UBFO United Security Bancshares

Cash Dividend Increased by 10.3% at United Security Bancshares 63rd Consecutive Quarterly Cash Dividend Declared FRESNO, Calif., June 23 /PRNewswire-FirstCall/ -- Dennis R. Woods, President and Chief Executive Officer of United Security Bancshares (NASDAQ:UBFO), reported that the Board of Directors on June 22, 2004 declared a quarterly cash dividend of $0.16 per share, to shareholders of record on July 9, 2004, payable on July 21, 2004. The dividend of $0.16 per share is up $0.015 from the July 2003 quarterly dividend of $0.145, a 10.3% increase. This dividend marks the 63rd consecutive quarterly cash dividend paid to shareholders since inception. Woods added, "During the first half of the year, despite merger and new branch costs, earnings were strong. As we look at the probability of interest rates beginning to move up next week and continuing to move up for the remainder of the year, we are positioned for earnings to increase in a rising rate environment and without merger and new branch opening costs, expenses will decline. In short, earnings are expected to be stronger in the second half of the year." United Security Bancshares is a $560 million bank holding company and United Security Bank, a state banking corporation, is its primary subsidiary. United Security Banc shares stock is available through The Seedier Admen Securities Inc., (contact Troy Norlander at 1-800-288-2811), 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 R. Woods, President and Chief Executive Officer of United Security Bank, +1-559-248-4928 Web site: http://www.unitedsecuritybank.com/

Copyright