership, of which Mr. Stanford is one of the controlling partners.

	Michael R. Stanford	04/10/2007
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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