United Security Bancshares Completes Acquisition of Taft National Bank
April 23 2004 - 10:01PM
PR Newswire (US)
United Security Bancshares Completes Acquisition of Taft National
Bank FRESNO, Calif., April 23 /PRNewswire-FirstCall/ -- Dennis R.
Woods, President and Chief Executive Officer of United Security
Bancshares ( http://www.unitedsecuritybank.com/ ) announced today
the completion of its acquisition of Taft National Bank ("TNB")
with and into its wholly owned subsidiary, United Security Bank.
TNB stockholders will receive .90314316 UBFO shares for each TNB
share owned. Approximately 241,574 UBFO shares will be issued for
all outstanding TNB shares. The aggregate market value of the UBFO
shares to be issued to TNB shareholders was just over $6 million on
April 23, 2004 or about 1.65 times TNB book value. Woods added, "In
today's economic environment, it's more difficult than ever before
for smaller institutions to provide their shareholders with
acceptable returns on equity, even in dynamic markets. The
combination of TNB with USB provides an opportunity for
shareholders of both companies to benefit, as well as the customers
and employees of both institutions. We're excited to be entering
the new dynamic marketplace of Kern County." United Security Bank
operated eight branches in Fresno and Madera Counties prior to the
acquisition of TNB. On Monday, April 26, 2004, two TNB branches,
Taft and Bakersfield, will be open for business as usual under the
name of United Security Bank, bringing the total branches to ten.
United Security Bancshares, with $560 million in assets, is the
parent company of United Security Bank, a state-chartered bank and
member of the Federal Reserve Bank of San Francisco. The bank will
operate ten branches, 25 ATM's, four loan centers and four
administrative departments across three counties, Fresno, Madera
and Kern, following the merger. DATASOURCE: United Security
Bancshares CONTACT: Dennis Woods, President and Chief Executive
Officer of United Security Bank, +1-559-248-4928 Web site:
http://www.unitedsecuritybank.com/
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