United Security Bancshares Announces Stock Repurchase Plan
February 25 2004 - 11:24AM
PR Newswire (US)
United Security Bancshares Announces Stock Repurchase Plan FRESNO,
Calif., Feb. 25 /PRNewswire-FirstCall/ -- Dennis R. Woods,
President and Chief Executive Officer of United Security Bancshares
, http://www.unitedsecuritybank.com/ , announced today that the
Board of Directors approved a plan to repurchase, as conditions
warrant, up to 276,500 shares of the Company's common stock on the
open market or in privately negotiated transactions. The repurchase
plan represents approximately 5.00% of the Company's currently
outstanding common stock. The duration of the program is open-ended
and the timing of purchases will depend on market conditions. The
Board approved a similar repurchase plan in 2001 consisting of
280,000 shares. Concurrent with the approval of the new repurchase
plan, the Board canceled the remaining 64,577 shares under the
earlier repurchase plan. Woods stated, "This stock repurchase
program is being implemented to provide management with an
additional tool to optimize the Company's use of equity capital and
enhance shareholder value. United Security Bancshares' strong
capital position and considerable allowance for loan loss reserve
supports this new program." United Security Bancshares is the
holding company for United Security Bank which operates seven
branches and four loan centers in Fresno and Madera counties. The
Bank will open its eighth branch in March 2004 in downtown Fresno
and expects to open its ninth and tenth offices in April after
completing a merger with Taft National Bank. Forward-Looking
Statements This news release contains forward-looking statements
about the company for which the company claims the protection of
the safe harbor provisions contained in the Private Securities
Litigation Reform Act of 1995. Forward-looking statements are based
on management's knowledge and belief as of today and include
information concerning the company's possible or assumed future
financial condition, and its results of operations, business and
earnings outlook. These forward-looking statements are subject to
risks and uncertainties. A number of factors, some of which are
beyond the company's ability to control or predict, could cause
future results to differ materially from those contemplated by such
forward-looking statements. These factors include (1) changes in
interest rates, (2) significant changes in banking laws or
regulations, (3) increased competition in the company's market, (4)
other-than-expected credit losses, (5) earthquake or other natural
disasters impacting the condition of real estate collateral, (6)
the effect of acquisitions and integration of acquired businesses,
(7) the impact of proposed and/or recently adopted changes in
regulatory, judicial, or legislative tax treatment of business
transactions, particularly recently enacted California tax
legislation and the subsequent Dec. 31, 2003, announcement by the
Franchise Tax Board regarding the taxation of REITs and RICs; and
(8) unknown economic impacts caused by the State of California's
budget issues. Management cannot predict at this time the severity
or duration of the effects of the recent business slowdown on our
specific business activities and profitability. Weaker or a further
decline in capital and consumer spending, and related recessionary
trends could adversely affect our performance in a number of ways
including decreased demand for our products and services and
increased credit losses. Likewise, changes in deposit interest
rates, among other things, could slow the rateof growth or put
pressure on current deposit levels. Forward-looking statements
speak only as of the date they are made, and the company does not
undertake to update forward-looking statements to reflect
circumstances or events that occur after the date the statements
are made, or to update earnings guidance including the factors that
influence earnings. DATASOURCE: United Security Bancshares CONTACT:
Dennis R. Woods, +1-559-248-4928, for United Security Bancshares
Web site: http://www.unitedsecuritybank.com/
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