FRESNO, Calif., Sept. 25 /PRNewswire-FirstCall/ -- Dennis R. Woods, President and Chief Executive Officer of United Security Bancshares http://www.unitedsecuritybank.com/ reported that the Board of Directors of United Security Bancshares declared a 4th quarter 2009 stock dividend of one percent (1%) on September 23, 2009. The stock dividend replaces the quarterly cash dividend. The stock dividend will be paid to shareholders of record on October 9, 2009 and the dividend shares will be issued on October 21, 2009.
The stock dividend 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 continue to some degree but appear to be improving in some respects. However, the Board of Directors believes it is prudent to continue to capital at this time.
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/
