United Security Bancshares Declares Stock Dividend
March 27 2009 - 12:34PM
PR Newswire (US)
FRESNO, Calif., March 27 /PRNewswire-FirstCall/ -- Dennis R. Woods,
President and Chief Executive Officer of United Security Bancshares
http://www.unitedsecuritybank.com/ (NASDAQ:UBFO) reported that the
Board of Directors of United Security Bancshares declared a 2nd
quarter 2009 stock dividend of one percent (1%). The stock dividend
replaces the quarterly cash dividend. The stock dividend will be
paid to shareholders of record on April 10, 2009 and the dividend
shares will be issued on April 22, 2009. The change in the dividend
from cash to stock was employed last year as a precaution against
the uncertainties in the 1-4 family residential real estate market
and its impact on the Company's construction and related land and
lot loan portfolio. Those conditions persist but the Company's
capital position remains strong. However, the Board of Directors
decided, given the current uncertainties in the economy and
unprecedented declines in real estate valuations in our markets, it
is prudent to retain capital in this environment. Many of our
shareholders use the cash dividends to purchase additional shares
each quarter and the stock dividend will make that unnecessary.
Shareholders who prefer cash may sell all or a portion of the stock
dividend shares in the open market to meet their cash needs. This
change in dividend policy is in concert with managing the capital
of the Company in the best interest of the shareholders. After the
uncertainties in the economy subside, the Board of Directors
expects to resume paying the quarterly cash dividend. DATASOURCE:
United Security Bancshares CONTACT: Dennis R. Woods, President and
Chief Executive Officer of United Security Bancshares,
+1-559-248-4928 Web Site: http://www.unitedsecuritybank.com/
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