UBFO United Security Bancshares

FRESNO, Calif., July 28 /PRNewswire-FirstCall/ -- United Security Bancshares (NASDAQ:UBFO) today announced that its Company Chairman and CEO, Dennis R. Woods, has adopted a pre-arranged stock trading plan to sell a portion of his company stock over a 16-month period for estate planning purposes. The stock trading plan was adopted in accordance with the guidelines specified under Rule 10b5-1 of the Securities and Exchange Act of 1934. Under the plan, Mr. Woods may sell up to 80,000 shares of company stock between July 2006 and November 2007, amounting to 9.22% of the combined 818,000 shares and 50,000 stock options he currently holds. The plan calls for monthly sales of 5,000 shares. Rule 10b5-1 permits the adoption of written, pre-arranged trading plans by insiders at times when they do not have material, non-public information. 10b5-1 plans minimize the market effects of stock sales by spreading sales out over an extended period of time rather than selling larger blocks of stock during the limited trading windows following the release of financial information. In addition, the rule avoids concerns about initiating stock transactions while an insider may be aware of material non-public information. Once a plan is established, the insider retains no discretion over sales under the plan, and the pre-planned trades can be executed through a broker at later dates without regard to any subsequent material non-public information that the insider may receive. All of Mr. Woods trades will be publicly reported on Forms 144 and Forms 4 filed with the Securities and Exchange Commission. DATASOURCE: United Security Bancshares CONTACT: Dennis R. Woods, President and Chief Executive Officer of United Security Bank, +1-559-248-4928 Web site: http://www.unitedsecuritybank.com/

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