Cash Dividend Increased by 25% at United Security Bancshares
December 19 2006 - 4:18PM
PR Newswire (US)
73rd Consecutive Quarterly Cash Dividend Declared ... FRESNO,
Calif., Dec. 19 /PRNewswire-FirstCall/ -- Dennis R. Woods,
President and Chief Executive Officer of United Security Bancshares
(NasdaqNM: UBFO), reported that the Board of Directors on December
19, 2006 declared a quarterly cash dividend of $0.125 per share, to
shareholders of record on January 12, 2007 payable on January 25,
2007. The dividend of $0.125 per share is up $0.025 from the
January 2006 quarterly dividend of $0.10, a 25% increase. This
dividend marks the 73rd consecutive quarterly cash dividend paid to
shareholders since inception. Woods stated, "Its been another
exciting year so far. We moved into our new administrative
headquarters building in mid-November. The new facility doubles our
space and ability to continue to grow the bank. We signed an
agreement to acquire Legacy Bank, N.A, headquartered in Campbell,
CA and expect to complete the merger by mid-February 2007. Earnings
continue to outpace last year and we've added several new staff
members that we believe will enhance the Company's performance
going forward ." United Security Bancshares is a $680 + million
bank holding company and United Security Bank, a state banking
corporation, is its primary subsidiary. United Security Bancshares
stock is available through The Siedler Admen Securities Inc.,
(contact Troy Norlander at 1-800-288-2811), Howe Barnes Investments
Inc. (contact Mike Hedrei at 1-800-800-4693), Hoefer & Arnett
(contact Dave Bonaccorso at 1-800 346 5544 ext. 723) or Hill
Thompson, Magid & Co. (contact Jason Biggerstaff
1-800-631-3083) as well as other firms, and trades under the symbol
"UBFO". This press release may include forward-looking statements
that involve inherent risks and uncertainties. A number of
important factors could cause actual results to differ materially
from those in the forward-looking statements. Those factors include
fluctuations in interest rates, inflation, government regulations,
the progress of integrating acquisitions and economic conditions
and competition in the geographic and business areas in which the
Company conducts its operations. The Company undertakes no
obligation to revise or update these forward-looking statements.
DATASOURCE: United Security Bancshares CONTACT: Dennis Woods,
+1-559-248-4928 Web site: http://www.unitedsecuritybank.com/
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